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Top Stock Picks for Week of October 5, 2020

Panel Of Zacks Experts
·2 min read

Best Buy Company Inc. BBY is a multinational specialty retailer of consumer electronics, home office products, entertainment software and more. Shares of Best Buy have outpaced the industry in the past three months given the company’s sound fundamentals and strategic efforts. In fact, the company reported robust second-quarter fiscal 2021 results, with the top and bottom line rising year-on-year and beating the Zacks Consensus Estimates. Results benefited from growth in products that support stay-at-home practices such as tablets and household appliances. Also, domestic comparable online sales remained strong due to higher traffic and conversion rates. In fact, the company’s domestic comparable online sales increased by triple digits. The company has also been gaining from improved digital services like curbside pickup. Best Buy’s long-term debt as of Aug 1, 2020 decreased by double digits sequentially. In the fiscal second quarter, the company returned about $143 million to shareholders via dividends. Best Buy is aiming high, banking on plans to exploit areas of potential to the fullest. 

Jabil, Inc JBL, is one of the largest global suppliers of electronic manufacturing services (EMS).   Jabil’s fourth-quarter fiscal 2020 results benefitted from contract wins in healthcare, automotive, cloud and 5G. Additionally, improving end-market diversification is noteworthy as this boosts investors’ confidence in the company’s ability to increase earnings and revenues. Moreover, a Johnson & Johnson deal is a major growth driver for Jabil. For fiscal 2020, revenues associated with the J&J collaboration are expected between $800 million and $1 billion. Further, the company’s efforts to optimize manufacturing footprint are expected to drive profits. The company has ample liquidity to pursue further growth opportunities in the long haul. Shares of Jabil have outperformed the industry year to date. Jabil’s top-line growth is expected to benefit from strength in healthcare, cloud, retail and industrial.

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