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Top Stock Reports for NVIDIA, Alphabet & Johnson & Johnson

Thursday, April 18, 2024

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including NVIDIA Corporation (NVDA), Alphabet Inc. (GOOGL) and Johnson & Johnson (JNJ). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.

You can see all of today’s research reports here >>>

NVIDIA has literally emerged as the market's collective play on the outlook for artificial intelligence; the stock is up +72.7% this year vs. +7.8% for the Zacks Tech sector and +5.6% for the S&P 500 index. The Zacks analyst believes that strong growth of generative artificial intelligence (AI) and the demand for GPU’s have resulted in the company’s stocks skyrocketing. Collaborations with Mercedes-Benz and Audi are likely to advance its presence in autonomous vehicles and other automotive electronics space, while it is also leaving giant imprints on the Gaming and ProViz end markets.

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However, its near-term prospects are likely to be hurt by softening IT spending amid macroeconomic headwinds.

(You can read the full research report on NVIDIA here >>>)

Alphabet shares have modestly underperformed the Zacks Internet - Services industry over the last six months (+12.9% vs. +14.1%). The Zacks analyst believes that Alphabet’s sluggish network advertisement business have been casting a cloud over its prospects. Also, increasing litigation issues and expenses remain concerns.

Yet, expanding data centers, strong focus on bolstering generative AI capabilities and deepening focus on the wearables category remain major tailwinds. The company’s efforts to gain foothold in the healthcare industry as well as autonomous driving space also gives cause for optimism.

(You can read the full research report on Alphabet here >>>)

Shares of Johnson & Johnson have underperformed the Zacks Large Cap Pharmaceuticals industry over the past year (-10.9% vs. +15.6%). Per the Zacks analyst, headwinds like generic competition and pricing pressure continue to ail. The company faces the upcoming patent expiration of Stelara. Though it has taken meaningful steps to resolve its talc and opioid litigation, uncertainty regarding the talc litigations persists.

However, its Innovative Medicine Unit is outdoing the markets currently, and the MedTech unit is is showing improving trends, driven by a recovery in surgical procedures and contribution from new products. J&J is making rapid progress with its pipeline and line extensions.

(You can read the full research report on Johnson & Johnson here >>>)

Other noteworthy reports we are featuring today include Broadridge Financial Solutions, Inc. (BR), Alexandria Real Estate Equities, Inc. (ARE) and Textron Inc. (TXT).

Director of Research

Sheraz Mian

Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>

Today's Must Read

J&J's (JNJ) Innovative Medicine Unit to Drive Growth in 2024

NVIDIA (NVDA) Rides on Strong Adoption of GPUs, Partnerships

Solid Momentum in Cloud Business Benefits Alphabet (GOOGL)

Featured Reports

Improving Order Activity & Innovation Drives Textron (TXT)
Per the Zacks analyst, Textron witnessed strong demand during 2023, ending the year with a $14 billion backlog. The innovations like Citation CJ3 Gen2 business jet and Liberty LSV prove fruitful.

Broadridge Gains From Itiviti Buyout Amid High Competition
Per the Zacks analyst, the Itiviti acquisition has boosted Broadridge's global technology and operations segment. High competition from other players is an overhang.

Aspen (AZPN) to Benefit From Demand for Product Portfolio
Per the Zacks analyst, Aspen's performance is gaining from demand for its products across most of the end markets. Weak macro environment and cautious spending in the chemical sector are concerns.

Life-Science Assets Demand Aid Alexandria (ARE), Rates High
Per the Zacks Analyst, healthy demand for top-quality life-science assets in key markets will likely drive Alexandria's growth, though a huge development outlay and high interest rates are concerning.

Digitization Holds Key to BJ's Wholesale (BJ) Sales Growth
Per the Zacks analyst BJ's Wholesale has been investing on enhancing digital capabilities in order to better engage with members. Digitally-enabled sales rose 28% in the fourth quarter of fiscal 2023.

Construction Materials Segment & Buyouts Aid Carlisle (CSL)
Per the Zacks analyst, impressive performance of Construction Materials segment driven by strong demand for reroofing products, and acquisitions like MTL Holdings, will lend momentum to Carlisle.

Penumbra (PEN) Rides on Solid Vascular Sales, Global Growth
Penumbra's Vascular growth globally is a major positive. Per the Zacks analyst, differentiated technologies of Lightning Flash and Lightning Bolt 7 leading to strong patient outcomes is a key driver.

New Upgrades

Core Labs (CLB) to Gain from Low Capital Expenditure Needs
The Zacks analyst believes that Core Labs' low capital expenditure requirements allow it to generate significant free cash flow, allowing the company to buy back shares and pay dividends.

Antero Midstream (AM) Banks on Stable Fee-Based Revenues
Per the Zacks analyst, Antero Midstream's Marcellus Shale presence and long-term contracts for midstream services should pave the way for consistent cash flows.

Housing Demand & Siding Business Aid Louisiana-Pacific (LPX)
Per the Zacks analyst, improving housing demand along with cost reduction strategies are fostering Louisiana-Pacific's growth prospects. Also, its focus on Siding and OSB business bode well.

New Downgrades

Low Commodity Prices, Supply Chain Issues Ail Lindsay (LNN)
The Zacks analyst is concerned that labor shortage, increased transportation costs and supply chain issues will hurt Lindsay's results in the near term. Low commodity prices will also act as a woe.

Soft Wholesale Unit Hurts G-III Apparel's (GIII) Top Line
Per the Zacks analysts, G-III Apparel's wholesale segment saw an 11.3% drop in net sales owing to operational challenges in fourth-quarter fiscal 2024, leading to a 10.5% decline in overall net sales.

Weak Premium Retention & High Debt Affect ProAssurance (PRA)
Per the Zacks analyst, volatility in ProAssurance's premium retention in physician business can hinder top-line growth. Also, a high debt level is concerning.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Textron Inc. (TXT) : Free Stock Analysis Report

Broadridge Financial Solutions, Inc. (BR) : Free Stock Analysis Report

Johnson & Johnson (JNJ) : Free Stock Analysis Report

NVIDIA Corporation (NVDA) : Free Stock Analysis Report

Alexandria Real Estate Equities, Inc. (ARE) : Free Stock Analysis Report

Alphabet Inc. (GOOGL) : Free Stock Analysis Report

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Zacks Investment Research