Piper Sandler says own these expensive stocks and sell these others

Earnings momentum can be the deciding factor in whether to buy stocks that have expensive valuations, according to Piper Sandler. Analyst Michael Kantrowitz published two lists of stocks this week with expensive price-to-earnings multiples. The difference between them, he said, was whether they had positive upward earnings revisions. Investors want the names where estimates are moving higher, as these stocks are more likely to keep trading at a lofty valuation, he said.

Pro compiled a handful of names from each list exclusively for subscribers: The 'hold' list Nvidia was one of several buzzy names on the list of hold stocks. While it has a price-to-earnings multiple for the next 12 months at 36.615, it has an earnings revision ratio of 0.597. The chipmaker's shares have climbed more than 175% this year as artificial intelligence has continued capturing investor attention.

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