A handful of stocks heavily weighted to the U.S. market are poised for strong gains in the coming period. All three major stock indexes are off to a strong start in the first half of 2024. The benchmark S&P 500 rose 15%, lagging behind the Nasdaq Composite’s 18% gain. The Dow Jones Industrial Average rose 3.8%. Traders remain optimistic about the artificial intelligence boom driven by Nvidia. The chipmaker’s rise helped propel the broader market to an all-time high in 2024. These moves come as traders assess inflationary pressures, which are easing and could give the Fed ample room to cut rates this year. Expectations are growing that the U.S. economy will achieve a so-called soft landing, during which unemployment will remain low and price pressures will continue on a downward trajectory, cooling the economy but avoiding a recession.Against this backdrop, CNBC Pro combed through FactSet data for stocks that are heavily reliant on the US market, where analysts expect profits, and found they met the following criteria: Each stock must have at least 60% of its revenue exposure to the US, the stock must have a buy rating from at least 60% of analysts, and the average analyst price target must suggest at least a 25% upside. MGM Resorts made the list. The casino operator’s shares are down about 5% in 2024. The company is benefiting from robust travel trends to Las Vegas, which are expected to continue through the summer despite some weakness at older properties such as Excalibur. BTIG initiated coverage of MGM shares in a note on Tuesday, saying both the stock and the company’s forward guidance should benefit, easing concerns about how long the Las Vegas boom will last. MGM YTD Mountain MGM Resorts shares. “In the near term, we see room for upward forecast revisions driven by Las Vegas and China, with capital returns expected to be healthy on favorable factors from China dividends (more likely) and local property sales (less likely),” analyst Clark Lampung said.[T]”The MGM story is diversifying in a healthy way. If that happens, growth will improve, equity capital will continue to shrink, and we see a few ways for shareholders to win both in the short and mid/long term,” he added. Delta Air Lines, which also made the list, is the most profitable airline in the U.S. thanks to its reputation as a luxury option. The Atlanta-based airline’s shares are up more than 16% into 2024. First-quarter profits beat Wall Street expectations, and Delta raised its second-quarter outlook thanks to strong consumer demand. In April, CEO Ed Bastian told CNBC that “consumers continue to prioritize travel as a discretionary investment in themselves.” DAL is Delta’s mountain of stocks so far this year. Delta has been looking to expand both its dominance and reputation, recently opening its first premium-tier airport lounge at New York’s John F. Kennedy International Airport. The lounge is an attempt to stave off competition from rival United Airlines, which is trying to lure customers with upscale service. Other stocks on the list include Axon Enterprises, which makes Tasers, stun guns and police body cameras, and ConocoPhillips.
These stocks with high U.S. exposure are poised to outperform
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