Best Stock for 2013: Great Lakes Dredge & Dock
Next up is the founder and president of Dragonfly Capital Management: Greg Harmon, CFA. His pick for 2013 is dredging services company Great Lakes Dredge & Dock (NASDAQ:GLDD), which he believes will be a winner as the U.S. economy starts growing again.
In fact, the company has already been looking like a winner. GLDD recorded an even more impressive year than Femsa did in 2012, gaining more than 60%.
“You might think that picking this name as the winner in 2013 is crazy after its climb in 2012,” Harmon acknowledges. “But the technicals support a much greater move.”
He points to the chart’s consolidation channel, Relative Strength Index and Moving Average Convergence Divergence histogram as bullish indicators. And for those who aren’t fans of the technicals, the few-and-far-between analysts who do follow this stock are bullish as well.
Only time will tell if they — and Harmon — are right.