Stocks to Buy Before Earnings: Top Picks for Q2 2024

by Yuki

As the earnings season gains momentum, investors are eyeing potential winners set to report their quarterly results. Here are seven standout stocks that analysts suggest could see gains ahead of their earnings announcements.

1.Nvidia (NVDA)

Nvidia remains a top pick in the tech sector despite recent fluctuations. Known for its strong performance post-earnings, analysts expect Nvidia to maintain its growth trajectory, potentially boosting NVDA stock. The company is anticipated to meet its revenue estimate of $28 billion, bolstered by its leadership in AI chips. Goldman Sachs highlights Nvidia’s pivotal role in advancing AI technology, signaling continued growth prospects.

2.Amazon (AMZN)

Amazon is poised to deliver robust earnings, driven by its diverse revenue streams including cloud services and advertising. Following a successful Prime Day event, which generated $14.2 billion in sales, Amazon’s e-commerce and cloud computing divisions are expected to fuel earnings growth. Analysts project upward momentum for AMZN stock, with price targets from JMP Securities and Morgan Stanley reinforcing bullish sentiment.

3.Eli Lilly (LLY)

Eli Lilly anticipates another strong quarter, propelled by robust sales of its weight loss drugs, Zepbound and Mounjaro. With FDA approval for its Alzheimer’s drug and significant investments in manufacturing facilities, Eli Lilly is positioned for continued revenue expansion. Investors eyeing pharmaceutical stocks ahead of earnings may find Eli Lilly an attractive opportunity.

4.Walmart (WMT)

As the largest grocery and retail giant, Walmart continues to enhance its market position through investments in automation and e-commerce. A 22% surge in e-commerce sales underscores Walmart’s commitment to digital transformation. Analysts remain optimistic about Walmart’s earnings potential, with BMO projecting a target price of $80 per share.

5.McDonald’s (MCD)

Despite challenges in 2024, McDonald’s is expected to rebound with strategic initiatives like the $5 value meal. The company’s resilience in adapting to market conditions and its dividend history make it a compelling buy ahead of earnings. With a dividend yield of 2.6%, McDonald’s offers stability amid market volatility.

6.Palantir Technologies (PLTR)

Palantir Technologies emerges as a leading AI stock with substantial gains in 2024. Strong revenue growth and expanding client base position Palantir favorably in the AI sector. Analysts anticipate positive earnings results, underpinned by the company’s performance obligations and commercial client acquisitions.

7.DraftKings (DKNG)

DraftKings, a dominant player in online sports betting, benefits from expanding legalization across U.S. states. With a significant market share and revenue growth exceeding expectations, DraftKings aims for profitability amid its expansion plans. Investors eyeing the burgeoning online betting sector may find DKNG an attractive pre-earnings investment.

These stocks represent compelling opportunities ahead of their respective earnings reports, offering potential for growth and strategic positioning in key market sectors. As investors navigate the volatility of earnings season, these picks could provide a strategic advantage in maximizing portfolio returns.

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