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All Contents © 2020The Kiplinger Washington Editors
By Maya Sasson, Contributing Writer
| December 23, 2019
The stock market smashed record after record in 2019. The S&P 500 put up nearly 30% in gains – one of the index's largest annual increases in years. That's the good news. The bad news is that has driven prices through the roof, making it even more difficult on analysts to find high-upside stock picks for 2020.
They already had their work cut out for them. Some of Wall Street's pros aren't betting on a market-wide encore in the new year, for several reasons. Volatility is widely expected as a result of America's presidential election. Economists believe U.S. economic growth will decelerate. And analysts think the pace of stock buybacks will slow.
"We believe the U.S. economy will muddle through in 2020, but expect EPS growth to disappoint," Morgan Stanley Chief Investment Officer Michael Wilson writes. "We prefer value over growth, with a slight defensive bias."
Other pros are a little more optimistic. For instance, Jonathan Golub, chief U.S. equity strategist at Credit Suisse, tells investors that better economic data is on the way, possibly lifting the S&P 500 by 10% by year's end.
With that mixed outlook in mind, here are the analysts' top stock picks for 2020. We used TipRanks' analyst-tracking data to discover the best of the bunch – stocks that have loads of upside potential from current share prices. And all of these picks have amassed so many bullish recommendations from top-performing analysts that they've earned a Strong Buy consensus rating. Read on to learn more about what makes these stocks stand out.
Data is as of Dec. 22. Stocks are listed in alphabetical order.
Market value: $221.8 million
TipRanks consensus price target: $12.00 (64% upside potential)
TipRanks consensus rating: Strong Buy
Adesto Technologies (IOTS, $7.33) is best known for being one of the world's top advanced semiconductor and embedded systems for internet of things (IoT) providers. Despite a 66% gain deep into 2019, some of Wall Street's top minds have Adesto among their top stock picks, saying the growth story is still heating up.
"We believe IOTS represents a differentiated investment opportunity in IoT-focused edge server, controller chips and memory products," writes Roth Capital analyst Suji Desilva, who has a Buy rating on shares. "We hosted a series of investor meetings and came away constructive on the combined company IoT platform position, as well as management's growing confidence in the go-forward growth and cash generation opportunity." His most recent move was an upgrade to his price target, from $11 per share to $13.
Like Desilva, Craig-Hallum's Anthony Stoss is optimistic about the chip stock. He tells investors that IOTS is primed for "strong" revenue and "explosive" growth in EBITDA (earnings before interest, taxes, depreciation and amortization – a measure of operating profits). To this end, Stoss initiated coverage with a Buy rating and $13 price target. Check out other analyst ratings and targets on TipRanks.
Market value: $885.7 billion
TipRanks consensus price target: $2,147.09 (21% upside potential)
It's rare to see such tall growth expectations out of a mega-cap blue-chip stock such as e-commerce giant Amazon.com (AMZN, $1,786.50). The company that made its claim to fame by selling books online is now a multinational e-commerce giant that's now involved in media, cloud services and so much more.
Citigroup analyst Jason Bazinet says that Amazon is selling products to consumers at a loss to continue gobbling up market share. That said, he also believes the company is making efforts to take advantage of dual-purpose infrastructure (such as servers, fulfillment centers and web traffic) to sell services to businesses – a strategy the analyst believes is paying off.
Bazinet concludes that its business model more closely resembles that of a business-to-business service company, and says "many years of growth" are in the offing. He maintains a Buy rating on shares and has a $2,200 price target on AMZN stock, implying it could surge by 23% in 2020. That's more than double most analyst expectations for the S&P 500 next year.
Overall, the analyst community appears to have Amazon among its top stock picks for 2020. A whopping 39 pros have sounded off on the stock over the past three months – projections that would carry into next year. Of those, 38 have issued Buy-equivalent ratings. Discover what the rest of the Street has to say about Amazon.
Market value: $5.7 billion
TipRanks consensus price target: $97.17 (31% upside potential)
While its product might not be the most exciting, don't underestimate tax-compliance software producer Avalara (AVLR, $74.27). That's the stance of all six Wall Street analysts that have dished out opinions on AVLR stock of late, leading to a consensus Strong Buy rating.
During the third quarter (its most recently reported period), Avalara added more than 800 new customers, which helped the company easily beat Wall Street's revenue and profit expectations. Indeed, this was the seventh consecutive quarter that core customer additions have accelerated.
JPMorgan analyst Sterling Auty cites international expansion and other marketplace opportunities as reasons to like AVLR stock at the moment.
"The tone on international growth and the new marketplace opportunities we believe add legs to the growth outlook," writes Auty, who has an Overweight rating (equivalent of Buy) and $104 price target on the stock, implying 40% upside. "We think the stock still has room to move higher driven by these secular growth factors and a valuation that is below many other premium names."
For even more insights on AVLR, take advantage of TipRanks.
Courtesy Baker Hughes
Market value: $25.8 billion
TipRanks consensus price target: $29.20 (16% upside potential)
Baker Hughes (BKR, $25.09) is an energy technology company that previously operated under the General Electric (GE) umbrella. Analysts have been unanimous about their bullishness over the past three months, writing up 10 Buy-equivalent ratings, and a few have the company among their top stock picks for 2020.
Deutsche Bank's Chris Snyder sees the company as a "top pick" despite expectations for soft commodity prices through the first half of the new year. "We are drawn to BKR's business lines which feature long-cycle businesses (LNG), more stable and diversified end-markets, strong international exposure and a service portfolio focused on technology and levered to production services," he writes. "For this reason, no company is better positioned to navigate the choppy macro backdrop with upstream operators prioritizing cash flow over growth like never before."
Snyder also believes investors aren't properly appreciating Baker Hughes. Discussing the company's $20 billion in Turbomachinery & Process Solutions line, he says the "service is margin accretive with the agreements spanning 15-plus years, creating a long-term annuity stream for BKR. Since this revenue doesn't come on line until years after installation, the bulk of the benefit has yet to be realized by BKR and for this reason think it is a significantly under-appreciated element of the BKR story and will ultimately drive multiple expansion." he writes.
For these reasons and more, Synder has Baker Hughes in his Buy camp with a $32 price target, signifying he thinks the stock can run 28% in 2020. If you'd like to see more analyst opinions about BKR, check out its analyst page on TipRanks.
Market value: $15.2 billion
TipRanks consensus price target: $111.71 (32% upside potential)
Analysts frequently reiterate their ratings. These notes shouldn't be ignored, but what really raises eyebrows is when a stock earns an upgrade.
Enter biotechnology company BioMarin Pharmaceutical (BMRN, $84.75).
Barclays analyst Gena Wang just lifted her rating on BMRN stock, believing the current share price doesn't fully reflect the strength of valoctocogene roxaparvovec (valrox) and vosoritide – its respective treatments for hemophilia A and achondroplasia, a genetic disorder that causes dwarfism.
"We see favorable risk/reward with near term upside on likely positive data readout, and potentially long-term upside with higher pricing, better than expected commercial uptake for ValRox and vosoritide," she writes.
Wang zooms in on vosoritide, noting that even if it leads to limited additional growth in patients, she still expects substantial sales. "We spoke to three (key opinion leaders) who would all use vosoritide with any improvement in (annualized growth velocity) given the lack of any therapeutic options for achondroplasia patients," writes Wang, who upgraded the stock to Overweight and bumped her price target up from $86 to $98. The new PT implies another 16% of upside – below the more optimistic consensus target.
Analysts have been chatty about BMRN shares over the past three months, doling out 13 Buys and 3 Holds. Check out other analysts' price targets on BMRN at TipRanks.
Market value: $2.2 billion
TipRanks consensus price target: $10.04 (22% upside potential)
Iron ore mining company Cleveland-Cliffs (CLF, $8.23) felt the effects of lower commodity prices in 2019, and investors initially reacted negatively to news of its AK Steel (AKS) acquisition. Shares have greatly underperformed the market with just 7% gains with about a week to go in the year.
But don't turn your nose up at Cleveland-Cliffs.
"We expect (the acquisition) to realize immediate growth and a long-desired objective of a more diverse customer base, as well as more predictable cash flow generation due to the contracted nature of AK Steel's sales of high-end automotive steel," Cleveland-Cliffs CEO Lourenco Goncalves said alongside the announcement.
CFRA analyst Matthew Miller agrees. "Although the acquisition is dilutive in share count, we expect (earnings per share) and free cash flow per share accretion in the first full year," he writes, maintaining his Strong Buy rating on the stock.
The majority of Wall Street is in agreement of late. The company's stock has garnered six Buys compared to just two Holds heading into the new year. And the aggregate price target of more than $10 per share implies the stock could trounce the market in 2020. See other CLF analyst ratings on TipRanks.
Market value: $200.6 billion
TipRanks consensus price target: $52.93 (20% upside potential)
For those of you just tuning in to Comcast (CMCSA, $44.09) now, the cable giant has made its way onto the Street's list of must-watch stock picks going into 2020.
According to Deutsche Bank's Bryan Kraft, cable stocks as a whole enjoyed a resurgence in 2019 thanks to a "shift in the narrative" away from video toward broadband internet access services. It also helped that the market became less concerned about competition from cord cutting and 5G fixed wireless.
"We believe that Comcast's 3Q results continue to support this narrative, with broadband net adds stronger than expected, margin expansion pacing ahead of our forecast, and management guiding to lower 2019 capital intensity again this quarter," writes Kraft, who increased his price target to $54 per share (22% upside)
HSBC's Sunil Rajgopal has Comcast in a special class – it's the only telco/cable stock he covers that he deems a Buy at the moment. "We see Comcast as strategically well placed given its diversified portfolio (content, broadband, pay TV, theme parks and movies)," he writes.
Of 16 analysts writing about CMCSA over the past three months, 14 are in the Buy camp. You can learn more about the analyst community's views on CMCSA via TipRanks' consensus breakdown.
Market value: $70.0 billion
TipRanks consensus price target: $72.33 (14% upside potential)
ConocoPhillips (COP, $63.72) is one of the world's largest pure oil-and-gas producers. The industry has been on a roller-coaster ride for years, but COP stands out based on its consistent cash-flow generation and what many analysts believe is an achievable, commendable long-term plan.
In its most recent quarter, ConocoPhillips generated $1 billion of free cash flow and paid a little more than $340 million in dividends. Notably, management also presented its 10-year plan in which COP expects to see about $50 billion in free cash flow (which it will then deliver to shareholders via $20 billion in dividends and $30 billion in buybacks), assuming that crude oil prices stay at $50 per barrel.
JPMorgan analyst Phil Gresh calls the plan "impressive" and says COP is poised to reach these goals. Gresh has an Overweight rating on ConocoPhillips' stock, as well as a $74 price target (16% upside).
ConocoPhillips also has earned a spot among Kiplinger's top 10 energy stocks to buy for 2020.
COP shares are a unanimous Buy among Wall Street's pros – 11 analysts have lauded the stock over the past three months. For more information, check out the COP analyst consensus and price target page on TipRanks.
Market value: $2.8 billion
TipRanks consensus price target: $42.60 (6% upside potential)
Crocs (CROX, $40.31) tends to bring out strong opinions in both directions when it comes to consumers. But amid the small number of analysts that have offered up coverage of the stock recently, the lean is heavily bullish, at four Buys against one Hold.
In fact, the name behind the foam shoes earned a spot on Piper Jaffray analyst Erinn Murphy's list of holiday ideas.
Murphy (Overweight, $44 price target) points out that search trends in the U.S. sped up during the first six weeks of 2019's fourth quarter: 53%-plus year-over-year, surpassing the 29%-plus figure from the third quarter. That hadn't included the announcement of its collaboration with artist Post Malone. She argues this could drive massive growth; Crocs' CMO said it would be the biggest release in the company's history.
Crocs' stock has rushed higher over the past few days, cutting into analysts' potential price gains heading into 2020. However, that does set CROX up for "catch-up" PT increases as it nears existing targets. Consider that near the end of October, Baird analyst Jonathan Komp had to raise his price target from $33 to $42 because CROX had blown past the previous target – and shares now sit atop his current price point.
Just keep watch on the analyst community over the next couple months. If they adjust their price targets higher, that's a clear sign the pros are still confident. If not, that could signal that their faith has subsided. Learn more about what other analysts have to say.
Market value: $1.6 billion
TipRanks consensus price target: $22.50 (19% upside potential)
Fortress Transportation and Infrastructure (FTAI, $18.89) focuses on the transportation of both goods and people around the world, owning and acquiring infrastructure and equipment needed to do so. The company owns assets such as a multi-modal crude oil and refined products terminal in Texas, 69 commercial passenger aircraft and a short-line railroad that operates between Maine and Montreal.
Fortress enjoyed a nice 32% gain through the vast majority of 2020, but one analyst argues that the share price still doesn't fully take into account the company's vast potential. Benjamin Nolan, of Stifel Nicolaus, points out several potential catalysts for the next few quarters, including positive infrastructure EBITDA, monetizing upside in its aviation assets, and buildout of its Texas pipeline and storage assets. Nolan started FTAI at Buy with a $22 price target in November, then bumped that up to $23 in December.
Another analyst, BTIG's Giuliano Bologna, set a more aggressive price target of $25 per share, implying 32% upside. Get the full analyst consensus and price target breakdown at TipRanks.
Market value: $11.9 billion
TipRanks consensus price target: $89.00 (29% upside potential)
GoDaddy (GDDY, $68.93) offers an all-in-one solution with everything customers need to design the perfect website, from domains to hosting and online marketing. But investors weren't sold on the stock in 2019, with shares gaining just 5% with a little more than a week to go.
Analysts, however, aren't dismissing GDDY.
In its most recent quarter, GoDaddy reported a 12% year-over-year increase in revenues to $760.5 million, beating Wall Street expectations. Domain revenue saw similar growth, while hosting and presence as well as business application revenue were up 8% and 22%, respectively.
Some investors expressed concern about unlevered free cash flow (cash left over after paying off debts) because it landed below consensus estimates. Still, Raymond James' Aaron Kessler still thinks GoDaddy can deliver robust returns through 2020 and beyond.
"GDDY's new CEO, Aman Bhutani, noted 2020 priorities include delivering a stronger platform, increasing the pace of experimentation, and accelerating the delivery of the product, experiences, and outcomes," he writes. "While we believe there were some concern that this means a ramp in spend, we believe GDDY can achieve this is in a disciplined manner."
Kessler's $85 price target implies 23% upside from here. HIs rating is one of seven Buy calls on the stock over the past three months, versus just one Hold. Get the lowdown on GDDY from TipRanks.
Market value: $5.2 billion
TipRanks consensus price target: $76.80 (4% upside potential)
HealthEquity (HQY, $73.54) helps its customers save for their health-care-related needs by offering health savings accounts and other financial services. And analysts have grown more ambitious about the stock's prospects following the company's third-quarter performance.
While the overall price target isn't much to scream about, one of the most recent price targets implies HQY has the potential to be one of the best stock picks for the year ahead.
Cantor Fitzgerald's Steven Halper tells investors that HealthEquity went above and beyond, saying that run-rate synergies of $15 million from the WageWorks acquisition, completed in August, were especially important to the quarterly beat. He He also cites. He believes the WageWorks acquisition will continue to reward shareholders over time, and that the combined product "should be highly compelling to both existing and potential customers."
With this in mind, Halper maintained his Overweight rating and $95 price target – some 29% above current levels. Just note that this is the most aggressive price target on HQY shares at present.
Shares are close to hitting the $74 price target set by Deutsche Bank analyst George Hill, who thinks the company's standing in the industry puts it in the ideal position to benefit from high-deductible health plans and health spending accounts. He also believes the WageWorks acquisition should expand HealthEquity's reach within the market.
All in all, five analysts have sounded off over the past month – four of them call the stock a Buy. Check out the HQY consensus breakdown on TipRanks.
Market value: $44.2 billion
TipRanks consensus price target: $245.00 (23% upside potential)
Defense name L3Harris Technologies (LHX, $199.99) – the product of the L3 Technologies and Harris Corporation merger back in June – offers mission solutions that address challenges across air, land, sea, space and even the cyber world.
LHX won over several analysts a few months ago after posting a beat on both the top and bottom lines. SunTrust Robinson's Michael Ciarmoli noted management's suggestion that the integration is going well (and is even running ahead of schedule), with revenue synergies coming together more quickly than they first thought. Ciarmoli's $245 price target is smack-dab at the analyst consensus.
Prior to its earnings beat, Jeffries' Sheila Kahyaoglu wrote that gains over the long haul were more likely to be driven by revenue synergies as opposed to cost synergies. She added that the merger spurred new opportunities, specifically highlighting the space segment. In short: Scale matters, and the merger gives LHX scale. She kept her Buy rating on the stock and bumped up her price target to $250 – 25% better than current levels. Get the scoop on LHX's full list of analyst ratings at TipRanks.
Market value: $40.0 billion
TipRanks consensus price target: $80.33 (30% upside potential)
Marathon Petroleum (MPC, $61.61), the largest refiner in the U.S., but also boasts midstream operations, as well as retail distribution across Marathon, ARCO and Speedway gas stations.
That said, the makeup of the company is likely changing. A significant amount of buzz was generated after Elliott Management, which owns a 2.5% stake, sent a letter to Marathon's management in September urging the company to separate itself into three independent businesses to unlock value. And indeed, Marathon in late October said it would spin off its Speedway chain and hire a new CEO in 2020 to appease the activist investor.
Mizuho Securities analyst Paul Sankey, who has MPC as his top pick in large-cap refining, said after the letter was written that regardless of whether a full breakup emerged, the company likely would take actions that would end up bringing the share price more in line with its sum-of-the-parts value. Translation: Marathon's moves would eventually juice shares. Sankey has a Buy rating and $90 price target on the stock, implying a whopping 46% upside going forward.
In the months following the letter, another eight analysts weighed in – seven of them with Buy-equivalent ratings. Investors interested in learning more can see MPC analysis on TipRanks.
Market value: $6.6 billion
TipRanks consensus price target: $29.00 (46% upside potential)
Moderna (MRNA, $19.83) believes that messenger RNA (mRNA), or the instructions in DNA necessary to make proteins, can change the way diseases are treated, cured or even prevented. The biotech company has attracted significant attention from Wall Street thanks to its novel approach, which uses mRNA to instruct patients' own cells to make the proteins needed to fight off disease.
Merrill Lynch analyst Geoff Meacham sees the "modified mRNA approach" as demonstrating significant promise. He tells investors that data readouts for its Phase 1 (early-stage) products indicated "good tolerability, antigen-specific immune responses, and functional protein production." Additionally, Meacham believes risk will decline further in 2020.
Bearing this in mind, Meacham resumed coverage of the stock with a Buy rating and $29 price target, implying 46% upside potential over the next 12 months. That's right in line with the consensus expectation from five analysts sounding off over the past three months; all of them have Buy ratings on the stock. Get the lowdown on MRNA's full analyst consensus and price target breakdown.
Market value: $3.2 billion
TipRanks consensus price target: $82.50 (18% upside potential)
MyoKardia (MYOK, $70.18) develops cutting-edge treatments for patients with serious cardiovascular diseases. The biotech focuses on "treating cardiomyopathies and other forms of heart failure that results from biomechanical defects in cardiac muscle contraction."
The company took a bit of heat recently after questions were raised about the safety of its lead candidate, mavacamten. In a Phase 2 study evaluating its ability to treat non-obstructive hypertrophic cardiomyopathy (HCM), a condition that causes the heart muscle to thicken, ejection fraction data for five patients came in below a protocol-defined threshold.
Having said that, Credit Suisse analyst Martin Auster (Outperform, $77 price target) writes, "The MAVERICK study more than doubles mavacamten's safety database and the drug appears reasonably well tolerated, although we expect investors will look for additional clarity on rates of arrhythmia and the (five patients) to further explore the overall safety of mavacamten."
Citi's Mohit Bansal recently called MYOK shares one of the best stocks to buy for 2020 – a "top pick" with a "compelling story." He raised his price target to $87 per share, from $70 previously, representing 24% upside. He says success in the PIONEER trial for mavacamten, expected to be reported in Q2 2020, could produce "$19 to $41" of upside for shares, and that the company could even be a mergers & acquisitions (M&A) target at $127 to $149 per share.
Only four analysts have written about the stock over the past three months, but all of them have handed out a Buy-equivalent rating. To find out more, get the full analyst consensus and price target breakdown for MYOK.
Market value: $6.5 billion
TipRanks consensus price target: $145.60 (26% upside potential)
With cyber attacks becoming more and more prevalent, Gartner predicts continued growth in global cybersecurity spending, from $114 billion in 2018 to $133.7 billion in 2022.
Against this backdrop, several players have emerged hoping to capitalize on this growing opportunity, including Proofpoint (PFPT, $115.79).
Proofpoint stands out in that it highlights an enterprise's employees as the biggest cybersecurity threat, offering solutions that protect on every channel including email, web, cloud and social media. Despite intense competition in the industry, Wedbush analyst Steve Koenig (Outperform, $140 price target) likes the company's standing following Broadcom's (AVGO) purchase of Symantec's enterprise security segment, and announced focus on core products, not email security.
Meanwhile, Cowen's Nick Yako (Outperform, $135 PT) says that while management's 2020 guidance left some wanting more, the company had an impressive third quarter. "Although we believe management's initial guide of over 20% revenue growth (vs. Street at 21%-plus) in 2020 is a starting point, expectations were high," he writes. "We lowered our revenue and free cash flow estimates from 2020 to 2024, but the multi-year 20%-plus revenue growth and over 20% free cash flow margin story remains intact."
Nine of the 10 analysts that have discussed PFPT over the past quarter rate the stock a Buy going into 2020. See what other pros have to say about PFPT.
Market value: $1.7 billion
TipRanks consensus price target: $22.00 (53% upside potential)
Like the name implies, Sunrun (RUN, $14.37) is a residential solar panel company that aims to help its customers cut their electricity bills.
Despite Sunrun's recent lackluster quarterly results, Roth Capital analyst Philip Shen remains in the bull camp. He, along with a few other Wall Street pros, have pulled back their price targets amid worries amid a labor crunch, which could prevent the company from fully enjoying the growth in the solar market.
Nonetheless, Sunrun remains the No. 1 residential solar company in America, boasting 270,000-plus customers across 22 states, as well as the District of Columbia and Puerto Rico. And its growth potential has earned the stock a unanimous Buy rating among recent notes, as well as a $22 price target that still implies massive upside.
Get more analysis on TipRanks' RUN price target and analyst consensus page.
Market value: $66.2 billion
TipRanks consensus price target: $92.90 (20% upside potential)
T-Mobile US (TMUS, $77.40) is one of the largest telecommunications companies in the U.S., with several analysts predicting it'll make a splash in 2020 thanks to 5G as well as its pending merger with Sprint (S). At the moment, nine of the 11 analysts taking a stance over the past three months have come out on the Buy side.
However, not everyone is a fan of the would-be merger. A group of state attorneys general have sued in an attempt to prevent the two telecom giants from joining forces. Adding fuel to the fire, CEO John Legere will be leaving the company when his contract ends on April 30, 2020.
Despite looking at the exit as a "loss" for the company, William Blair analyst Jim Breen (Outperform, no price target) doesn't believe that it will prevent the company from finalizing the Sprint merger or impact its ability to remain a major player in the space.
Wells Fargo's Jennifer Fritzsche (Outperform, $98 PT) says incoming CEO Mike Sievert has taken a "very public role with the Street with an extremely strong track record in the wireless space." Discover if other analysts are just as optimistic about TMUS on TipRanks.
Market value: $3.0 billion
TipRanks consensus price target: $40.43 (16% upside potential)
When it comes to the great outdoors, Yeti Holdings (YETI, $34.71) has its customers covered. The buzzworthy cooler maker has expanded into everything from mugs and buckets to totes and seat cushions. And despite a massive 134% gain across most of 2019, many analysts have YETI among their top stock picks for 2020.
Peter Keith, an analyst from Piper Jaffray, calls Yeti one of his favorite "smid-cap" (small- to mid-cap) ideas for 2020. He believes that there is a clear pathway for revenue growth as a result of new products unveiled in the fall 2019, the strong response to seasonal colored product, and expanded customization capacity. The company also has started selling its products at Lowe's (LOW) home-improvement stores, which could be a huge turning point as it represents Yeti's first national wholesale account since 2012. Keith has an Overweight rating and $41 price target, implying 18% upside.
Jefferies' Randal Konik (Buy, $47 PT), sees the Lowe's deal, which currently includes 29 stores in six states, and which will expand in February, as a sign of brand "love."
Yeti has garnered eight Buy-equivalent ratings over the past quarter, with just one dissenter calling it a Hold. Get more details about analysts' thoughts on YETI at TipRanks.
Maya Sasson is a content writer at TipRanks, a comprehensive investing platform that tracks more than 5,000 Wall Street analysts as well as hedge funds and insiders. You can find more of their stock insights here.