In general, I like to buy and hold stocks for the long term…
But sometimes great trading opportunities present themselves, so I jump on them quickly.
That's why I'm bringing you the top 3 momentum stocks to buy and flip today…
These are companies I don't plan on holding long – only for a quick trade where I think the potential rewards outweigh the risks.
Momentum Stock #1: ULTA
Ulta Beauty (ULTA) is an Illinois-based cosmetics and beauty product retailer. The company has more than 1,200 operations across the U.S.
And ULTA recently posted blowout second-quarter financials…
The company’s earnings per share were $4.45 versus the expected $2.57. ULTA’s revenue was $1.97 billion, topping the $1.77 billion estimate. The cosmetic retailer’s comparable-store sales surged by 56.3%, beating the anticipated 46.9%.
This pushed ULTA to provide strong guidance as well. For fiscal year 2022, ULTA said EPS could come in at around $14.50 to $14.70. The company previously projected EPS of $11.50 to $11.95.
Meanwhile, ULTA highlighted that revenue could be $8.1 billion to $8.3 billion, greater than its previous guidance of $7.7 billion to $7.8 billion. The company projects comparable-store sales will rise by another 30% to 32% as well.
These solid results left a positive impression on analysts. And investment advisory Oppenheimer maintained its “outperform” rating for ULTA shares as a result.
Oppenheimer also increased its price target range from $385 to $415, signaling the company could see major share growth in the months ahead as cosmetics demand continues to remain elevated.
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Ebay (EBAY) is a California-based digital marketplace that helps connect buyers and sellers.
And the e-commerce company’s efforts to broaden payment options helped it post strong quarterly results…
In the second quarter, EBAY reported earnings per share of $0.99 compared to the estimated $0.96. The company’s revenue came in at $2.67 billion compared to the expected $2.63 billion.
EBAY offered guidance as well. The online marketplace noted that EPS could be in the range of $0.86 to $0.90 versus the anticipated $0.88. The company forecast that revenue may be $2.42 billion to $2.47 billion, in line with the estimated $2.47 billion.
CEO Jamie Iannone explained that EBAY’s moves to add alternate payment methods such as cryptocurrency helped drive the company’s solid financials. He highlighted that because of this, EBAY would further invest in streamlining the payment experience between buyers and sellers.
This prompted investment advisory firm Baird to reiterate an “outperform” rating for EBAY stock. Baird also increased its price target from $75 to $85.
This suggests that even though EBAY is one of the largest e-commerce and payment companies around, it still offers growth opportunities for investors. And as the online marketplace further pursues alternate payment options, it could entice more consumers to use its platform.
My No. 1 Momentum Stock to Flip Now
New all-time highs are on the way for my #1 momentum stock to flip now.
The company has been completely blowing Wall St. expectations out of the water (beating earnings expectations 24 of the last 26 months).
And its next earning report is coming up on October 13th.
So, you're going to want to make sure you pick up shares before then…
Because these indicators say it's going higher.
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JP Morgan Chase & Co
JPMorgan Chase & Co (JPM) is a New York-based financial services company.
In July, JPM reported second-quarter earnings per share of $3.03 compared to the anticipated $3.20. Revenue was $31.4 billion, greater than the expected $29.94 billion.
JPM decreased its loan-loss provisions for the third-straight quarter as well. At the onset of the pandemic, the company had set aside billions in the instance that customers couldn’t pay off their loans.
This resulted in $34 billion in reserves. However, since then, the financial services company has cut down its provisions to $22 billion, suggesting improvements in economic activity.
But in more recent weeks, JPM also revealed that exchange-traded funds had reached $9 trillion in asset value. This prompted the company to announce that it would convert four active mutual funds, with $10 billion in assets under management, into ETFs.
Because of these factors, investment advisory company Credit Suisse maintained its outperform rating for JPM shares. Credit Suisse also increased its price target from $170 to $177 – adding that improving economic conditions should prove to be a tailwind for the company’s revenue moving forward.
So, as economic activity continues to rebound, consumer spending will also rise. In turn, more people may grow increasingly comfortable with investing their money and relying on investment banks like JPM.
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