These Momentum Stocks Could Extend Their Rally Next Week

Gold producer Newmont and AI hardware maker Amphenol are heading into next week’s earnings reports with strong momentum, making them standout names in an already upbeat third-quarter season.

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The Q3 earnings cycle is off to a robust start, driven by solid performances from major U.S. banks earlier this week. Their results helped lift investor sentiment even as broader market volatility persists due to macroeconomic uncertainty and credit risks.

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According to FactSet’s John Butters, the S&P 500 is on track to post over 13% earnings growth for the third quarter marking the fourth consecutive quarter of double-digit profit expansion for the benchmark index.

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To spotlight companies riding this earnings wave, screened for S&P 500 stocks that have seen rising optimism among Wall Street analysts in recent months. The criteria focused on three key indicators:

• At least 10 upward earnings estimate revisions within the past three months
• An average analyst price target raised by 10% or more over that period
• A 10% or greater increase in average earnings estimates in the same timeframe

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Newmont: Gold’s Momentum Leader

Newmont has emerged as one of the biggest beneficiaries of the renewed enthusiasm in precious metals. Analysts have raised their earnings forecasts for the company 26 times in the past three months, while the average earnings estimate has surged 21% during that span.

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The stock has been on an exceptional run this year, climbing over 140% year to date as gold prices surged to record highs. However, shares slipped 8% on Friday following a pullback in gold prices from their all-time peak.

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Despite the short-term dip, Wall Street remains optimistic about gold’s trajectory. The metal continues to attract investors as a safe-haven asset, supported by central bank purchases and global market volatility.

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Joe Terranova, chief market strategist at Virtus Investment Partners, reaffirmed his confidence in Newmont during CNBC’s Fast Money earlier this week, emphasizing that gold still serves as a valuable diversifier in portfolios.

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Meanwhile, UBS analyst Daniel Major maintained his buy rating on the stock, highlighting Newmont’s improving fundamentals. “We think NEM is well positioned,” he noted, pointing to “lower expectations for 2026 alongside stronger returns and buybacks” as catalysts for improving operational performance.

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Lam Research and Amphenol: Riding the AI Hardware Wave

Two other companies showing notable strength are Lam Research and Amphenol, both key suppliers in the artificial intelligence hardware ecosystem. Their shares have surged roughly 96.5% and 80% respectively this year, reflecting the massive demand for AI infrastructure and data center expansion.

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Over the past three months, analysts have lifted Lam Research’s earnings estimates 29 times and Amphenol’s 21 times, signaling growing confidence in their profit outlooks.

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Bank of America recently upgraded Amphenol, assigning a $150 price target well above the $131 average target tracked by FactSet. The firm’s projection implies potential upside of more than 17% from Thursday’s close. BofA cited multiple growth drivers, including strong AI rack demand, accelerating data center buildouts, and active M&A activity that continues to bolster Amphenol’s market position.

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Beyond these leaders, Valero Energy and Globe Life are two additional names analysts are watching ahead of their upcoming earnings releases. Both companies could surprise to the upside if results reflect strong operational execution or favorable market trends.

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As this earnings season unfolds, momentum remains a defining theme. With the S&P 500 poised for its fourth straight quarter of double-digit profit growth, investors are rewarding companies demonstrating both earnings strength and analyst optimism.

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Newmont’s surge in the gold market, Amphenol’s AI-fueled rally, and Lam Research’s semiconductor strength underscore a broader shift investors are gravitating toward companies that pair strong fundamentals with clear exposure to powerful macro trends.

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If the upbeat tone of early reports continues, next week’s results could further solidify market confidence and extend the rally into year-end. For now, these momentum names are the ones to watch as Wall Street looks for the next leg higher.

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