Advanced Energy Inds saw its IBD SmartSelect Composite Rating jump to 96 Tuesday, up from 94 the day before.
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The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Advanced Energy Inds has now climbed above a proper buy zone after breaking out from a 121.32 entry in a cup with handle.
One weak spot is the company's 76 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of A- shows heavy buying by institutional investors over the last 13 weeks.
The company reported a 112% earnings gain for Q1. That means it's now generated two straight quarters of rising EPS gains. Top line growth rose 24%, up from 2% in the prior report. That marks four consecutive reports with increasing revenue gains. The company's next quarterly report is expected on or around Aug. 5.
Advanced Energy Inds holds the No. 5 rank among its peers in the Electronics-Semiconductor Equipment industry group. KLA is the top-ranked stock within the group.
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