Two Stocks To Buy, One To Sell
Date
6/14/1905 12:00:00 AM
(MENAFN- Baystreet)
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Chris La - Tuesday, March 5, 2024
Two
Stocks to Buy, One to Sell
Investors who track quarterly earnings reports have two stocks to consider buying and one to sell. Okta (OKTA), a cybersecurity stock, is in a bullish uptrend. Retailer Best Buy (BBY) posted results and raised its dividend. It, too, is a buy. After being hacked, UnitedHealth (UNH) is a stock to sell
Okta bottomed at $80 and closed last week at $108.49. It posted Q4 revenue rising by 19% Y/Y. Subscription revenue grew by 20%. For FY 2025, Okta expects revenue of up to $2.505 billion, an operating margin of 18% - 19%, and non-GAAP diluted net income per share of up to $2.29. This is above the sub-$2.00 analyst consensus estimate.
Electronics retailer Best Buy (BBY) is a more attractive investment after it hiked its dividend by 2.2% to 94 cents a share. Investors who buy the stock on or before March 21, 2024, will qualify for the payout. The firm benefited from a strong holiday quarter. Although comparable sales fell by 5.1%, consumers still snapped up home theater, appliances, tablets, and mobile phone products.
Readers should be wary of UNH stock. Shares lost 7.4% last week when a ransomware group disrupted the Change Healthcare unit. Expect UNH to take up to 30 days to restore its core operations. The firm may even need to consider going back to paper records or disconnecting sensitive data from its connection to the Internet.
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