U.S. stock investors may want to look abroad for greater returns. The iShares MSCI ACWI ex-U.S. ETF (ACWX) , which tracks the All Country World Index but excludes the U.S., is up 6.7% year to date. That’s better than the S & P 500’s 5.4% advance. Europe’s key benchmark, the Stoxx 600, is also outperforming with a 9.3% gain. In Asia, Japan’s Nikkei 225 and the Shanghai Composite are both up at least 7%. Much of that outperformance comes from a lower dollar. Since hitting a multidecade high last year, the dollar index has lost roughly 9%. Expectations of an economic rebound in China have also bolstered global stocks, as the second-largest economy rolls back stringent Covid-related policies. Given this backdrop, CNBC Pro screened the ACWX for stocks that met the following criteria: Buy ratings from at least 55% of analyst covering Upside to average price target of 15% or more Covered by at least eight analysts Listed on the Nasdaq or New York Stock Exchange Here are the names that made the cut. Periuvian bank Credicorp made the list. FactSet data shows that 62% of analysts covering the stock rate it a buy, with the average price target implying upside of more than 26% over the next 12 months. To be sure, the stock is down 2.8% year to date and has fallen more than 14% over the past year. Still, Morgan Stanley said Credicorp “remains a top-class banking franchise that could navigate the current challenging based on management’s execution capabilities .” Futu Holdings , a Chinese company that in the digitized brokerage and wealth management space, also made the cut. Nearly 70% of analysts covering the stock rate it a buy, with the average price target implying upside of roughly 20%. Shares of Futu have been on fire this year, rallying 23.6%. Over the past 12 months, the stock has surged 49.6%. Legend Biotech , which has operations in the U.S., China and Europe, also made the list. The stock is down more than 7% in 2023, but analysts expect a turnaround for the company soon. The average price target on Legend Biotech implies upside of 56.6%. More than 81% of analysts covering the stock rate it a buy. Streaming company Joyy made the list as well, with nearly 80% of analysts covering the stock rating it as buy. The average price target on the stock implies upside of 44%. To be sure, the stock has fallen more than 21% over the past 12 months. The stock could also face further pressure thanks to a potential U.S. ban on investment in Chinese tech.
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