DG - 3 Stocks Cut in Half in 2023 That Could Double in 2024
2023-10-11 11:15:00 ET
The market's had its shares of winners this year. It has also had plenty of losers, but then you get to some of Wall Street's biggest losers. There are 37 stateside-listed stocks with market caps of at least $1 billion that have shed more than 50% of their value this year. Let's go over three that I think can bounce back, doubling in the year ahead.
Saying that Dollar General (NYSE: DG) , Advance Auto Parts (NYSE: AAP) , and Chegg (NYSE: CHGG) will soar by at least 100% in 2024 is saying a lot, but work the math back to the beginning of this year. Each name has been cut by more than half. Doubling from here by the end of 2024 would place these stocks no better than where they were two years earlier. Let's see why there is an opportunity in these out-of-favor stocks.
Discounters have been discounted in 2023. Dollar General is a giant in the thrift store space with 19,448 locations. With a market cap of $23 billion, it's the largest stock to have shed more than half of its value, down 57% year to date.
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3 Stocks Cut in Half in 2023 That Could Double in 2024