Buy these stocks with overly conservative expectations ahead of earnings, Jefferies says

First-quarter reporting season is kicking off later this week, and investors should also be attuned to companies boosting their forecasts as they report, Jefferies found. Indeed, these updates could bode well for those stocks. "First quarter reporting sees the highest magnitude of estimate revisions, often marking the period when expectations and YTD trends are most broadly misaligned," the firm noted in a Sunday report.

"CYBR reported strong 4Q results relative to peers, and we believe the co. appears capable of sustaining momentum in an inflecting macro environment," analyst Joseph Gallo wrote. He added that CyberArk's business setup in 2024 should be "very achievable" when considering the company's current relatively modest growth estimates. Jefferies also listed GE Aerospace as a company with upward revision potential.

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