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Stocks Of Regional Banks Dominated This Week As Investors Moved Past The Crisis

May 20, 2023
minute read

The markets have been showing positive momentum throughout the week, with several stocks standing out from the rest. As of Friday afternoon, the major averages, including the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average, have posted gains of 1.5%, 2.9%, and 0.2% respectively since Monday.

Among the notable gainers this week are regional bank stocks, particularly Comerica and Zions Bancorporation, which saw significant surges of 22.7% and 21.8% in their share prices respectively. Analysts are bullish on Comerica, with a majority of them rating the stock as a buy. Despite experiencing a decline of approximately 12% in May and 43% year to date, Comerica's average price target suggests a potential rally of 46.3% in the coming months.

Western Digital also experienced a notable increase of 16.6% in its share price, driven by positive investor sentiment following reports of accelerated merger deal talks with Kioxia Holdings. Analysts covering Western Digital anticipate a potential rise of nearly 16% for the company's shares this year, with more than 40% of them rating it as a buy.

Synopsys, a semiconductor design company, had a strong week, with its stock jumping 12.5% and reaching a new 52-week high. The company reported better-than-expected fiscal second-quarter earnings and revenue, leading to an increase in its full-year outlook. Analysts believe Synopsys' stock could rise by 6.7% from its current levels, with 80% of them rating it as a buy.

Capital One and KeyCorp were also among the financial stocks that performed well this week, with share price increases of 15.6% and 12.5% respectively. While Capital One shares have risen over 5% year to date, they have lagged behind the broader market index, which has seen a 9% rise.

Consumer names such as Carnival Corporation and Bath & Body Works demonstrated strong performance as well. Telecommunications group Dish Network and insurance company Lincoln National also managed to outperform the market.

These top gainers have attracted attention from analysts, who foresee further potential for growth in their respective stocks based on various factors such as positive ratings, merger talks, earnings performance, and market demand.

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Bryan Curtis
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Eric Ng
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John Liu
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Bryan Curtis
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