Four Stocks that could double in 2024
Overview:
It’s a new year with new opportunities. We’ve entered a new bull market. So, the wind is at our backs. The indexes ended the year with a massive rally. So, a pullback or digestion period is to be expected.
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Jackson Financial: JXN $51.20
Jackson Financial is a spinoff from Prudential Insurance. It’s got a bright future and is under owned by institutions.
Corporate Overview
Jackson Financial Inc. (Jackson) is committed to helping Americans grow and protect their retirement savings and income to enable them to pursue financial freedom for life. We are proud to be a FORTUNE®500 company and believe that we are uniquely positioned in our markets because of our differentiated products and our well-known brand among distributors and advisors. Our market leadership is supported by our efficient and scalable operating platform and industry-leading distribution network. We believe these core strengths will enable us to grow profitably as an aging U.S. population transitions into retirement.
So much to like here. Because it’s a recent spin off, it isn’t widely followed on Wall Street. It’s a growth stock trading at an incredibly low valuation.
That probably won’t last.
Shareholder friendly management is focused on returning money to shareholders. The company generates excellent cash flow, so expect more dividends and buybacks.
Valuation: The valuation is incredibly attractive selling at 2.5X cashflow. Single digit p/e of 3. And trading at half of book value.
The stock is in an uptrend. I’d like to see it pullback to enter a new position, but that may not happen. I would use a 10% sell stop either way.