Here are stocks reporting earnings next week that have the wind at their back
Analysts are boosting earnings estimates on a collection of stocks set to report quarterly results next week, which could signal strong momentum ahead. Fourth-quarter earnings have so far been better-than-expected, with technology stocks including Meta Platforms and Amazon outperforming analyst estimates and helping lift the S & P 500 to a new all-time highs. But a narrow focus on megacap tech stocks as part of a push to invest in the benefits of artificial intelligence has also limited the number of stocks participating in the rally. Still, some companies set to report quarterly results next week are also seeing analysts increase their profit forecasts, adding potential momentum to those companies' stock performance. CNBC Pro screened FactSet data for companies reporting quarterly results next week that meet the following criteria: Five or more upwardly revised earnings per share estimates in the past three months EPS estimates trended higher in past three months Higher analysts' consensus price target in past three months Reflecting better sentiment from analysts, semiconductor equipment maker Applied Materials , for example, has seen 17 upwardly revised EPS estimates in the past three months ahead of quarterly results scheduled for Feb. 15. EPS estimates have increased by about 4% on average over the same time period. AMAT YTD mountain Applied Materials stock. Shares have climbed more more than 7% since the start of the year and hit a fresh 52-week high on Jan. 25. Raymond James recently reiterated an outperform rating on Applied Materials, with analyst Srini Pajjuri forecasting rising demand this year for wafer fab equipment, machines used in the production of semiconductors, setting "the stage for a multi-year cyclical recovery." Akamai Technologies also made the screen. The cloud security stock has climbed almost 7% from the start of the year, and average analyst EPS estimates have increased by more than 3% over the last three months, with 17 analysts increasing their earnings forecasts over the same span. Akamai is set to report quarterly results on Feb. 13. Akamai stock hit a new 52-week high on Thursday. AKAM 1Y mountain Akamai Technologies stock. Piper Sandler named Akamai a top pick among cloud security stocks for the year ahead, with analyst James Fish adding that the company will still find growth opportunities even if interest rates stay higher for longer in 2024. Other names that made the screening cut include Howmet Aerospace and New York utility Consolidated Edison .