3 Underappreciated Stocks with Triple-Digit Upside: May 2024

Core Viewpoint - There are several underappreciated stocks in the market, including Viking Therapeutics (VKTX), NewLake Capital Partners (NLCP), Digital Realty Trust (DLR), and SoundHound AI (SOUN), which present potential investment opportunities as their true value is not yet recognized by the market [1][2][3]. Group 1: Viking Therapeutics (VKTX) - VKTX was highlighted at a price of $22 per share in June 2023, nearing Phase 2 trials, with Phase 1 showing promising results for weight loss [1]. - The stock has risen to $63.81, with a high of nearly $100, yet it remains underappreciated despite favorable Phase 2 results [2]. - Long-term projections suggest VKTX could exceed $100 per share [3]. Group 2: NewLake Capital Partners (NLCP) - NLCP is a real estate investment trust (REIT) focused on the cannabis industry, currently yielding 8.55% [4]. - The REIT owns 31 properties, including 14 cultivation facilities and 17 dispensaries, with Q1 funds from operations (FFO) at $0.50, beating estimates, and revenue of $12.6 million, up 10.5% year-over-year [5]. - The cannabis industry is expected to grow, especially with potential regulatory changes, making NLCP a buy opportunity [6]. Group 3: Digital Realty Trust (DLR) - DLR is another underappreciated REIT with a yield of 3.45%, essential for the digital infrastructure, particularly with the rise of artificial intelligence [7]. - Data center demand is projected to grow at a 15% CAGR until 2030, indicating strong future prospects [8]. - Current stock price is $141.40, with an initial target of $150 [9]. Group 4: SoundHound AI (SOUN) - SOUN is trading at $4.70 and provides voice control and audio analytics software, backed by significant investments from Nvidia and SoftBank [10]. - Analysts at Wedbush have highlighted SOUN's strong position in the AI sector, giving it an outperform rating with a price target of $9 [11]. - The stock aims to retest a previous high of $10.25 [12].