The markets are headed toward a positive week and certain stocks stood out from the rest. As of Friday afternoon, all the major averages were in the green for the week. The S & P 500 and Nasdaq Composite were up 1.5% and 2.9% week to date, respectively. The Dow Jones Industrial Average also rose about 0.2% since Monday. Regional bank stocks were among this week’s most notable gainers after a difficult few weeks. Further, while debt ceiling negotiations abruptly hit a wall Friday, investors’ sentiment through the week had been bolstered by earlier statements from House Speaker Kevin McCarthy and President Joe Biden that the nation would not default on its obligations. Take a look at some of this week’s top outperformers and where analysts see them going forward. The data is current as of 9:35 a.m. EDT Friday. Regional bank stocks Comerica and Zions Bancorporation saw the largest gains this week, with shares surging 22.7% and 21.8%, respectively. Analysts are bullish on Comerica, with over half of those covering the stock rating it a buy, according to FactSet. While the stock is down roughly 12% in May and 43% year to date, its average price target implies shares could rally 46.3% in the coming months. Western Digital shares popped 16.6% as of Friday morning. Investor sentiment was buoyed this week by a Reuters report that the tech company is accelerating merger deal talks with Japan-based Kioxia Holdings. Analysts covering Western Digital believe shares could rise almost 16% this year. More than 40% of these analysts rate it a buy, according to FactSet data. Semiconductor design company Synopsys ‘ stock jumped 12.5% week to date and hit a new 52-week high Friday. Earlier this week, the company posted better-than-expected fiscal second-quarter earnings and revenue, according to FactSet. Synopsys also raised its full-year outlook. The stock has surged 28% in 2023 and analysts think it could rise 6.7% from here. Eighty percent of the analysts covering the stock rate it a buy. Capital One and KeyCorp were some of the other financial stocks that made this week’s list of top gainers, with shares rising 15.6% and 12.5%, respectively. Although Capital One shares are up more than 5% year to date, they lag the broad market index’s 9% rise. Consumer names Carnival Corporation and Bath & Body Works also outperformed this week. Telecommunications group Dish Network and insurance company Lincoln National also managed to beat the market.
This story originally appeared on CNBC
