After the attempt on Donald Trump’s life in July, it appeared the former president had a lock on the race for the White House. But two weeks later, President Joe Biden abruptly dropped out of the race and Vice President Kamala Harris was quickly anointed Biden’s successor. She was officially nominated as the Democratic candidate at the party’s national convention this week.

With the polls tipping this way and that, the race is suddenly a lot closer than it was. The possibility of a Harris presidency should have investors scouring the markets to find stocks to buy that would flourish during her administration. 

Where oil stocks, border security companies, and defense contractors are industries likely to benefit from a Republican win in November, here are three stocks to buy for a President Kamala Harris.

24/7 Wall St. Insights:

• The race for president is now a lot closer after President Joe Biden dropped out of the race.
• Vice President Kamala Harris’s nomination as the Democrat candidate elevates several industries that would flourish if she won.
• If you want to pick up some of the stocks that could win no matter who is president, check out our brand-new “The Next NVIDIA” report that lays out the next megatrends in AI and the companies we’re confident can dominate them.

Evergy (EVRG)

Where fossil fuels would reign supreme in a second Trump term, renewable energy stocks would blossom under Harris. Electric utility Evergy (NASDAQ:EVRG) might be one of the best renewable energy stocks to buy. Serving the Kansas and Missouri markets, about half of Evergy’s power comes from carbon-free sources. That percentage will grow as the utility plans to retire coal operations at its 566 megawatt Lawrence, Kansas, Energy Center by 2028. It may even receive compensation from the state for doing so.

Evergy stock is rising 11% this year as the utility is on track to meet management’s mid-single-digit earnings growth rate for 2024. EVRG shares trade at just 14 times next year’s earnings and twice its revenue making it an attractive renewable energy stock. It also pays a healthy dividend that currently yields 4.4% annually, one of the best in its industry.

Wall Street has a buy rating on the stock but a $58 per share one-year target price, suggesting its fairly priced. As a utility likely to benefit from Kamala Harris winning the presidency, analysts could quickly rerate Evergy’s share northward by November.

Rivian Automotive (RIVN)

Admittedly I’m skeptical of Rivian Automotive (NASDAQ:RIVN) even after what could be a transformative partnership with Volkswagen (OTC:VWAGY). The German automaker has agreed to invest $5 billion into a joint venture with the electric vehicle maker, but as it is not necessarily a deal for Rivian to make cars but more for its software platform, it seems a less than ideal transaction.

However, under a Harris presidency, that could readily change. Encouraging EV production and usage could get a huge boost under her administration. Although a case could be made industry leader Tesla (NASDAQ:TSLA) would also greatly benefit, CEO Elon Musk’s endorsement of Trump may actually see the EV maker face greater scrutiny. As the No. 2 U.S. pure-play EV maker by production volume and market cap, Rivian would reap whatever rewards that would have otherwise flowed to its rival.

Analysts are already bullish on RIVN stock. With its new, lower-cost R2 SUV due out soon, Wall Street sees 30% upside in the stock via the $18 per share price target they set. That implies 38% upside to its current price. It is notable that was about as high as the stock got amid all the Volkswagen hoopla. Rivian Automotive still has a bunch of kinks to work out, but EVs would clearly be Kamala Harris stocks to buy.

Green Thumb Industries (GTBIF)

Marijuana is the third industry that seems likely to benefit under a Harris presidency. Democratic control of Congress would be the best chance cannabis stocks had of seeing marijuana legalized at the federal level. 

While the rescheduling of marijuana wends its way through the regulatory labyrinth, legalization would be a big boost to Green Thumb Industries (OTC:GTBIF).

It is one of the largest U.S. marijuana stocks with 97 retail locations operating and 20 manufacturing facilities across 14 markets. Targeting the medical marijuana market, Green Thumb reported an 11% increase in second-quarter sales to $280 million. It generated GAAP net income of $21 million, or $0.09 per share. It also reported $94 million in adjusted EBITDA, equating to a 34% adjusted EBITDA margin.

More importantly, Green Thumb Industries is one of just a handful of marijuana that is profitable. It has been generating earnings since 2020, positioning it as one of the best cannabis stocks to buy. Under a Harris administration that oversaw the legalization of marijuana, GTBIF stock ought to see its valuation greatly expand.

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