Acumen Analysts at Acumen Capital revealed their “Dark Horse” stocks picks for 2024 on Tuesday.
The six on the list are deemed companies that have “either lost a surprising amount of investor conviction or remain under the radar” and “could surprise to the upside” this year.
They are:
Stella-Jones Inc. (SJ-T) with a “buy” rating and $95 target. Average: $88.43.
Analysts: “Stella-Jones had a very strong return in 2023, climbing 59 per cent as the growth in their utility poles along with improved margins in their railway ties segment drove financial results higher. The company’s 2025 goals look very conservative in our opinion, and the broad base of demand for utility poles should continue to push financial results in 2024. We look for potential positive catalysts around further acquisitions and/or updates to their long-term outlook to boost the shares further. In addition, the company remains active on their NCIB as they continue to return excess cash to shareholders.”