High multiple stocks could take a hit in the upcoming months if the U.S. Fed decides in favour of a rate hike. Amidst the concern, Piper Sandler’s Craig Johnson sees potential for upside in two stocks, albeit ones that are not very popular.
Johnson’s remarks on CNBC’s “Worldwide Exchange”
Johnson’s first pick is Methanex Corporation (NASDAQ: MEOH) – the world’s largest producer and supplier of Methanol. On CNBC’s “Worldwide Exchange”, he said this morning:
Methanex is a stock that we think has decent upside, improving price, and improving relative strength. So, it’s definitely one that we would put on a shortlist as we look forward into the fourth quarter as the basic material companies and economy at large continue to recover.
MEOH has rallied about 40% since mid-August but is still down more than 5.0% on a year-to-date basis.
Why does Johnson like Bio-Techne Corp?
Another name that pops out to Johnson is Bio-Techne Corporation (NASDAQ: TECH) that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets. Johnson said:
This is a chart that’s been putting up a really nice price action on an absolute basis, the relative strength has been very strong, and it’s a very constructive segment in the healthcare space.
The bullish call on TECH is particularly bold, considering the stock has already rallied about 70% since the start of the year. Last week, the $21 billion company launched ExCellerate iPSC Expansion Medium.
Johnson’s list of top stocks for Q4 also includes Unity Software and Cimarex Energy Co.
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Wajeeh Khan
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