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Top money manager Louis Navellier makes an earnings bet

Louis Navellier of Navellier & Associates
Adam Jeffery | CNBC

Louis Navellier, whose CNBC's "Squawk Box" Platinum Portfolio is up 10 percent this year, sold out of Acuity Brands for the competition in favor of a stock he thinks will pop on earnings.

Navellier uses quantitative analysis to find stocks that have strong sales and positive earnings outlooks, but moderate price multiples.

Here's his new best investment idea:

The chairman and founder of Navellier & Associates bought shares of Edwards Lifesciences for the competition on the belief the stock could jump after releasing quarterly results on Tuesday following the market close.

"The analyst community is expecting Edwards Lifesciences to post 21.5% annual sales growth and 25.9% annual earnings growth. Despite a currency headwind, Edwards Lifesciences has been characterized by positive analyst revisions and has had a good earnings surprise history in the past couple quarters," wrote Navellier in an email to CNBC PRO.

Edwards Lifesciences, 1 year


Source: FactSet

Year to date, shares of Edwards Lifesciences have rallied more than 46 percent compared with a gain of 5 percent for the index.

The company, which develops technologies and products to treat heart disease, exceeded analysts earnings estimates for 13 consecutive quarters, with the stock rising 3 percent on average, according to FactSet.

Disclosure: Louis Navellier owns shares of both Acuity Brands and Edwards Lifesciences in the funds he manages in real life.

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