Investing
3 Wedbush Best Ideas Stocks That Had a Big March and Q1
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All the top Wall Street firms we cover have lists of their highest conviction stocks for their institutional and high net worth customers. Typically they report the results on a regular basis, and often that is monthly. With the first quarter over and the second quarter underway, we were very interested to see how some of the top stocks picks around Wall Street are doing.
A new research report from top boutique firm Wedbush reveals the results for March and the first quarter for the stocks on the firm’s Best Ideas list. We screened the list and found three top stocks that had a great quarter and month of March. All remain rated Buy at the firm.
Covanta
This company had a great start to the year and also has seen insider buying over the past year. Covanta Holding Corp. (NYSE: CVA) is a world leader in providing sustainable waste and energy solutions. Annually, its modern energy-from-waste facilities safely convert approximately 20 million tons of waste from municipalities and businesses into clean, renewable electricity to power a million homes, and it recycles approximately 500,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today’s most complex environmental challenges.
The company’s CEO, Stephen Jones, recently said investors have historically been confused by the waste-to-energy supplier’s business model but are coming around. “Two thirds of our revenue comes from the waste side of our business, so I think that has started to become clearer to investors as time goes on” said Jones. “But historically we have traded more like an energy company and that is starting to switch over.”
The stock was up 21.03 % in March and 8.84% year to date. Covanta shareholders are paid a 6.02% dividend. The Wedbush price target for the stock is $21, and the Thomson/First Call consensus target is $17.77. Shares closed Monday at $16.61.
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