These names are recession resilient, and expected to rise 24% on average to their 12-month price targets.
With recession fears mounting for 2023, Bank of America has small-cap picks it expects will be resilient in a downturn — and even have some upside. All three major averages are higher to start the new year on the back of data that suggested a inflation may be cooling. Investors are hopeful the numbers could encourage the Federal Reserve to pull back on its rate hiking campaign. The tech-heavy Nasdaq Composite is up 5.
Xometry , an online marketplace for industrial parts, will roughly double to its $60 price target, according to Bank of America. Analyst Nat Schindler said the stock will outpace the market and its competitors in 2023 because of increasing adoption and spending on the platform. What's more, Xometry will have "minimal impact from tough macro , and improving margins," Schindler wrote.
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