The Zacks Analyst Blog Highlights Corebridge Financial, Redfin and Community Health
For Immediate Release
Chicago, IL – July 26, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Corebridge Financial, Inc. CRBG, Redfin Corp. RDFN and Community Health Systems, Inc. CYH.
Here are highlights from Tuesday’s Analyst Blog:
3 Must-Buy Under $20 Stocks as Inflation Subsides
Warren Buffett once said, “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price.” True to form, investors have always looked to buy shares at a low price and sell them high, which is the very definition of making money on the stock market.
Stocks that do not promise much today may get a bump in share price tomorrow. Alternatively, some promising stocks do not win over the stock market in the long run. Therefore, the decision on which cheap stock to opt for becomes a significant one.
In 2023, the market rebounded from the vagaries of 2022, primarily based on a tech rally. For first-time investors or those who want an entry point into the market without putting a lot at stake, the time feels right. Inflation has been on a gradual curve downward.
U.S. consumer prices increased modestly in June and logged their smallest annual increase (0.3%) in more than two years, suggesting that inflation continued to subside. The Consumer Price Index (CPI) increased 0.2% month over month in June against the consensus estimate of 0.3%, after rising 0.1% in May. Core CPI rose 0.2% after increasing 0.4% in May.
Also, the Fed, for the first time in a year, initiated a rate-hike pause last month. As far as the outlook goes, not too many more rate hikes seem to be on the horizon, even as a 25 bps hike is expected from the July FOMC meeting. This means that investors are going to have spare change at their disposal and might be looking for cheap stocks to invest in. Also, with the market rebounding and sustaining that momentum for the time being, buying cheap stocks with good prospects might lead to a fast price rise if the choices are judicious.
Our Choices
We have selected three stocks below the $20 price point for this purpose. These stocks flaunt a Zacks Rank #1 (Strong Buy) or 2 (Buy). The search was also narrowed down with a VGM Score of A or B. Here V stands for Value, G for Growth and M for Momentum. The score is a weighted combination of these three metrics. Such a score allows you to eliminate the negative aspects of stocks and select winners.
Corebridge Financial, Inc. is a retirement solutions and insurance products company in the United States. It currently has a share price of $19.35.
The Zacks Consensus Estimate for Corebridge’s current-year earnings is $4.06 per share, indicating growth of 41.5% from the prior-year quarter. For 2024, the Zacks Consensus Estimate is $5 per share, suggesting 23.3% growth year over year. Corebridge currently sports a Zacks Rank #1 and a VGM Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
Redfin Corp. is a residential real estate brokerage company operating in the United States and Canada. This Seattle-based company functions as an online real-estate marketplace. It currently has a share price of $15.27.
For the current year, the Zacks Consensus Estimate for Redfin is a loss of $1.10 per share, indicating an improvement of 64.6% from the prior-year quarter. For 2024, the Zacks Consensus Estimate is a loss of $0.90 per share, suggesting an 18.8% improvement year over year. Redfin currently carries a Zacks Rank #2 and has a VGM Score of B.
Community Health Systems, Inc. is an operator of general acute care hospitals. The company also offers emergency, surgery, critical care, internal medicine, obstetrics, diagnostic, psychiatric and rehabilitation services. CYH is currently priced at $4.43.
For the current year, the Zacks Consensus Estimate is a loss of $0.65 per share, indicating growth of 52.9% from the prior-year quarter. For 2024, the Zacks Consensus Estimate is earnings of $0.07 per share, suggesting 110.5% growth year over year. Community Health currently has a Zacks Rank #2 and a VGM Score of B.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Community Health Systems, Inc. (CYH) : Free Stock Analysis Report
Redfin Corporation (RDFN) : Free Stock Analysis Report
Corebridge Financial, Inc. (CRBG) : Free Stock Analysis Report
