One advantage of daily covering many of the top brokerage and financial firms here at 24/7 Wall St. is that we often receive some good color on what the professionals are buying and selling. And often, but certainly not always, that can translate into stocks that may be headed higher in the very near future.
A recent report from the trading desk at SunTrust Robinson Humphrey noted that after the steep sell-off, the buyers poured back in and technology was one of the sectors they were buying in addition to some defensive ones like utilities and materials
The SunTrust traders also focused in on some of the stocks that the investors were buying, some of which look like outstanding ideas for not only the near term, but solid trades for the rest of 2018.
Here we focused on five that have a large following across Wall Street and that have Buy ratings from analysts.
This one was just raised to a Buy at SunTrust. Belden Inc. (NYSE: BDC) is a signal transmission solutions provider company that operates through five segments: Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, Industrial IT Solutions and Network Security Solutions.
The company’s portfolio of signal transmission solutions provides transmission of data, sound and video for various applications. Belden sells its products to distributors, end users, installers and original equipment manufacturers. The company has manufacturing facilities in the United States and other manufacturing and operating facilities in Brazil, Canada, China, Japan, Mexico and St. Kitts, as well as in various countries in Europe.
Investors in Belden are paid a small 0.3% dividend. The SunTrust price target for the shares is $81, though the Wall Street consensus target was last seen at $89.70. The stock was trading early Wednesday at $68.95 a share.
This stock traded in a tight range from March until last month, but it got hit hard on earnings. Cypress Semiconductor Corp. (NASDAQ: CY) manufactures and sells embedded system solutions for the automotive, industrial, home automation and appliances, consumer electronics and medical markets.
Its product portfolio includes programmable-systems-on-chip (PSoC), general purpose microcontrollers, analog integrated circuits, USB controllers, connectivity chips (Bluetooth, Wi-Fi, Zigbee) and memory chips.
Cypress shareholders are paid a 2.66% dividend. Merrill Lynch has a price objective of $22 for the shares, and that compares with the posted consensus price target of $20.15. The stock traded at $16.80 per share Wednesday morning.