Recent Joe Terranova Stock Picks
Joe Terranova issues his bullish call on Interactive Brokers (IBKR)
Joe Terranova issues his bullish call on Salesforce (CRM)
Joe Terranova issues his bullish call on Lam Research (LRCX)
February 22, 2023
Virtus Investment Partners’ Joe Terranova, who used to own Palo Alto shares PANW, made the case for CrowdStrike Wednesday afternoon on CNBC’s “Fast Money Halftime Report.”
“I think ultimately when you see the turnaround in the market, CrowdStrike because of its high beta nature and its ability to capture market share … will see the most significant performance gains,” Terranova said.
He noted that CrowdStrike, along with Palo Alto and Fortinet Inc
“I’ve got my eye on CrowdStrike,” he said, adding that he is looking for the right opportunity to enter the stock. FTNT are the names to own in the space, and said he plans to initiate a position in the former sometime soon.
September 14, 2022
Virtus Investment Partners’ Joe Terranova bought Disney stock this week following the company’s annual D3 event in Anaheim, California.
“I certainly applauded what I heard from CEO Bob Chapek over the weekend, identifying another growth engine for the company beyond Disney+,” Terranova said Wednesday on CNBC’s “Fast Money Halftime Report.”
September 06, 2022
Virtus Investment Partners’ Joe Terranova responded to Link’s demand concerns, noting that he is still stuck on the supply side.
“I think consumers will show up for these products, and now it just comes down to can Apple deliver on the inventory,” he said.
Although he acknowledged that Apple’s valuation is “a little bit rich,” he thinks the fundamentals justify the premium, he noted.
Terranova told CNBC that he recently added to his Apple position, making it the largest position in his personal portfolio.
August 24, 2022
Virtus Investment Partners’ Joe Terranova is holding Tesla stock for the long term. He told CNBC that he expects the stock split to “work well” for Tesla. Terranova noted that he has owned the stock for quite a while and considers it a core holding in his portfolio.
August 17, 2022
Virtus Investment Partners’ Joe Terranova backed up the bullish analyst calls Wednesday on CNBC’s “Fast Money Halftime Report.”
He might have even one-upped the analysts when he said Apple is “the perfect stock to own in an economic downturn.”
“That’s where Apple is going to trade above in the next several weeks, if not the next several days,” he said.
He suggested that Apple stock will be able to hold its gains through the end of the year — and those who remain long the name will be rewarded.
“It will be higher on the year because all of the financial metrics of this company align itself with the environment in which the economic contraction that is unfolding allows for resiliency and allows for investors to be rewarded staying patient and invested in this name,” he said.
“It’s an unbelievable company. Oh, and by the way, they’re buying back their shares.”
During the company’s March quarter, Apple announced that its board authorized an increase of $90 billion to its existing share repurchase program. At that time, the company reported $43.11 billion in buybacks through the second quarter of its fiscal year.
In the company’s most recent earnings report from the end of July, Apple reported total fiscal year buybacks of $64.97 billion, which shows that Apple repurchased $21.865 billion of its stock last quarter.
August 01, 2022
Virtus Investment Partners’ Joe Terranova even cut the stock from his ETF this week, citing growth concerns.
“This was difficult because we’ve owned it since inception, but the growth is just decelerating too quickly,” Terranova said.
Target has been able to grow at an average of 16% over the last two years, but in its most recent quarter, the retailer reported growth of just 4%, he noted.
“So we had to remove it from our portfolio,” Terranova concluded.
July 25, 2022
Virtus Investment Partners’ Joe Terranova chose this.
EQT Corporation EQT Another Terranova pick.
July 20, 2022
Virtus Investment Partners’ Joe Terranova doesn’t expect the stock to jump on the report, but said he believes the downside is limited.
“I think the downside is somewhat buffered by a lot of, not only retail interest, but institutional interest,” Terranova said Wednesday on CNBC’s “Fast Money Halftime Report.”
He told CNBC that Tesla is in a sideways consolidation phase. He doesn’t expect much visibility from the report. Even if the report offers a positive upside surprise, the overhang of the Twitter Inc TWTR deal is likely going to weigh on the stock, he said.
“Is there going to be some sort of fallout, some sort of financial impact on the company as a result of what might unfold in that Delaware court room?”
The court on Tuesday ruled in favor of an expedited five-day trial, which is set to take place in October
July 11, 2022
Virtus Investment Partners’ Joe Terranova disagreed with just about everything in the analyst note. He highlighted one point that really set him off.
“I read the whole report. 40% of people gained weight? That’s a reason to take the price down to $200? I don’t think so. I mean I completely disagree with the report,” Terranova said.
He told CNBC that he owns Lululemon stock as a way to get exposure to growth in the consumer discretionary space. At the beginning of June, the company reported 32% revenue growth year-over-year, according to data from Benzinga Pro.
“Lululemon is an idiosyncratic growth story. It’s being catalyzed by innovation. This is the actual one name … that’s defying the deceleration we’re seeing in terms of comps,” Terranova said.
Lululemon said comparable sales increased 28% year-over-year in the first-quarter of fiscal 2022. If you want exposure to growth in the consumer discretionary space, Lululemon is the best option, Terranova added.
“I’m targeting LULU and I disagree that Nike is the one, on a valuation basis, to own over LULU because LULU has come down enough that it trades at a slight premium to Nike,” he said.
July 06, 2022
Virtus Investment Partners’ Joe Terranova has exposure to the chip space via Advanced Micro Devices, Inc. AMD. He sold his Nvidia shares a few months back, but he’s kept a close eye on the stock since.
“It’s a name that I’m comfortable with. I liked the price action yesterday. I picked it up yesterday on the close,” Terranova said Wednesday on CNBC’s “Fast Money Halftime Report.”
After opening around $141 on Tuesday, Nvidia shares bounced off the lows and trended higher, closing at the highs of the day just below $150.
“I think that it’s strategically the type of stock that you want to give consideration to here because we are making somewhat of a pivot,” Terranova said.
“If we are talking about a growth scare, well you want to try and identify where you can find growth opportunities in the market.”
Nvidia fits the bill for Terranova. He told CNBC that he plans to hold the stock longer term and will probably avoid trading around the position.