Zacks.com Featured Highlights Include: ENVA, CAMT, SP And SOHU

For Immediate Release

Chicago, IL – March 18, 2020 - Stocks in this week’s article are Enova International, Inc. (NYSE:ENVA) , Camtek Ltd. (NASDAQ:CAMT) , SP Plus Corp. (NASDAQ:SP) and Sohu.com Ltd. (NASDAQ:SOHU) .

4 Stocks Set to Soar on New Analyst Coverage

Coronavirus fears have been dominating stock-market headlines of late, resulting in accelerated selloffs. Notably, the Dow Jones industrial average closed 12.9% down on Mar 16 — its worst percentage drop since 1987 — after President Donald Trump said the economy "may be" heading for recession. The broader Standard & Poor’s 500-stock index and the technology-rich Nasdaq suffered similar setbacks.

Now, as global stock markets are experiencing record levels of volatility, investors may look for stocks that have recently received new analyst coverage. The logic behind such action is that analysts don’t add a stock to their coverage randomly. New coverage on a stock is usually the result of huge investor focus on it or its promising prospects.

Interestingly, stocks typically see an incremental upward price movement with new analyst coverage compared to what they witness with continuation of existing analyst coverage. Of course, the price movement depends on the recommendations from the new analysts. Positive recommendations — Buy and Strong Buy — lead to a significant positive incremental price reaction than Strong Sell, Sell or Hold recommendations.

Moreover, if an analyst gives a new recommendation on a company that has limited or no analyst coverage, investors start paying more attention to it. As analysts almost always initiate coverage with a positive recommendation. Also, any new information attracts portfolio managers to build a position in the stock.

However, one should preferably look for the average change in broker recommendation rather than a single recommendation change. Then again, an upgrade, an initiation or even increased coverage is equally important.

Keeping this mind, it’s a good strategy to focus on the number of analyst recommendations that have increased over the last few weeks.

For the rest of this Screen of the Week article please visit Zacks.com at: https://www.zacks.com/stock/news/818475/4-stocks-set-to-soar-on-new-analyst-coverage-amid-virus-crisis

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