Wells Fargo analysts are looking ahead to 2024, spotting stocks that might make good buying opportunities. The firm recently called out several names that it says have major upside heading into next year. CNBC Pro combed through top Wells Fargo research to find buy-rated stocks the firm likes in 2024 and beyond. They include Nike, Biogen, Waste Connections , Academy Sports + Outdoors and Royal Caribbean. Academy Sports + Outdoors The sporting goods retailer is coming out of a disappointing late November quarterly report, but Wells Fargo is standing by the stock heading into the holidays and beyond. “The good news: SSS [same-store sales] trends improved into Nov. as weather cooled,” analyst Will Gaertner said, adding that Black Friday was very strong for the company and its inventory is well positioned going into the holidays. The firm acknowledged that a lot of economic uncertainty remains, but Gaertner said investors should take advantage of the buying opportunity, particularly since the stock is trading at a discount compared to peers like Dick’s Sporting Goods . “However, looking to FY24, we expect comps to positively inflect, continued MSD-HSD [mid single digits- high single digits] footage growth & buybacks to continue,” he wrote. In addition, the company has robust management and operates in a category that’s appealing to consumers, the analyst said. Academy’s earnings power is also underappreciated, according to Gaertner. Shares are up 6.5% in 2023. “Stock continues to be compelling, despite difficult macro,” the firm said. Nike Wells Fargo analyst Ike Boruchow is going all-in on shares of Nike, he said earlier this week. The firm named the athletic retailer as its new top pick and said it’s “becoming more bullish.” Simply put, the story is “all about margins,” the analyst wrote. Prior margin headwinds are starting to subside, he said, and that makes shares particularly attractive. Nike also is also scheduled to report fiscal second-quarter earnings later this month and Boruchow is predicting a beat. “Sentiment is inflecting in NKE,” he said. China remains a concern, according to Boruchow, who said investors should stock with the stock. “We simply believe the recovery characteristics and self-help story now beginning at NKE make for a more compelling long idea into 2024,” he added. Shares are down about 1% in 2023. Royal Caribbean It’s time to buy shares of the cruise company, according to Wells Fargo analyst Daniel Politzer. “RCL’s Relative…
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