Resilient Stocks Shine Amidst Market Downturn

Despite the overall downward trajectory of the major stock indexes this week, some stocks have managed to outperform and make impressive gains. Utilizing FactSet data, CNBC Pro conducted a market scan to identify the top performers of the week and assess their future prospects according to Wall Street analysts. The search, which covered large-cap, mid-cap, and small-cap stocks within the S&P 1500, uncovered a range of successful investments, including a logistics firm and an emerging medical device company.

PacWest Bancorp and LivaNova Lead the Charge

One notable standout was the previously struggling regional bank PacWest Bancorp, whose shares increased by nearly 12% by Friday morning. Analysts predict a 55% upside for the stock, based on the consensus 12-month price target. PacWest’s strong performance this week was likely fueled by Western Alliance Bancorp’s release of their quarterly adjusted earnings, as reported by FactSet. This positive news boosted investor sentiment surrounding regional bank shares. Further optimism was generated by Western Alliance’s announcement that its deposits have begun to recover in April following an 11% decline in Q1. PacWest is expected to announce its earnings in the coming week, with 50% of analysts recommending the stock as a buy.

LivaNova’s stock experienced a remarkable 17% surge this week following the announcement of leadership changes within the medical device company. The firm also revealed preannounced Q1 revenue of $263 million, indicating a 9% growth from the previous year. It is worth noting, however, that LivaNova’s stock has fallen more than 10% in 2023. Analysts anticipate a 42% upside for the shares, according to FactSet data.

Additionally, BJ’s Restaurants’ stock enjoyed a 9.2% increase this week after receiving an upgrade from Wedbush Securities, raising their rating from neutral to outperform. The firm set a price target of $36 per share, suggesting a potential 23% upside from Thursday’s closing price. Wedbush cited menu price increases and improved staffing levels as key factors driving same-store sales growth. The consensus estimates predict an approximate 13% upside for the stock. In 2023, BJ’s Restaurants’ shares have climbed 19%.