(C) Reuters. 2 Undervalued Stocks to Scoop Up Before Everyone Else Does
The solid macroeconomic recovery and strong corporate earnings have fueled the stock market’s bullishness this year. And the Fed’s indication this week that it is in no rush to hike interest rates should further buoy investor sentiment. Given this backdrop, we believe quality stocks Hillenbrand (NYSE:HI) and Genesco (NYSE:GCO), which currently look undervalued, could deliver good gains in the near term. Read on.
The major stock indices dipped earlier this week, triggered by the concerns of a potential collapse of Evergrande, the largest Chinese real estate company. The indices appear to have reversed the direction for now, however, rallying for the second straight day yesterday.
The S&P 500 rose 1.2%, with more than 85% of companies in the benchmark index notching gains. The Fed’s indication that it will keep supporting the economy until November boosted investors’ optimism. Moreover, the central bank’s signaling that it plans no hike in interest rates until next year should keep the stock market bullish through year’s end.
Given this backdrop, we think fundamentally sound stocks Hillenbrand, Inc. (HI) and Genesco Inc . (GCO), which look undervalued at their current price levels, could deliver handsome d upside in the near term. So, it could be wise to bet on them right now.
2 Undervalued Stocks to Scoop Up Before Everyone Else Does
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