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2 Dirt-Cheap Stocks That Could Skyrocket

Stock MarketsDec 03, 2021 08:30AM ET
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© Reuters. 2 Dirt-Cheap Stocks That Could Skyrocket

The economic recovery has picked-up pace again, with the holiday shopping season now rolling. Consumer spending has increased despite inflationary pressure on prices. Furthermore, jobless claims have fallen to a 52-year low. Given these favorable trends, we think the shares of Pfizer (PFE) and Ryerson Holding (RYI) could soar in price, considering the companies’ fundamental strength. In short, we think these stocks look undervalued at their current price levels. Read on.Analysts expect the economy to grow faster in the fourth quarter, based on favorable trends in the third quarter. According to the Bureau of Economic Analysis (BEA), Gross Domestic Income (GDI) grew 7.6% year-over-year in the third quarter of 2021.

Also, consumer spending has increased as we enter the holiday season despite high inflation. Goods and services purchases have surged 1.3%, the highest since March. The spending has topped projections in-part because consumers began their holiday shopping early this year. In addition, new jobless claims fell to a 52-year low, declining to 199,000, indicating broad-based improvement in the labor market.

Given this setting, we believe fundamentally strong stocks Pfizer Inc. (NYSE:PFE) and Ryerson Holding Corporation (RYI) could soar in price. These stocks look significantly undervalued at their current price levels.

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2 Dirt-Cheap Stocks That Could Skyrocket
 

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