With the fourth quarter almost half over, and most of the third-quarter earnings reports long since posted, most on Wall Street are reasonably satisfied with the results. While many investors remain very nervous, especially given the big rally this week, and the election results that remain incomplete, the overall take is one of slow but steady going forward, given the incredible turmoil in the equity markets and the economy due to the COVID-19.
In a series of new reports, Goldman Sachs changes the price targets on some companies that delivered the goods in a big way. Given the increases in some of the targets, the stocks still have some very solid upside potential. Here we spotlight four stocks rated Buy at the firm, three with raised price targets higher and one that was lowered. It is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
This off-the-radar idea posted solid results and the analysts are very positive. ArcBest Corp. (NASDAQ: ARCB) provides freight transportation services and integrated logistics solutions worldwide and to 98.6% of all American cities. It operates through three segments.
The Asset-Based segment transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery and miscellaneous manufactured products through less-than-truckload services.
ArcBest also offers motor carrier freight transportation services to customers in Mexico through arrangements with trucking companies. The ArcBest segment provides expedite freight transportation services to commercial and government customers; premium logistics services, such as deployment of specialized equipment to meet linehaul requirements; and international freight transportation with air, ocean and ground services.
The company also offers third-party transportation brokerage services by sourcing various capacity solutions, including dry van over the road and intermodal, temperature-controlled and refrigerated, flatbed, intermodal or container shipping, and specialized equipment. The company reported solid results and trends for the most recent quarter.
The Goldman Sachs team has raised the price target to $50 from $44. That compares with a $37.89 consensus target across Wall Street, as well as Thursday’s closing price of $36.63 a share, up a stellar 6.95% on the day.
Investors looking to add a health care position should consider this top company. GW Pharmaceuticals PLC (NASDAQ: GWPH) is a biopharmaceutical company focused on developing cannabinoid-based drug therapies in a broad range of diseases.
The company collects sales-based royalties from commercial partners for sales of its drug Nabiximols (approved outside the United States for multiple sclerosis spasticity). Its lead asset, Epidiolex, is approved for the treatment of pediatric epilepsies. Its earlier stage pipeline consists of CBDV (for pediatric and adult epilepsies), Nabiximols and other compounds for various illnesses.