Better-than-expected U.S. retail sales data, a surge in discretionary spending, a decline in jobless claims, and the President’s commitment to monitor inflation are expected to support the equity market’s rally. Hence, we think under-the-radar stocks Atkore (ATKR), Methanex (NASDAQ:MEOH), and Conn's (NASDAQ:CONN), which possess solid growth attributes, could be ideal bets now. These stocks are rated ‘Strong Buy’ 'in our proprietary rating system. Read on.The S&P 500 index and Nasdaq composite are trading near their all-time highs. Better-than-expected U.S. retail sales data boosted the benchmarks, and the U.S. dollar reached a four-and-a-half-year high against the yen today. Furthermore, a decline in weekly jobless claims for six consecutive weeks, an increase in discretionary spending, and President Biden’s commitment to monitor inflation should drive the stock market higher. And according to a FactSet report issued on November 5, 2021, analysts project corporate earnings growth of more than 20% for Q4 2021. Therefore, we think it could be wise to bet on fundamentally sound growth stocks now.
Investors’ interest in growth stocks is evident in the SPDR Portfolio S&P 500 Growth ETF’s (SPYG) 71.2% gains over the past year.
Under-the-radar stocks Atkore Inc. (ATKR), Methanex Corporation (MEOH), and Conn's, Inc. (CONN), which possess solid growth attributes, could be ideal bets now. Analysts expect their earnings to increase in the current quarter and over the next few years. Also, these stocks are rated ‘Strong Buy’ in our proprietary rating system.