3 Hyper-Growth EV Stocks Ready to Double From Here

hypergrowth EV stocks - 3 Hyper-Growth EV Stocks Ready to Double From Here

Source: shutterstock.com/pichit

Last year, growth stocks and EV stocks faced challenges. But 2023 has brought a strong comeback, driven by government support and rising fuel costs. Amid this, market differentiation between EV sector leaders and laggards has become evident, with some stocks surging while others decline.

Oftentimes, investors have EV exposure through ETFs. But diversification in individual stocks across the industry, including manufacturers, lithium producers, and infrastructure players, offers strong growth potential and protection. Thus, this positions investors for long-term success.

Let’s examine three EV stocks for long-term investors to consider right now!

Li Auto (LI)

Li Auto’s (NASDAQ:LI) remains a prominent Chinese EV manufacturer. It specializes in smart SUVs with extended-range tech, like the Li L7, a direct Tesla Model Y competitor.

Obviously, LI’s fundamentals are robust, with a remarkable 202% surge in Q2 deliveries, totaling 86,533 vehicles. This feat led to a turnaround from losses to net gains and rising margins. And with $10.2 billion in liquidity, the company is poised for further expansion in China and beyond. Hence, Q3 delivery growth is projected at 277% to 288%, exceeding 100,000 vehicles. 

In other news, on September 14th, numerous automotive bloggers shared official Li Auto images and videos of the Li Mega EV. They showcased features like the Qilin battery for quick charging and extended range. Further, this exemplifies that the company offers unique extended-range tech and remains attractively valued.

Byd Co. (BYDDF)

Among auto stocks, BYD Company (OTCMKTS:BYDDF) shines as a top Chinese EV player. With Warren Buffett’s backing, it achieved a remarkable 204.7% first half profit increase in 2023.

Moreover, the company partnered with Itochu in 2020 to recycle old EV batteries into energy storage systems, addressing China’s growing battery waste.

Notably, BYD is the leading EV brand in China and a major player in EV battery production, surpassing LG Energy Solutions globally. Additionally, the company announced a $1 billion investment in India for EV and battery production. Its strong sales and Goldman Sachs‘ “buy” rating underscore its momentum.

For those looking to bet on Chinese EV growth, play this space.

Nio (NIO)

Another top Chinese EV player, Nio (NYSE:NIO) remains a stock investors should follow closely.

First, the company delivered over 10,000 ES6 SUVs in July, hinting at potential sales growth ahead. Nio’s daily production rate of 300+ ES6 units and a double-shift manufacturing schedule suggest readiness for increased sales, a positive sign for the latter half of 2023.

Despite a year-to-date (YTD) return of 14.23%, Nio faced challenges in Q2 2023 with a 15% revenue drop and a 6.12 billion Chinese Yuan loss. However, Nio’s ability to exceed delivery of 19,329 vehicles in August amid a market shift from SUVs to sedans is commendable. They achieved this despite growing competition and price pressures in China’s EV market. Therefore, investors take note.

 On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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Beware! 3 AI Stocks Waving Massive Red Flags Right Now

It’s been hard to go wrong with artificial intelligence stocks this year. A surprise 2023 stock market rally and Nvidia’s (NASDAQ:NVDA) jaw-dropping earnings results created a boom for many stocks.

And just like that, artificial intelligence (AI) suddenly became a buzzword. Investors scooped up shares of small, medium, and large-cap companies that stood poised to benefit from the growing demand for artificial intelligence tools.

However, with any popular trend, some investors get a little ahead of themselves and momentum can make stocks look enticing in the short term. Incredible gains can blind investors from glaring fundamental issues that threaten to turn today’s winners into tomorrow’s laggards.

With that in mind, you may want to steer clear of these three AI stocks.

C3.ai (AI)

C3.ai (NYSE:AI) is an AI application software company. The firm services companies that need enterprise AI tools.

In Q1 FY 2024, C3.ai reported $72.4 million in revenue. And while that figure represents 10.9% year-over-year revenue growth, it’s a significant deceleration from last year’s 25% year-over-year revenue growth.

C3.ai has some large clients and partnerships with notable corporations. However, that business activity does not justify a $3 billion market cap. Furthermore, C3.ai is still generating steady net losses which don’t seem likely to get resolved any time soon.

C3.ai shares have gained 150% year-to-date due to the AI boom and overall strong buying activity across the stock market in 2023. However, shares have declined by 18% over the past month and are down by 76% over the past five years. Those numbers offer a more accurate understanding of this stock’s future.

Investors who heard about the company in 2023 may be blindsided by high year-to-date returns. However, the company has reported decelerating revenue while other AI companies have reported high double-digit revenue gains.

Upstart Holdings (UPST) 

Upstart Holdings (NASDAQ:UPST) is a fintech company that uses artificial intelligence to pair borrowers with loans. The company makes loans more accessible to consumers who do not have the best credit scores.

Upstart speeds up the lending process, but it’s best not to rush certain things. While the stock has performed well year-to-date, a wider lens shows the stock’s shortcomings. UPST stock is down by more than 30% over the past five years. Furthermore, Upstart’s Q3 guidance for $140 million in revenue represents another year-over-year drop, assuming the company reaches that benchmark.

And recently investors don’t need a wide lens to see the stock is in trouble. Upstart reported a substantial 40% year-over-year revenue decrease in the second quarter and shares have crashed by over 50% since Aug. 1.

Upstart has heavy losses and hasn’t done much to improve the situation. Higher interest rates and rising inflation are the catalysts of stagflation and could decimate Upstart’s business model. This is an AI stock to avoid.

Veritone (VERI)

Veritone (NASDAQ:VERI) offers enterprise artificial intelligence software and solutions. The company’s aiWARE platform supports machine learning models that can transform data sources into actionable intelligence.

Veritone had a strong start to the year with shares rising by over 90% in January. However, the company’s less-than-desirable financials eventually overwhelmed the stock. Shares have plunged by over 50% year-to-date, even when other AI stocks are soaring.

The collapse has brought the company’s market cap down to $94 million. And yes, some investors see opportunities in penny stocks. But these opportunities come from significant changes to the fundamentals or a short-term trading frenzy. Veritone doesn’t have a saving grace at this time. Revenue and earnings are both down year-over-year in the latest earnings report.

This is a high-risk investment that is very unlikely to pay off. Investors can pick better assets, particularly among AI stocks, to generate an upside.

On the date of publication, Marc Guberti did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

Marc Guberti is a finance freelance writer at InvestorPlace.com who hosts the Breakthrough Success Podcast. He has contributed to several publications, including the U.S. News & World Report, Benzinga, and Joy Wallet.

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HPE announces major change to organizational structure, executive leadership

Hewlett Packard Enterprise Co.
HPE,
+0.41%

on Tuesday announced a significant change to the company’s operational model. According to a blog post from Chief Executive Antonio Neri, the company is creating a Hybrid Cloud business unit, to be led by HPE Chief Technology Officer Fidelma Russo. The unit combines the HPE GreenLake platform with the technologies and services of HPE Storage, HPE GreenLake Cloud Services Solutions and the current Office of the CTO organization. The change, which goes into effect Nov. 1, is designed to bring greater focus, faster execution, and a unified, end-to-end experience for customers and partners, a company spokeswoman said in an email message. HPE’s stock was flat in after-hours trading Tuesday.

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Pinterest’s stock jumps 4% as it unveils new ad tools, talks AI at investor day

Shares of Pinterest Inc.
PINS,
+3.19%

jumped 4% Tuesday as the company rolled out new ad tools at its investor day, including integrations for Salesforce Inc.’s
CRM,
+0.33%

Commerce Cloud and Adobe Inc.’s
ADBE,
+1.74%

Commerce native applications. Pinterest also discussed its ongoing AI development. “We believe innovation has accelerated at Pinterest over the past nine months,” Roth MKM analyst Rohit Kulkarni said in a note before the conference. “Pinterest has launched new ad formats, shopping tools, and advertiser tools as the company seems focused on building a full-funnel advertising solution.” Pinterest later named Scott Schenkel, the former chief financial officer and interim chief executive of eBay Inc.
EBAY,
-0.66%
,
to its board of directors. Pinterest’s stock is up 9% in 2023, while the broader S&P 500 index
SPX,
-0.22%

has expanded 15% this year,

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U.S. stocks log lowest close of September as Fed meeting looms

U.S. stocks finished lower on Tuesday despite paring sharp declines from earlier in the day as the S&P 500 and Nasdaq Composite logged their lowest closing levels of September, based on preliminary end-of-day data from FactSet. The S&P 500
SPX,
-0.22%

fell by 9.53 points, or 0.2%, to 4,443.99, according to preliminary closing data, while the Nasdaq Composite
COMP,
-0.23%

shed 32.05 points, or 0.2%, to 13,678.19. The Dow Jones Industrial Average
DJIA,
-0.31%

fell by 106.57 points, or 0.3%, to 34,517.73. U.S. stocks sunk as rising Treasury yields and higher oil prices put pressure on equities ahead of Wednesday’s interest-rate decision from the Federal Reserve. The central bank is widely expected to leave borrowing costs on hold, but could still rattle markets by leaving the door open for more interest-rate hikes at future meetings. Also on Tuesday, Maplebear Inc., which is doing business as Instacart
CART,
+12.33%
,
saw its shares climb 12.3% in its trading debut, which followed another successful offering from Arm Holdings last week. In addition to the Fed, investors will hear from a smattering of other central banks including the Bank of Japan and Bank of England later this week.

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Stocks making the biggest moves midday: CART, DIS, PLNT, RXT

An empty parking lot is pictured in front of a Planet Fitness gym and fitness club in Alhambra, California, on May 12, 2020, after stay-at-home orders in Los Angeles County were extended until July amid the Covid-19 pandemic.

Frederic J. Brown | AFP | Getty Images

Check out the companies making headlines in midday trading.

Starbucks — Shares fell 2% in midday trading following a downgrade to market perform from TD Cowen. Analyst Andrew Charles noted concern over macroeconomic headwinds in China that could hit consumer spending at Starbucks stores.

Instacart — The grocery delivery stock roared out the gates as it debuted on the public market midday Tuesday, with shares popping about 12.3% and closing at $33.70. The company had priced its initial public offering at $30 a share Monday, the high end of the expected $28 to $30 range.

Disney — The entertainment stock slumped 3.3% after Disney revealed that it plans to nearly double its spending on its parks and cruises businesses to roughly $60 billion.

Super Micro Computer — Stock in the computer technology company climbed 1.6% after Barclays initiated coverage of shares at an overweight rating. Analyst George Wang said the stock could benefit from a still-growing artificial investment trend.

Deere — The industrial stock fell nearly 3% on Tuesday after Evercore downgraded the shares to in line from outperform. The Wall Street firm said the trends and early color from its contacts suggest revenue declines and agriculture production cuts for Deere’s next fiscal year.

Planet Fitness — Shares of the gym franchise slid 4.2% after JPMorgan downgraded the stock to a neutral rating from overweight. The investment bank cited the recent surprise ousting of CEO Chris Rondeau and an uncertain macroeconomic future as reasons for the downgrade.

Arm Holdings — Shares of the semiconductor company, which recently went public, dropped 5.4%. Redburn Atlantic Equities initiated coverage of the company as neutral and said it is overvalued right now.

Array Technologies — The solar tracker solutions provider increased 4.3% during the day’s trading session after Bank of America added the company to the US1 list, saying Array is a “diamond in the rough.”

Rocket Lab — Shares of the aerospace manufacturer tumbled 7.4% after Rocket Lab’s first launch failure in more than two years Tuesday morning. Rocket Lab’s uncrewed 41st Electron rocket launch failed about two minutes and 30 seconds after it lifted off in New Zealand.

Lazard — The stock fell 1.2% after Goldman Sachs downgraded the investment bank to sell from neutral, saying its outlook is too “challenging.”

Royal Caribbean — Shares of the cruise company gained 2.4% after being upgraded to buy from hold by Truist, which said forward-looking trends for 2024 and 2025 seem “exceptionally strong.” The Wall Street firm also upgraded Carnival to hold from sell, sending shares nearly 0.5% higher.

Rackspace Technology — The cloud computing company popped Tuesday, gaining about 36%. Raymond James earlier upgraded Rackspace to outperform from market perform and said it likes the company management’s execution.

— CNBC’s Brian Evans, Jesse Pound, Samantha Subin, Yun Li, Lisa Kailai Han and Michelle Fox contributed reporting.

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3 Tech Stocks for Dividend Growth Investors

Tech stocks have not always been a good source of dividend stocks. In the past, income investors typically avoided the tech sector. But this has begun to change in the past decade.

The technology sector contains many reliable dividend growth stocks. This article will discuss three blue-chip tech stocks with more than 10 years of dividend increases and high dividend-growth potential.

Apple (AAPL)

Close-up of Apple (AAPL) retail store Logo in Honolulu at the Ala Moana Center. Advertising the latest generation of the ipad, iphones, and ipods with a Retina display.

Source: Eric Broder Van Dyke / Shutterstock.com

Apple (NASDAQ:AAPL) is a tech giant and the largest publicly traded company in the world. Apple stock has a market capitalization of $2.94 trillion. The company has a diverse lineup of popular products such as the iPhone, iPad, Mac and Apple Watch. The company also has a large services business such as iTunes and the App Store.

On Aug. 3, Apple reported Q3 2023 results for the period ending July 1. (Apple’s fiscal year ends the last Saturday in September.) For the quarter, Apple generated revenue of $81.8 billion, a -1.4% decline compared to Q3 2022. Product sales were down 5.7%, driven by a 19.8% decline in iPad sales. The iPhone segment (48% of total sales) was down -2.4%.

Service sales increased 8.2% to $21.2 billion and made up 25.9% of all sales in the quarter. Net income equaled $19.88 billion, or $1.26 per share, compared to $19.44 billion, or $1.20 per share, in Q2 2022. Notably, earnings per share increased 5% while company-wide profits increased 2.3%, due to a lower share count.

Going forward, Apple’s earnings growth will be driven by several factors. One of these is the ongoing cycle of iPhone releases, which creates lumpy results. In the long run, Apple should be able to grow its iPhone sales, albeit in an irregular fashion.

In addition, Apple’s Services unit, which consists of iTunes, Apple Music, the App Store, iCloud, Apple Pay, etc., has recorded a significant revenue growth rate in recent years. Services revenues grow at a fast rate and produce high-margin, recurring revenues.

Apple has raised its dividend for 11 years, every year since it initiated its dividend in 2012. The 2023 expected dividend payout ratio is 16%, indicating a highly secure dividend with lots of room for continued dividend increases. Apple stock currently yields 0.6%.

Oracle (ORCL)

A photo of an Oracle (ORCL stock) sign outside a building.

Source: Jer123 / Shutterstock.com

Oracle (NYSE:ORCL) is an information technology company that provides software, hardware and services. Its offerings include applications, platforms, and infrastructure technologies (cloud software), hardware products such as servers, hardware-related software products (e.g., operating systems), and services such as consultation and education.

Oracle reported its most recent quarterly results, for its fiscal 2024 first quarter, in early September. Quarterly revenue of $12.5 billion rose 8% year-over-year in constant currency. Growth was driven by cloud services and license support revenues, which increased 12% from the same quarter last year. Adjusted earnings per share increased 14% year-over-year.

Oracle is not operating a cloud business as large as its peers Amazon (NASDAQ:AMZN) or Microsoft (NASDAQ:MSFT), but it still is generating attractive growth in the markets it addresses. Infrastructure-as-a-Service, as well as Platform-as-a-Service, are markets that are growing at a fast pace, and should allow Oracle to maintain an attractive cloud computing growth rate going forward. Oracle Fusion ERP and Oracle’s Autonomous Database are touted by management as future growth drivers due to compelling pricing and top-tier technology.

At a payout ratio of less than 30%, the dividend is very manageable, and there is still a lot of room for further dividend increases. Due to the low payout ratio and the fact that the company was not impacted to a large degree during the last financial crisis, Oracle’s dividend is rated very safe. The company has increased its dividend for 13 consecutive years. Shares yield 1.5%.

Qualcomm (QCOM)

Qualcomm (QCOM) sign near Qualcomm Research Silicon Valley office of San Diego based chip and semiconductor company

Source: Michael Vi / Shutterstock.com

Qualcomm (NASDAQ:QCOM) is a semiconductor manufacturer. The chip maker receives royalty payments for its patents used in devices that are on 3G, 4G, and 5G networks. Qualcomm has a current market capitalization of $132 billion and has annual sales of about $38 billion.

On Aug. 2, Qualcomm announced results for the third quarter of fiscal year 2023 for the period ending June 25. For the quarter, revenue fell nearly 23% to $8.44 billion and missed estimates by $70 million. Adjusted earnings per share of $1.87 compared unfavorably to $2.96 in the previous year but was 6 cents more than expected.

For the quarter, revenues for Qualcomm CDMA Technologies, or QCT, declined 24% to $7.17 billion. Automotive grew 13% to $434 million, while Handsets decreased 25% to $5.26 billion and Internet of Things was down 24% to $1.49 billion. Qualcomm Technology Licensing, or QTL, fell 19% to $1.23 billion. Qualcomm repurchased 4 million shares at an average price of $100 during the period.

Guidance for the fourth quarter was set at a range of $1.80 to $2, compared to consensus estimates of $1.94. Qualcomm is projected to earn $8.30 per share in fiscal 2023.

The company has grown earnings per share at a rate of 6.6% per year over the last decade. An agreement with Apple and Huawei, a lower share count, and leadership in 5G should allow the company to grow in the coming years. We also believe that demand for 3G, 4G and 5G headsets will increase following a recovery from the Covid-19 pandemic.

On April 12, Qualcomm increased its quarterly dividend 6.7% to 80 cents, marking the company’s 21st consecutive year of dividend growth. With a 2023 expected dividend payout ratio of 40%, the dividend appears secure with room for growth. QCOM shares currently yield 2.8%.

On the date of publication, Bob Ciura held a LONG position in AAPL stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Bob Ciura has worked at Sure Dividend since 2016. He oversees all content for Sure Dividend and its partner sites. Prior to joining Sure Dividend, Bob was an independent equity analyst. His articles have been published on major financial websites such as The Motley Fool, Seeking Alpha, Business Insider and more. Bob received a bachelor’s degree in Finance from DePaul University and an MBA with a concentration in investments from the University of Notre Dame.

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U.S. oil futures end lower for the first time in four sessions

Oil finished lower on Tuesday, with U.S. prices down for the first time in four sessions. “Oil trading is a sophisticated game of Chutes & Ladders and there are some hot spots that may take Brent (and possibly WTI) to $100 [a barrel] shortly,” Tom Kloza, global head of energy analysis at the Oil Price Information Service, a Dow Jones company. But whether either benchmark can average $100 for a month is “an interesting question,” he said. “When there are bullish extremes in sentiment, it is often a sign that the market is about to turn.” October West Texas Intermediate crude
CLV23,
+0.15%

fell 28 cents, or 0.3%, to settle at $91.20 a barrel on the New York Mercantile Exchange after settling Monday at their highest price of the year.

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Elon Musk’s perks at Tesla under Justice Department scrutiny: report

Federal investigators are widening a probe of benefits Tesla Inc.
TSLA,
+0.34%

provided to Chief Executive Elon Musk as part of a criminal investigation, according to the Wall Street Journal on Tuesday. The Journal reported that the Justice Department was probing personal benefits Tesla has provided the billionaire CEO since 2017, including a proposed house, citing unnamed sources close to the matter. The new information indicates that federal prosecutors are interested in a broader investigation than reported in late August, the Journal said. Tesla shares rose 0.7% in recent activity, compared with a 0.2% decline on the S&P 500 index
SPX,
-0.26%
.

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3 Stocks to Buy to Ride Europe’s Coming Market Surge

Are you looking for European stocks to buy?

Bloomberg recently reported details about Bank of America’s (NYSE:BAC) latest survey of European fund managers. According to the report, 61% of the managers surveyed see an upside for European equities over the next 12 months, up from just 45% in August.

Further, approximately 37% of those managers see gains of up to 5%, while 2% to 3% see them in double digits. With American stocks looking expensive, this might be the way to go.

On September 13, Fox Business reported analysts from JPMorgan (NYSE:JPM) said, “Equities are up 16% YTD mostly on multiple expansion while real rates and cost of capital are moving deeper into restrictive territory.”

“History suggests this relationship is becoming increasingly unsustainable, posing risk to the equity multiple, especially since earnings expectations already face a high hurdle for 2024.”

With U.S. stocks set for a possible correction, here are three European companies to invest in from the ProShares MSCI Europe Dividend Growers ETF (NYSEARCA:EUDV) that appear ready to move higher in the next 12 months. At least two of the three will be U.S.-listed.

RELX (RELX)

RELX (NYSE:RELX) is one of the holdings of EUDV with a 2.82% weighting.

The UK company provides information-based analytics and decision tools for four operating segments: risk, scientific, technical & medical (STM), legal and exhibitions. The tools help customers in more than 180 countries make better decisions.

As EUDV is a dividend-focused ETF, the company has paid its annual dividend since 2013.

RELX has used artificial intelligence (AI) technologies in its analytics for over a decade. It plans to continue leveraging AI to grow its four operating segments.

In late July, the company reported healthy earnings results for the first half of 2023. Its revenues and adjusted operating profits grew by 8% and 16% year-over-year, respectively, suggesting the good times will continue.

“RELX delivered strong revenue and profit growth in the first half of 2023. The improving long-term growth trajectory continues to be driven by the ongoing shift in business mix towards higher growth analytics and decision tools that deliver enhanced value to our customers across market segments,” stated CEO Erik Engstrom.

With a healthy operating margin of 33% in the first half of the year, up 180 basis points from a year ago, RELX is only getting started.

National Grid (NGG)

National Grid (NYSE:NGG) is the eighth-largest holding of EUDV with a 2.72% weighting.

I last recommended the UK utility in April 2021. It was one of 10 low-volatility stocks to buy for the long haul. Before that, in January 2019, I included it in a list of 10 utility stocks to buy. At the time, it was trading around $52.

As I said in both articles, you will not get rich owning NGG stock. However, if income is your bag, its 5.3% dividend yield should make you happy.

Four of the 12 analysts covering its stock rated it a Buy with a $72.26 average target price, 13% above where it is currently trading. With the 5.3% dividend yield, we’re talking about nearly 20% in total return over the next 12 months. That’s pretty good for a low-volatility stock.

As the company pointed out in its 2023 Investment Proposition presentation, it has plenty of revenue diversification, with 40% from the U.S., 49% from the U.K., and 11% from its National Grid Ventures (NGV) fund and other non-core investments.

In 2023, its operating profit grew 10% to 4.58 billion British pounds, with its NGV business generating 521 million British pounds in operating profits, up 66% from a year earlier.

Sanofi (SNY)

Sanofi (NASDAQ:SNY) is the 14th-largest holding of EUDV with a 2.62% weighting.

The French pharmaceutical giant reported Q2 2023 results at the end of July. Excluding currency, its revenues increased by 3.3% to 9.97 billion euros, with a 6.6% increase in its business operating income of 2.73 billion euros. That’s good for a 27.4% operating margin.

Its Specialty Care segment, which generates 44% of its quarterly sales, saw revenues increase by 11.8% in the second quarter to 4.40 billion EUR. A big chunk of its sales were from Dupixent — 58% of its Q2 2023 sales, up 34% over last year — its asthma and nasal drug it is collaborating with Regeneron Pharmaceuticals (NASDAQ:REGN).

One area that could become a big deal for Dupixent is treating chronic obstructive pulmonary disease (COPD). Recent clinical trials conducted by the company in this area have proven effective in reducing symptoms of COPD. If Dupixent is approved for treating COPD, it would be the first new treatment in over a decade.

Of the 24 analysts covering Sanofi stock, 17 rate it Overweight or an outright Buy, with a $61.74 average target price, well above current trading levels.

On the date of publication, Will Ashworth did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia.

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