In a market trending down, there are fewer scenarios more appealing to investors than ones outlining bearish sentiment is about to turn positive. And according to Ari Wald, head of technical analysis at Oppenheimer, we’re on the cusp of one such turnaround right now.
“Our analysis indicates September weakness is marking a final leg lower in the bear cycle, and a bullish opportunity for long-term investors,” Wald recently explained. “In the post-war era, the majority of bear cycles have been long-and-shallow or short-and-sharp. We’ve only counted four long-and-deep declines (1968, 1973, 2000, and 2007), and believe market conditions are stronger now than they were in those outlier periods.”
Keeping this in mind, here are two stocks Wald’s analyst colleagues at the investment firm have marked as appealing right now. With help from the TipRanks platform, we can gauge the rest of Wall Street’s sentiment toward these names. Here are the details.
HashiCorp (HCP)
Let’s first take a look at software specialist HashiCorp – a cloud automation software provider, to be more exact.
HashiCorp provides open-source tools that integrate with and expand upon the services provided by public cloud service providers like Amazon and Microsoft. Terraform, which configures infrastructure, and Vault, which handles password management, are two examples of the company’s nine separate products that cater to diverse segments of the cloud infrastructure industry. The products are right on-trend as given the ongoing digital transformation, enterprises are now leaning toward using more than just one cloud provider.
HashiCorp is relatively new to the public markets, having held its IPO in December 2021, when the company boasted a market cap of around $14 billion. But as has been the case for so many, the stock has been unable to counter bearish market trends and is down by 63% since the debut.
That hasn’t stopped the company from delivering strong quarterly results, as was the case in the recently delivered second quarter of fiscal 2023 (July quarter) statement.
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