With earnings season about to heat up, I wanted to give a July 2020 update on the stocks I own and a few to watch. The first half of 2020 was volatile and gut-wrenching but my largest portfolio positions came back stronger than ever, passing critical stress tests during the process. The future looks bright for the companies below into 2021 and beyond.
Tesla (TSLA) - Tesla (TSLA) put the pedal to the metal and reported a blow out deliveries number on Thursday. With the Fremont plant shut down almost two moths, Tesla still managed to deliver 90,650 vehicles in Q2. Wedbush increased their bull case for the stock over the next 12 months to $2,000 per share.
While my $1,200 TSLA Price Target was met on Thursday, I feel confident that $1,800 will be met in 2021. In fact, I might even be way to conservative. Looking over the analyst estimates for 2020 and 2021, the numbers are way to low and they will need to go higher. This will either spark more upgrades or if numbers remain low, provide several blow out earnings reports going forward. Either way, Tesla stock is just getting started which is why we rarely see a lasting correction. All major pullbacks remain a strong buy for the rest of 2020 and I plan to add on any weakness.
Beyond Meat (BYND) - Beyond Meat (BYND) dropped all the way down to $48.18 in March and then rallied to $167.16 a few weeks ago. The company continues to expand internationally and China will be a huge growth driver for the company in 2021. My 2021 BYND price target of $200 might be to low but I'm sticking with it for now. I'm expecting the company to innovate on new products and there is still a good chance they land a Mcdonald's (MCD) deal. I will be aggressively buying all pullbacks below $130 for a trade while continuing to hold a core position for the long term. Analysts are expecting a Q2 loss of $0.02 per share so if Beyond Meat can deliver a profit, the stock will be off to the races again.
Virgin Galactic (SPCE) - Virgin Galactic (SPCE) continues to hit milestones ahead of taking guests to space. Vertical Research reiterated their $29 price target and I personally think SPCE can hit $23 in 2021. I will be making a research page on Virgin Galactic very soon. I continue to view pullbacks below $15 as a strong buy for both a trade and a long term investment.
Bitcoin (GBTC) - Nothing new to report on Bitcoin.....at some point we will see a break out and a huge price increase. Timing is very hard but I like GBTC below $9.
Hyliion (HYLN) - Hyliion (SHLL > HYLN) is a new addition to my portfolio as the company gears up to go public. When you compare Hyliion to the market cap of Nikola (NKLA) which has no sales, its clear the stock remains under priced. I plan to buy more SHLL in the coming weeks and hold into the IPO.
Slack (WORK) - I continue to watch Slack (WORK) and I view shares a strong buy below $30. This stock has been weak lately buy I'm expecting a short covering rally into earnings in two months.
Other Stocks to Watch in 2020 - Lemonade (LMND), Vroom (VRM), Shake Shake (SHAK), Burgerfi (OPES), Amazon (AMZN), Apple (AAPL)
Tesla (TSLA) - Tesla (TSLA) put the pedal to the metal and reported a blow out deliveries number on Thursday. With the Fremont plant shut down almost two moths, Tesla still managed to deliver 90,650 vehicles in Q2. Wedbush increased their bull case for the stock over the next 12 months to $2,000 per share.
While my $1,200 TSLA Price Target was met on Thursday, I feel confident that $1,800 will be met in 2021. In fact, I might even be way to conservative. Looking over the analyst estimates for 2020 and 2021, the numbers are way to low and they will need to go higher. This will either spark more upgrades or if numbers remain low, provide several blow out earnings reports going forward. Either way, Tesla stock is just getting started which is why we rarely see a lasting correction. All major pullbacks remain a strong buy for the rest of 2020 and I plan to add on any weakness.
Beyond Meat (BYND) - Beyond Meat (BYND) dropped all the way down to $48.18 in March and then rallied to $167.16 a few weeks ago. The company continues to expand internationally and China will be a huge growth driver for the company in 2021. My 2021 BYND price target of $200 might be to low but I'm sticking with it for now. I'm expecting the company to innovate on new products and there is still a good chance they land a Mcdonald's (MCD) deal. I will be aggressively buying all pullbacks below $130 for a trade while continuing to hold a core position for the long term. Analysts are expecting a Q2 loss of $0.02 per share so if Beyond Meat can deliver a profit, the stock will be off to the races again.
Virgin Galactic (SPCE) - Virgin Galactic (SPCE) continues to hit milestones ahead of taking guests to space. Vertical Research reiterated their $29 price target and I personally think SPCE can hit $23 in 2021. I will be making a research page on Virgin Galactic very soon. I continue to view pullbacks below $15 as a strong buy for both a trade and a long term investment.
Bitcoin (GBTC) - Nothing new to report on Bitcoin.....at some point we will see a break out and a huge price increase. Timing is very hard but I like GBTC below $9.
Hyliion (HYLN) - Hyliion (SHLL > HYLN) is a new addition to my portfolio as the company gears up to go public. When you compare Hyliion to the market cap of Nikola (NKLA) which has no sales, its clear the stock remains under priced. I plan to buy more SHLL in the coming weeks and hold into the IPO.
Slack (WORK) - I continue to watch Slack (WORK) and I view shares a strong buy below $30. This stock has been weak lately buy I'm expecting a short covering rally into earnings in two months.
Other Stocks to Watch in 2020 - Lemonade (LMND), Vroom (VRM), Shake Shake (SHAK), Burgerfi (OPES), Amazon (AMZN), Apple (AAPL)
