2019 has been a fantastic year for the market, with all the major indexes hovering near their record highs.
Wall Street remains optimistic with the Federal Reserve cutting rates three times this year and hopes rising of a possible trade deal between the U.S. and China.
There is still a lot of uncertainty in the market. There is no guarantee that the U.S. and China will reach a trade deal, and if it becomes apparent that negotiations will not lead to a deal the market will quickly give back some of its recent gains.
With the market as strong as it is, investors want to keep their money invested, but are rightly concerned about the possibility of a selloff around the corner. To keep your money at work you want to look for stocks that have participated in the bull market but not appear to be in overbought territory.
Here are a handful of stocks that have doubled in 2019 and are still trading at an attractive price.
Boot Barn (BOOT)
Apparel retailer Boot Barn (BOOT) has soared in 2019 with shares up 141% on the year. The company has posted better than expected top and bottom-line numbers in the last three quarters. Boot Barn posted Q2 earnings in late October, posting earnings of $0.26, up from $0.12 during the same period last year. The company has grown profits at an annual rate of 23% over the last five years, and looking ahead analysts expect more of the same with profits forecast to rise 20% per annum over the next five years. BOOT is currently trading just below its all-time high. BOOT trades at 26 times earnings, which is a bit high, but considering the strong growth forecast, there is a reason to be bullish on the stock at this time. If Boot Barn is able to continue posting better than expected numbers moving forward BOOT will build on its recent gains. BOOT trades at $41.30 with an average price target of $42.25.
Snap Inc. (SNAP)
Shares of Snap Inc. (SNAP), the company behind Snapchat has enjoyed strong gains in 2019 with the stock rising 157% since the start of the year. The company is still losing money, but losses are shrinking, and the company has managed to post smaller than expected losses in the last four quarters. The company last reported earnings on October 22, posting a loss of $0.04 per share, a penny smaller than the expected $0.05 loss. The company will not post another set of quarterly numbers until after the new year with Q4 earnings due on January 21. Analysts expect more upside for the stock with an average price target of $17.37 versus its current price of $14.18.
Tenet Healthcare (THC)
Shares of Tenet Healthcare (THC) are up 117% year to date as we head into the final days of the 2019 trading year. The stock struggled in the early summer months, but a string of better than expected quarterly report has driven shares higher and THC currently trades just shy of its 52-week high. Tenet has managed to grow earnings at just 2.9% annually over the last five years but looking ahead Wall Street is very upbeat with forecast earnings growth of 23% per annum for the next five years. The company most recently reported quarterly numbers in mid-November with earnings of $0.58 shattering the $0.30 estimate and climbing from $0.29 during the same period last year. Tenet will not report again until February 3 so the stock should continue to build on its recent gains into the new year. THC is trading at just 12.5 times future earnings at $37.26 with an average price target of $31.38.
Winnebago Industries (WGO)
Recreational vehicle maker Winnebago Industries (WGO) has appreciated 99% on the year. The company has impressed Wall Street with nine straight earnings beats, and profits have risen 24% annually over the last five years. The stock is currently trading just shy of its all-time high. There is still a lot of value in the stock with shares trading at just 13.5 times earnings and looking ahead earnings are expected to rise at an annual rate of 15% over the next five years. Analysts see additional upside in the stock. WGO is currently trading at $47.71 with an average price target of $53.33. Given the low valuation and strong growth forecast, WGO remains a strong buy candidate. The company will report its next set of quarterly numbers on December 20 with the consensus calling for earnings of $0.63 per share, down from $0.70 during the same period last year. The small drop in earnings has been priced into the stock and if Winnebago is able to extend its streak of positive earnings surprises WGO should trade higher to close out the year.
