U.S. equities will remain volatile through the balance of 2022 but it’s unlikely that the economy will plunge into a recession this year, says Victoria Fernandez. She’s the Chief Market Strategist at Crossmark Global Investments.
To ride out the volatility, Fernandez recommended the following three quality names this morning on CNBC’s “Worldwide Exchangeâ€.
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CH Robinson Worldwide Inc (NASDAQ: CHRW)
The Fortune 200 company reported market-beating results for its fiscal Q1 in April. The stock has recovered completely from its year-to-date low, but Fernandez is convinced there’s more to come.
With supply chain issues, CH Robinson in the transportation space is a name that we have really liked. They continue to see margin expansion.
For the sake of a diversified portfolio, her second pick is in the healthcare space. CVS Corp is still down more than 15% from its year-to-date high, which, as per Fernandez, spells opportunity.
A lot of people thought of CVS as a COVID play. But they have growth across all their sectors. They’re beating their industry peers. They’ve raised the dividend; a bit over 2.0% and they’ve got buybacks coming.
Lastly, she’s also bullish on a “financial†name that Wall Street also agrees could be a $77 stock versus $66 at present. Explaining why she recently bought the NY-headquartered life insurance company, Fernandez said:
MetLife has got a strong balance sheet; the cash flow is really good. It’s now the third largest vision care provider and that’s a very capital light business. So, cash flow is good that should help in volatile markets.
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