Investing.com – As the Nasdaq continues its impressive 27% surge this year, cementing its position as the best-performing stock index on Wall Street, investors are seeking alternative ways to participate in its upward trajectory beyond traditional index funds or ETFs.
In this article, we turn to InvestingPro’s powerful tools to uncover potential investment strategies, enabling retail investors to ride the wave of Nasdaq’s success.
Leveraging InvestingPro’s stock screener, we have identified 200 stocks that meet our investment criteria, with three particularly standing out. Let’s delve into each one:
- Broadcom (NASDAQ:AVGO) Broadcom, a major player in the semiconductor industry with approximately 75% of its revenue stemming from this sector, is poised to continue benefiting from the industry’s rapid growth.
Shares of Broadcom reached an all-time high of $915 last month, reflecting the market’s optimism for the stock. While the stock is currently in a consolidation phase after a strong rally, it is expected to exhibit a potential price range of $680-700.
From a fundamental standpoint, Broadcom has showcased impressive performance, with consistent revenue and net profit growth since 2020. This solid foundation bodes well for the stock’s upward trend, even after the recent correction in share prices.
- KLA Corporation (NASDAQ:KLAC) KLA Corporation, specializing in control systems and performance management tools for manufacturing processes in the chip space, stands as a close partner of NVIDIA (NASDAQ:NVDA).
Notably, the company has not only benefited from the May rebound in chip stocks but has also recently provided a positive forecast for the upcoming quarter. This upbeat forecast, coupled with the ongoing upward trend in the stock, makes it a compelling option for investors.
As KLA Corporation prepares to release its earnings next month, the stock deserves careful attention from investors looking to capitalize on its potential growth.
- Adobe (NASDAQ:ADBE) Adobe is set to announce its first-quarter 2023 results next Thursday, with analysts forecasting earnings of $3.79 per share on revenue of $4.772 billion.
Currently, the stock is at a critical juncture, testing key resistance at $440. The future trajectory of Adobe’s stock will depend on the Federal Reserve’s interest rate decision next week, as well as the company’s financial report data.
From a technical standpoint, Adobe is anticipated to surpass the current resistance level, potentially soaring to around $530.
By exploring these alternative investment opportunities within the Nasdaq, retail investors can potentially amplify their gains and participate more directly in the index’s remarkable performance.
Please note that investing in individual stocks carries inherent risks, and investors should conduct thorough research and consider their risk tolerance before making any investment decisions.
As the market evolves, InvestingPro will continue to provide invaluable insights to guide investors in navigating the dynamic landscape of the Nasdaq and other investment opportunities. Stay tuned for updates and further analysis.
Disclaimer: The information provided in this article does not constitute financial advice. Investing in stocks involves risks, and individuals should consult with a financial advisor before making any investment decisions.