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These 4 Stocks Have Been Soaring Off Their March Lows & One Of The Bunch Looks Ripe To Continue Climbing

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All four are up by double digits, but one in the group still has significant upside ahead.

Stocks have been on a wild ride the last couple of months. 


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After the S&P 500 hit a record high on February 19, it quickly fell into bear market territory as the coronavirus became a full-blown crisis in the U.S., falling -34% by March 23.

But since then, the index has rallied nearly 25%—marking one of the shortest bear markets in history—as optimism that the COVID-19 outbreak may have peaked propelled stocks higher.

Leading that charge higher were names including Coty (NYSE: COTY), Capri Holdings (NYSE: CPRI), MGM Resorts (NYSE: MGM), and Nvidia (NASDAQ: NVDA). Cosmetics giant Coty, Michael Kors-parent Capri, and casino operator MGM have all soared higher this week, rising 25%, 64.6%, and 26.4%, respectively, while Nvidia is up nearly 22% over the last month. 

“When you look at these names, I think that it makes sense they’re rolling off the lows,” said Simpler Trading’s director of options, Danielle Shay. “If you’re a long-term investor, I think it makes sense to get into them here.”

But while all four have seen strong gains over the last month, there’s one in the group Shay says should continue to outperform.

“I love the relative strength that we’ve seen with Nvidia,” Shay said. “The chipmakers are incredibly strong, and it has an upcoming earnings report, and I think it’s going to continue trading higher into that report,” which is expected on May 7. 

Ascent Wealth Partners’ Todd Gordon agrees that Nvidia shares are poised to head higher.

According to Gordon, Nvidia is “a leader in AI, data centers, all sorts, self-driving cars, cloud, gaming. It’s just unbelievable. From a technical point of view, [it’s] another stock that here in the weekly is holding the 50- and 200-week moving average.”

NVDA Weekly Chart. Source: TradingView.

“There’s a big open interest at the $300 call strike next month in the May options, so watch that should this market stabilize,” Gordon added.

Nvidia hit a low of $180.68 on March 18, and has since risen 45.5%. The stock is around 12% below the $300 level, and Gordon notes that it is holding above its 50- and 200-day average on the daily chart as well.

NVDA Daily Chart. Source: TradingView.

Shay and Gordon aren’t the only ones bullish on Nvidia. 

Needham analyst Rajvindra Gill recently upgraded Nvidia shares from Hold to Buy.

“Despite near-term volatility, we remain bullish on NVDA’s positioning in data center, both in training and inference, coupled with its continued dominance in gaming,” Gill wrote in a note. 

“As a result of COVID-19, a significant number of people worldwide have been forced to work from home. Consequently, there has been an increase in demand for both the public and private clouds,” Gill wrote in a separate note, adding that he expects that a strong spending environment could persist for the rest of this year. 

Susquehanna analyst Christoper Rolland agrees, writing in a note from last week, “Our quick takeaway is that enterprise demand remain strong and supply constraints have (basically) been alleviated. Checks indicate work-from-home and enterprise/cloud demand are helping overall demand.”

Rolland has a Buy rating on NVDA shares, and boosted his price target from $320 to $330 – 25% higher than the current price.

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