There’s no doubt Wall Street analysts provide investors with valuable information. Their reports offer a detailed overview of a company, a financial model for its future performance, and a price target based on an informed estimate of a company’s fair value. This serves as a useful jumping-off point for further research and investigation and can even hint at contrarian stocks.
However, analyst research is not infallible. It’s always useful to take their calls as one piece of evidence for forming a broader opinion of a company or investment theme.
Consider these three contrarian stocks as analysts were largely sleeping on all three of these firms in 2023. Yet, all three have seen their share prices appreciate at least 50% over the past 12 months and seem set for additional gains throughout the remainder of 2024.
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