The bank offered up eight stocks that it said may see positive catalysts drive up their share prices.
Wells Fargo's equity research team has some ideas for investors as the new quarter kicks off. The firm's list this quarter includes eight names with near-term catalysts that can drive their share prices higher. Wells Fargo also identified two stocks that may retreat. Investors are quoestioning whether the first half's strong gains will continue in the back end of 2024.
Algonquin's stock price reflects a belief that the renewable business won't be highly valued, whereas Wells Fargo thinks it could fetch $2.4 billion. Proceeds can be used to recapitalize Algonquin and authorize a large share buyback, the bank said. Algonquin shares, which yield more than 7%, have fallen more than 13% so far this year. The typical analyst surveyed by LSEG sees a bounce of more than 15%, while Wells Fargo sees the stock running up more than 44% without the dividend.
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