In response to positive investor sentiment and improving economic conditions, many companies, including Best Buy (BBY) and Box Inc. (BOX), have raised their growth forecasts. We think that impressive quarterly reports combined with innovative growth strategies will likely drive the growth of these two companies, making them ideal picks for investors. Read on.After Fed Chairman Jerome Powell hinted that the central bank would begin bond tapering this year, the major benchmark indices—Nasdaq Composite and S&P 500—hit their all-time highs earlier this week. Furthermore, with considerable improvements in employment and record GDP growth, the Fed believes the economy is well on the recovery path.
This, along with stellar corporate earnings, provided support for valuations and created a basis for stock prices to go up. With the second-quarter reporting season coming to a close, the S&P 500 is on course to achieve its highest quarterly earnings growth rate since the fourth quarter of 2009.
With economic activities returning to pre-pandemic levels, many companies have raised their outlook. Best Buy Co. Inc. (NYSE:BBY) and Box Inc. (BOX) are the two companies that have raised their growth forecast and are well-positioned to gain significantly in the near term.