With Black Friday coming up next week, now might be the perfect time to do some shopping for your investment portfolio. It’s sure to be one of the busiest spending days of the year, as in 2019 online shopping sales hit an all-time high of $7.4 billion. Every year, more and more companies are participating in the festivities by offering special deals and discounts that could attract more customers than ever before. The smartest investors are thinking ahead about which companies might benefit the most.
While 2020’s holiday shopping season will be quite different than years past thanks to the pandemic, we should still anticipate strong numbers from companies that offer robust online shopping platforms, unique products, and reliable delivery services. We’ve put together a list of 3 stocks to buy ahead of Black Friday below to help you take advantage of the businesses that are likely to find success this holiday shopping season and beyond.
While there might be fewer people physically shopping at mass-market retailers like Target on Black Friday, it’s clear that digital sales will still provide ample revenue for the company during the busiest shopping weeks of the year. With a strong e-commerce presence along with convenient buying options such as curbside pickup and home delivery, Target is well prepared to handle high volumes of shoppers next week. Regardless of how things go for the company over the holidays, Target is one of the best retail companies to own and has thrived throughout the pandemic.
The company reported blowout earnings again in Q3 including year-over-year GAAP EPS growth of 46.3% and year-over-year revenue growth of 21.3% to $22.6 billion. Digital sales for the company grew by 155% in Q3 and that metric could see even better growth next quarter after the holiday shopping season subsides. With a dividend yield of 1.58% and a stock that continues to hit new all-time highs, Target could be the gift that keeps on giving for long-term investors.
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