The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Coherent (COHR) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Coherent is one of 245 companies in the Business Services group. The Business Services group currently sits at #8 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Coherent is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for COHR's full-year earnings has moved 13.3% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.
According to our latest data, COHR has moved about 57.1% on a year-to-date basis. Meanwhile, the Business Services sector has returned an average of -12.1% on a year-to-date basis. This means that Coherent is outperforming the sector as a whole this year.
Ingram Micro (INGM) is another Business Services stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 32.5%.
The consensus estimate for Ingram Micro's current year EPS has increased 3.6% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Coherent belongs to the Technology Services industry, which includes 123 individual stocks and currently sits at #152 in the Zacks Industry Rank. This group has lost an average of 16.9% so far this year, so COHR is performing better in this area. Ingram Micro is also part of the same industry.
Going forward, investors interested in Business Services stocks should continue to pay close attention to Coherent and Ingram Micro as they could maintain their solid performance.
Radical New Technology Could Hand Investors Huge Gains
Quantum Computing is the next technological revolution, and it could be even more advanced than AI.
While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.
Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power .
Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.
See Top Quantum Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Coherent Corp. (COHR): Free Stock Analysis Report
Ingram Micro Holding Corporation (INGM): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).