RBC’s hot stock picks for the year – First Solar.

By Oliver Townsend Jul 9, 2024
RBC's top stock ideas for the rest of the year include First Solar.jpegOrginal image from: https://www.cnbc.com/2024/07/09/rbcs-top-stock-ideas-for-the-rest-of-the-year-include-first-solar.html

When it comes to investing, having access to expert advice and recommendations can make a significant difference in your portfolio’s performance. RBC Capital Markets, a renowned financial institution, has recently released its list of top stock ideas for the rest of the year. These recommendations are carefully curated by RBC’s team of analysts and are designed to provide investors with opportunities for strong long-term growth in various sectors of the market.

RBC’s Top Stock Picks for 2024

RBC’s list of Top 30 Global Ideas for 2024 includes companies that are considered to have the highest-conviction stocks with significant upside potential in the current market environment. These stocks have been selected based on thorough research and analysis by RBC’s team of experts. In the past quarter, the top 30 global stocks recommended by RBC delivered a total return of 5.2%, slightly below the MSCI World Index’s gains of 5.7%. However, since the inception of RBC’s quarterly list in 2019, the Top 30 group has outperformed the benchmark MSCI World Index with a total return of 77.8%.

First Solar: Shining Bright in the Solar Industry

One of RBC’s top stock picks is First Solar, a solar solutions provider that is expected to outperform its peers in the coming year. With a strong visibility of future revenue and profit margins, a domestic supply chain, and a favorable regulatory environment, First Solar is well-positioned for growth. The company’s focus on rooftop and utility solar, along with the increasing demand for clean energy sources, makes it a compelling investment opportunity. RBC’s price target for First Solar suggests a potential upside of 39% over the next year.

CrowdStrike: Securing the Future of Cybersecurity

Another standout stock on RBC’s list is CrowdStrike, a cybersecurity company that has shown impressive growth in the past year. With a land-and-expand model, strong net expansion rates, and a focus on software-as-a-service delivery, CrowdStrike is poised for continued success. RBC’s price target for CrowdStrike indicates a potential upside of 7.5% from its last close. The company’s innovative approach to cybersecurity and its ability to rapidly add new modules without extra configuration make it a promising investment.

PayPal: Pioneering the Future of Digital Payments

PayPal, a leading digital payments company, is another top pick by RBC for the year ahead. With a strategic pivot towards branded checkout and Venmo monetization, PayPal aims to solidify its position in the e-commerce and mobile payments space. RBC’s price target for PayPal suggests a potential upside of 42% over the next year. By focusing on core services and enhancing user experience, PayPal is expected to regain its leadership in the digital payments industry.

Shell: Fueling Growth in the Energy Sector

Shell, a new addition to RBC’s list this quarter, is a British oil and gas company that is projected to deliver strong performance in the coming months. With a superior free cash flow yield and a reputation as a cash flow machine, Shell stands out as a lucrative investment opportunity. RBC’s price target for Shell indicates a potential upside of nearly 19%, making it an attractive prospect for investors looking to capitalize on the energy sector’s growth.

Brambles: Driving Innovation in Logistics

Lastly, Brambles, an Australian company specializing in global logistics, is expected to see significant growth in the near future. With investments in digital and supply chain technologies, improved cash flow conversion, and strong sales and earnings growth, Brambles is well-positioned for success. RBC’s endorsement of Brambles as a top stock pick underscores the company’s potential for delivering solid returns to investors.

Overall, RBC’s top stock ideas for the rest of the year offer investors a diverse range of opportunities across different sectors of the market. By considering these recommendations and conducting further research, investors can make informed decisions to optimize their investment portfolios and achieve their financial goals.

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