Wall Street Raises The Bar For It And Three Other Stocks For 2024 Separator Investor’s Business Daily

IBD’s Screen Of The Day shows several growth stocks with strong technical ratings and rising profit estimates, including Deckers Outdoor, MercadoLibre, Nvidia and Novo Nordisk. NVDA stock and NVO stock pushed into buy zones on Monday.

There are many ways to identify winning stocks. Investor Business Daily’s automated screens show several stocks that have rising profit estimates. These show the stock’s future potential, which can prove critical for stock performance.

Deckers Outdoor (DECK) ranks first in the shoes, apparel and retail manufacturing group. The stock is building solid support at the 50-day moving average, according to IBD MarketSmith chart analysis. A rebound from that key level can yield a new entry.

Sales have grown steadily, ranging between 8% and 31% in the eight most recent quarters. But earnings growth has been phenomenal. Earnings accelerated from 4% to 24%, 38%, 45% and 79% in the five most recent quarters. For the full year, Wall Street sees earnings of $23.88 per share, or 23% growth. Deckers has ideal Composite and EPS Ratings of 99 while the Relative Strength Rating of 93 is not far behind.

Added to that, more funds have been buying the stock over the past six quarters. Funds have also been net buyers over the past 13 weeks, giving DECK stock an Accumulation/Distribution Rating of B+.

Mercado Libre, Novo, NVDA Stock

Nvidia (NVDA) is executing a classic breakout in strong volume from a flat base. NVDA stock is also at a new all time high and has high profit estimates. Earnings are seen growing 241% to $11.37 per share in 2024. That follows two quarters of strong performance when sales and earnings accelerated dramatically. The AI chip leader also holds ideal Composite and EPS Ratings while the Relative Strength Rating is 97.

Latin American e-commerce giant MercadoLibre (MELI) is also rebounding from its 50-day moving average. Sales growth has ranged between 31% and 63% over the past seven quarters.

Earnings growth has been strong as well, though a bit uneven. Over the three most recent quarters, MELI’s per-share earnings grew 205%, 112% and 180%. For the full year, Wall Street expects earnings growth of 135% or $22.50 per share.

This is also a stock under accumulation with more funds buying shares over the past seven quarters. The stock also boasts an Accumulation/Distribution Rating of B+.

Finally, weight-loss-drug maker Novo Nordisk (NVO) is just above a buy point of 104 in a flat base. Wall Street expects 51% earnings per share growth for the full year. Both sales and earnings have accelerated over the past five quarters.

All four companies are near all-time highs. NVDA stock reached an all-time closing high on Monday.

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