10 Hot New Stocks to Buy Now

4. Amer Sports, Inc. (NYSE:AS)

6-Months Performance: 154.01%

Analyst Upside Potential: 5.48%

Number of Hedge Fund Holders: 48

Amer Sports, Inc. (NYSE:AS) is an international sports and outdoor brands company based in Finland. It has a wide reach with products being sold in over 100 countries. The company operates through a portfolio of well-known brands such as Arc’teryx, Salomon, Wilson, Atomic, and Peak Performance. In addition to sports apparel, it also develops and sells equipment for team sports, individual sports, and fitness training.

During the fiscal third quarter of 2024, the company reported strong sales and adjusted margins. The revenue increased 17% year-over-year to reach $1.35 billion mostly driven by a robust performance by its Arc’teryx brand. Amer Sports, Inc. (NYSE:AS) is set to report full-year results on February 25, for which management expects revenue growth between 16% to 17% and profit margins at around 55.3% to 55.5%.

Moreover, on February 13, Bernstein SocGen Group resumed coverage on the stock, with their Outperform rating and a price target of $38. The firm noted that the company has demonstrated strong growth in the luxury sports apparel segment, with a 47% growth in 2023 compared to the overall market’s 14%. They believe that China’s expanding sportswear market will be a primary factor in Amer Sports, Inc.’s (NYSE:AS) success as the company’s performance in the region has been remarkable with sell-through growing at a 51% CAGR from 2021 to 2024.