Jefferies Says Buy These 3 Stocks for More Than Double-Digit Returns

Core Viewpoint - The stock market is performing strongly in 2024, with the S&P 500 up 12% year-to-date following a 23% increase last year, making it challenging to identify stocks that can sustain this momentum. Analysts at Jefferies Financial Group have identified three stocks expected to deliver double-digit returns over the next 12 months, with price targets ranging from 52% to 120%, averaging an 83% return. Group 1: Flutter Entertainment (FLUT) - Flutter Entertainment's stock dropped due to sports betting scandals and proposed tax hikes, but Jefferies analyst James Wheatcroft believes the reaction is exaggerated and maintains a buy rating with a one-year price target 52% above its current price of $183 per share [2][3]. - The U.S. market is crucial for Flutter, contributing 42$75 per share, indicating a 78% upside potential [4]. - The company's performance has been affected by weaker-than-expected first-quarter results, but the second half of the year is expected to improve significantly [4]. - Exact Sciences offers a stool-based test for colon cancer, which is more accessible than traditional colonoscopy, alleviating concerns about competition from potential blood tests [5]. Group 3: Pacific Biosciences (PACB) - Jefferies initiated coverage of Pacific Biosciences with a buy rating and a one-year price target of $4 per share, suggesting a 120$1.82, although this is lower than the consensus target of $6.38, indicating a potential 250$1.38 per share to $1.11 per share last year, and further reducing to 29 cents per share in the first quarter of this year [7].