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The Bull Roars: Raymond James Spots Hidden Gems in Weave Communications and GoDaddy,Inc.

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An Unwavering Bull Market

The good feelings of last year’s bull market continue to bolster investors as they witness more gains. Since the low points in October, the S&P 500 has surged by 27.5%, while the NASDAQ gained 29.5%. These numbers firmly entrench stocks in the bull market territory, marking another chapter in a decade-old bullish trend.

Raymond James Sees Bright Future Amidst Caution

Accompanying this optimism is a cautious note from Raymond James’ Chief Investment Officer Larry Adam, who believes that although the S&P 500 has started the year strongly, caution is necessary in the near term, despite resilient economic data and increased investor optimism.

Searching for Hidden Treasures

Raymond James encourages investors to seize the moment and ‘load up.’ They have pinpointed two buy-rated stocks holding significant potential for growth. Let’s delve into the specifics.

Discovering Weave Communications

Weave Communications, a tech company in the US healthcare sector, is gaining traction with its platform engineered to optimize office communications for small- and mid-sized healthcare businesses. The platform enhances efficiency and streamlines interactions with patients and customers, enabling medical and dental clinics to operate more effectively.

A Bullish Outlook for Weave

Raymond James’ analyst Alexander Sklar’s positive assessment of Weave’s recent earnings performance underscores the company’s growth potential. He believes that the stock’s pullback after the last quarterly report presents an attractive risk/reward opportunity. Sklar’s optimism is underpinned by Weave’s growth acceleration and potential for a 20% growth profile in 2024.

GoDaddy, Inc.: Navigating the Digital Landscape

Entering the realm of digital services, GoDaddy, Inc., headquartered in Arizona, offers web domain and hosting solutions to a diverse clientele of individuals and corporate entities. With a customer base exceeding 84 million domain names, GoDaddy stands out as a market leader, providing a myriad of services to streamline online presence creation.

Embracing Change with AI

Keeping pace with technological advancements, GoDaddy has rolled out GoDaddy Airo, an AI-driven suite of tools aimed at facilitating website maintenance, site construction, and email marketing. These tools harness the power of AI to enhance efficiency and streamline online operations.

Financial Stability Amidst Innovation

Examining GoDaddy’s financials, the company has maintained a robust revenue stream, hovering around the $1 billion mark per quarter consistently. In the latest quarterly report, GoDaddy reported revenue of $1.1 billion for 4Q23, up by nearly 6% year-over-year, reflecting strong operational performance.

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