These global stocks were first-quarter winners and Wall Street sees more upside ahead

Published Wed, Apr 6 20227:43 PM EDT

A turbulent first quarter ended with the MSCI World Index down nearly 5% for the period — but global equity markets saw some winners amid the mayhem. CNBC PRO identifies buy-rated stocks from the U.S. and beyond that had a strong start to the year but are expected to continue to rise. The first quarter of 2022 was marked by increased market volatility, as the Fed raised rates for the first time since 2018 and signaled that more hikes are on the way. Meanwhile, deepening geopolitical tensions from the conflict in Ukraine sent energy prices soaring , while an inversion of the Treasury yield curves has raised fears of an impending recession. With further market volatility expected on the horizon, CNBC PRO screened for MSCI World constituents that gained 10% or more in the first quarter and which analysts think will continue to rally over the next 12 months. These names are also buy-rated by the majority of analysts covering them, according to FactSet data. Here are the stocks that turned up on the screen: U.S wireless network operator T-Mobile made the list, after gaining more than 12% for the quarter. But analysts think the stock price still has room to climb. Investment bank KeyBanc is overweight on the stock , which it likes for its "best-in-class 5G network," while Barclays believes the stock could be a beneficiary of stagflation . Four energy firms appeared on the screen, including Cheniere Energy and Diamondback Energy , which have an average upside of 8% and 21.3%, respectively. Energy stocks have enjoyed a rebound in recent months amid expectations of a Covid economic reopening as well as concerns over supply disruptions due to sanctions on Russia and a stalemate in nuclear talks with Iran. Brazilian mining firm Vale has the biggest potential upside on the list, according to analysts, with average upside of 48.9% — even after gaining more than 22% in the first quarter. The company has entered into an agreement to supply nickel to electric vehicle giant Tesla, according to a Reuters report. Prices of nickel — an essential material in the production of lithium-ion batteries for electric vehicles — has soared amid rising adoption and concerns over a supply disruption from Russia. Read more These stocks win when the Fed starts hiking rates and Wall Street thinks they could triumph again Where chart analysts see stocks going from here after a tumultuous first quarter Wall Street banks name their top global stock picks to navigate market volatility Four other firms in the materials sector, including China's Zijin Mining and India's Tata Steel , also made the list. The two stocks have gained 30% and 14.3%, respectively, this year, but have average potential upside of 25.3% and 20.6%, according to the screen. Several financial services stocks also made the list. They include South Korea's Hana Financial and KB Financial , which are each up more than 10% for the year, but are expected to gain a further 33.4% and 28.7%, respectively. The Postal Savings Bank of China and Brazil's Banco Bradesco are also well-liked by analysts, with more than 80% of analysts having a buy-rating on both stocks, while the consensus price target implies a potential upside of more than 20% over the next year. Bank stocks have typically performed well in periods of rising interest rates and a jump in long-term yields. Anglo-Swedish drugmaker AstraZeneca also turned up on the screen. The company has forecast higher sales and annualized dividend this year after a better-than-expected fourth-quarter profit. It is seen by analysts as one of the fastest growing major drugmakers , mainly thanks to its new cancer therapies. The stock is up nearly 17% this year, but analysts think the stock could still gain a further 8%, based on the consensus price target.

Markets were higher after new Labor Department numbers showed that nonfarm payrolls increased by 531,000 for the month of October.

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