9 Top Stocks To Buy in 2023: Tips and Insights

1. ServiceNow Inc. (NOW)

Last quarter, ServiceNow exceeded its guidance for growth and profitability, reporting a 24% year-over-year increase in subscriptions and a 22% growth in total revenues. In fact, total revenues have grown in each of the last eight quarters, and profits are up 100% compared to a year prior.

Zacks analysts and analysts polled by Yahoo Finance rate NOW a “strong buy.” Zacks gives it a style score of “A” for growth.

2. Herc Holdings Inc. (HRI)

Herc Holdings is a Florida-based equipment supplier that rents out aerial equipment; air compressors; compaction, earthmoving and material handling equipment; trucks and trailers; and lighting equipment. It also provides equipment maintenance, repair, training and labor, among other services.

Analysts rate the stock a “strong buy” with an average price target of $163.75. The stock closed at $142.67 on July 10.

High-Performing Stocks

3. Micron Technology Inc. (MU)

Micron stock took a hit last year, but it’s making up for it this year with 26% gains since the beginning of the year. The company’s performance outlook is good in the long term.

Stephen “Sarge” Guilfoyle, Real Money columnist for TheStreet, believes that “demand for what Micron does will outpace supply and/or capacity for some time.” As for Micron’s financials, Guilfoyle noted that the “balance sheet is as clean as a whistle and gets high marks on the Sarge test.” That’s why some analysts say Micron is oversold and poised for serious gains.

4. Mueller Industries Inc. (MLI)

A strong performance in 2022 helped Mueller shares gain over 61% in the last year, and analysts say the outlook is positive in the medium term. They rate the stock a “strong buy” and call it undervalued — its P/E ratio is just 7.19. What’s more, MLI is a dividend stock yielding 1.42%.

5. Qualcomm Inc. (QCOM)

Qualcomm is a major player in the wireless industry and a leader in the 5G and chipset market. While not without competition nipping at its heels, Qualcomm is a blue-chip stock with a 10-year history of increasing dividends, currently yielding 2.71%, and analysts say it’s undervalued right now.

QCOM’s price took a hit with its Q3 2023 earnings release on May 3 after it missed analysts’ revenue and profit forecasts. At play is falling demand for smartphones at a time when the industry at large is carrying excess inventory. The result is that Qualcomm is firmly in the value category with a P/E ratio of 12.55.

Value Stocks

6. Travel + Leisure Co. (TNL)

Formerly known as Wyndham Destinations, Travel + Leisure is a hospitality products and services company that operates vacation ownership and travel and membership segments in the U.S. and internationally. The company has benefited from the return to travel, with vacation ownership making an especially strong showing.

In its full-year earnings report for 2022, Travel + Leisure noted that sales volume per guest attending timeshare/vacation club tours was up a record 44% compared to 2019. This was the highest increase in the company’s history. “Our fourth quarter and full year results demonstrate our ability to capitalize on the strong leisure travel market and deliver great vacations for our owners and members while maximizing return of capital to our shareholders,” Michael D. Brown, president and CEO of Travel + Leisure Co., said in a statement. The company is off to a strong start in 2023, with gains in earnings and revenue in the first quarter.

Analysts rate the stock a “buy” and set an average price target of $50.63. Shares closed at $41.60 on July 10.

7. Marathon Oil Corp. (MRO)

Shares of MRO struggled in the first half of 2023, which isn’t surprising considering the uncertainty that exists around the short-term energy outlook, according to the U.S. Energy Information Administration.

8. Berkshire Hathaway Inc. (BRK-A)

Diversified earnings and excellent management bode well for patient investors. Plus, Berkshire Hathaway is flush with cash it can use to gobble up growth stocks and buy back shares, Seeking Alpha noted.

Berkshire Hathaway shares are up 10.55% since the beginning of the year. Of course, most will still have to buy a fractional share of the stock, which closed at $517,136 on July 10, or pick up budget-priced Class B shares of Berkshire Hathaway for about $341.

9. Devon Energy Corp. (DVN)

In June 2022, Devon announced that it had entered into an agreement to purchase leasehold interest and other assets of RimRock Oil and Gas. The acquisition was expected to increase Devon’s Williston Basin production by an average of 20,000 barrels of oil per day and add over 100 undrilled inventory locations, according to a press release.

Devon’s stock is down year to date and over the past year. However, of 32 analysts who watch the stock, 23 rate it a “buy” or “strong buy” and nine recommend holding. Devon pays a hefty 9.23% dividend yield.

Final Take

The stock market is in constant evolution, and those looking to invest need to pay close attention to its frequent ups and downs. When looking to invest in new stocks and diversify your portfolio, do your research and evaluate what’s best for you in the long run.

The guide above is meant to give you some insight into some of the best options in the stock market nowadays. Be aware that these conditions may vary over time.

Good To Know

Experts recommend investing in stocks over bonds if your goal is growth and you have a strong appetite for risk. Although stocks are more volatile than bonds, historically, they have produced larger long-term gains. If investing in individual stocks is too risky for you, consider a mutual fund that invests in a basket of growth stocks.

John Csiszar and Daniela Rivera-Herrera contributed to the reporting for this article.

Data was compiled on July 11, 2023, and is subject to change. Information on analyst ratings was sourced from Yahoo Finance.

The article above was refined via automated technology and then fine-tuned and verified for accuracy by a member of our editorial team.