Doordash, Norwegian Cruise, Monster Beverage Lead Consumer Sector Gainers Last Week As Investors Await Fed's Rate Decision
Consumer discretionary stocks led gains in the sector last week, a period that also saw the benchmark S & P 500 hitting another record as investors penciled in a 25-basis point rate cut by the Federal Reserve this week.
The Consumer Discretionary Select Sector SPDR Fund (XLY) gained 1.5%, recording its second straight week of gains, while the Consumer Staples Select Sector SPDR Fund (XLP) declined 0.7%.
Here are the week's top gainers among consumer and retail stocks:
DoorDash (weekly gain 4.5%)
DoorDash stock registered gains for a second consecutive week and traded near a lifetime high. Last week, the company received a widely expected approval from the European Union regulators for its $3.9-billion buyout of the UK's Deliveroo.
Meanwhile, DA Davidson and Wells Fargo lifted price targets on the stock. Currently, 28 of the 40 analysts rate the stock rate ot 'Buy' or higher, and 12 rate it 'Hold,' according to Koyfin data.
Stocktwits retail sentiment: Bearish
Norwegian Cruise Line (weekly gain 3.9%)
The cruise line company's shares have accelerated strongly, gaining over 50% since a recent low in mid-July. Last week, Stifel raised its price target on the stock, while maintaining a 'Buy' call, saying that Norwegian Cruise's traded at a 50% discount to its competitor Royal Caribbean's multiples and are massively undervalued.
JPMorgan also raised its target on NCLH. Currently, 16 of the 23 analysts covering the stock rate it 'Buy' or higher, and seven rate it 'Sell.'
Stocktwits retail sentiment: Bearish
Monster Beverage (weekly gain 3.6%)
The beverages firm has been high on investors' radar after its upbeat second-quarter results, reported in early August, and CEO Hilton Schlosberg's comments that suggested increased energy drink buying by households. He also noted higher per capita consumption.
MNST had no significant stock catalyst last week.
Stocktwits retail sentiment: Bearish
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