A handful of stocks have been noticeably absent from the 2024 rally, and they might see further declines as investors jettison their losing positions to save on taxes, Wolfe Research found. Even as the major averages have stumbled to start September, they've already posted solid gains for the year. The S & P 500 is up 15% in 2024, benefiting from a surge in the information technology sector amid excitement around artificial intelligence.
The recent quarterly results spurred a wave of downgrades from Wall Street, including BMO Capital Markets. "We are downgrading DLTR shares to Market Perform and cutting our to $68 as we no longer have conviction in the company's outlook to justify an Outperform," wrote BMO analyst Kelly Bania in a Thursday report. Her new price target assumes about 7% upside from Wednesday's close. ZoomInfo Technologies , which provides data for companies, was also on Wolfe's list.