Hooker Furniture (HOFT) and Beacon Roofing Supply (BECN) Are Aggressive Growth Stocks
Brian Bolan is the aggressive growth stock strategist at Zacks Investment Research and he has two more stocks for your aggressive growth stock radar screen. Today Brian is looking at a component of the housing industry.
New homeowners and people that are moving often buy new furniture, and it usually isn't an inexpensive adventure. Brian notes that Hooker Furniture HOFT has found its way to the strongest Zacks rank after posting a solid beat just a few weeks ago.
As is the case in all of Brian's videos he reviews the earnings history, estimate revision and valuation of this stock. For HOFT Brian doesn't have a lot of data to work with as estimates have only recently come in on this stock. That said there are a few positive earnings estimate revisions that have driven this stock to the highest Zacks rank.
With interest rates moving lower and the number of homes for sale increasing it is likely that consumers will return to the housing market in the coming year. An influx and activity could lead to more furniture purchases and this stock is poised to benefit from that trend.
Brian also takes a look at a more expensive and foundational part of the housing market in Beacon Roofing Supply BECN. This company is much larger than the furniture maker and is a lot more stable as growth rates are much smaller. Oftentimes homeowners will replace a roof before attempting to sell a home that they have held for some time. This could be a source of new business for the company in 2024 as lower rates will inevitably heat up the home buying market.
As with all stocks Brian reviews BECN earnings estimates and earnings history as well as the valuation for the stock. If home is where the heart is then this video will certainly warm your heart.
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Beacon Roofing Supply, Inc. (BECN) : Free Stock Analysis Report
Hooker Furnishings Corp. (HOFT) : Free Stock Analysis Report
