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But did you know that AutoZone and other companies in the transportation sector could present optimalinvestmentopportunities?
GOBanking Rates uncovered the four best transportation stocks to invest in for 2024 and three to avoid.
The performance of the transportation sector is often seen as a barometer of the overall economy, Pernas said.
The replacement cost of these assets is almost incalculable, he said.
The push towards sustainable transportation and increasing EV adoption makes BYD a compelling investment, Pernas said.
BYD produced and delivered over 1.86 million vehicles in 2023, almost the same amount as Tesla.
It beat Wall Streets consensus forecasts during fiscal Q3 financial results.
The companys stockincreased 14% this year and has jumped 205% over the last five years.
JetBlue (Nasdaq: JBLU) The airlinewarned investorsabout the possible impact of Bidens administration on its 2024 revenue.
However, JetBlue is besieged by high fuel costs, increasing labor costs, and rising operating costs.
The companys Q1 results declined compared to last years earnings.
American Airlines Group (Nasdaq: AAL)American Airlineshas struggled with high debt levels and operational inefficiencies.
The competitive landscape and potential economic downturns could further negatively impact its performance, Pernas said.
Airlines arent the only segment of the transportation sector to take a hit, Pernas has suggested.
Hertz has also experienced financial instability in recent years.
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