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Microsoft and AI enterprise-software play ServiceNow are leading a list of five stocks approaching buy points. These stocks, including cement maker Martin Marietta Materials, trucking firm XPO, and Axon Enterprise, are showing promising signs for potential growth.
ServiceNow and Axon stand out with a superlative 99 IBD Composite Rating, placing them in the top 1% of stocks based on fundamental and technical factors. Both Microsoft and Axon are part of the flagship IBD 50 list of leading growth stocks.
Microsoft’s infrastructure and enterprise positioning have impressed analysts, with Jefferies analyst Brent Thill naming it as the biggest winner among artificial intelligence stocks. Thill has increased his price target for Microsoft, highlighting its ability to capture transformational opportunities.
ServiceNow’s cloud-based software platform has been gaining traction, particularly with its recent successful product launch of Pro Plus with generative AI features. The company is carving out a flat base with a buy point of 815.32, offering an early entry opportunity. KeyBanc has also started coverage of ServiceNow with an overweight rating and a price target of 1,000, citing confidence in its ability to monetize AI.
Martin Marietta Materials has received a price target hike from Seaport Research, who see sustainable industry pricing power as projects and government funding drive infrastructure and reshoring initiatives. XPO, a logistics firm, is seeing revenue growth accelerate following the bankruptcy of Yellow Corp, with JPMorgan analyst Brian Ossenbeck projecting a cyclical volume recovery to support pricing.
Axon, which supplies technology to law enforcement agencies, is consolidating following a surge in revenue and earnings fueled by demand for its latest products. William Blair analyst Jonathan Ho has reiterated an outperform rating, emphasizing Axon’s focus on innovation and improvements in officer safety.
The stock market is poised for a pivotal week with important inflation data on the horizon. Investors should keep an eye on Microsoft, ServiceNow, Martin Marietta Materials, XPO, and Axon for potential opportunities. Be sure to follow IBD’s The Big Picture column for the latest market trends and insights for informed trading decisions.
