Nearly three months into 2024, it’s clear that the bullish trends are here to stay. Markets hit a bottom in late October, but since then the S&P 500 has gained 27% and now stands at more than 5,200. The NASDAQ index is up 30% from its own October 27 low point. These are bull-market numbers, and show little sign of stopping.
Watching the market from Oppenheimer, chief investment strategist John Stoltzfus comments on the market outlook: “S&P 500 earnings results over the most recent two quarterly reporting seasons, economic data that persists in showing resilience, the Fed’s mandate-sensitive monetary policy, and prospects for innovation coupled with cross generational demographic needs that suggest a shift in mindset driven not so much by fear and greed but a need to invest for intermediate to longer-term goals suggest to us an opportunity to tweak our target higher… We are increasing our year-end target price for the S&P 500 to $5,500 (from $5,200).”
The growing appetite for risk among investors bodes well for the overall stock market, but it is especially good for the higher-risk stocks. For those willing to embrace this risk, the potential rewards can be substantial. The penny stocks, equities priced below $5 per share, exemplify this combination of risk and reward, with the potential to double or even triple the initial investment.
Given the inherent volatility of these investments, Wall Street analysts recommend doing some due diligence before pulling the trigger, noting that not all penny stocks are bound for greatness.
With this in mind, we set out on our own search for compelling investments that are set to boom. Using TipRanks’ database, we pulled two penny stocks that have amassed enough analyst support to earn a “Strong Buy” consensus rating. Not to mention, each offers massive upside potential.
Lineage Cell Therapeutics (LCTX)
First up is a micro-cap biotherapeutic firm working to create cell therapies that target severe conditions with high unmet medical needs. The company uses a proprietary cell-based platform to develop its therapies…
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