As stocks rebound to near all-time highs, Oppenheimer is eyeing a collection of companies whose upward momentum can continue heading into September. Wall Street in mid-August is coming of an eight-day rally that's erased all the losses from a steep sell-off earlier in the month, and then some. At Monday's close, the benchmark S & P 500 was 1.
1% below its all-time high set in mid-July. Against this backdrop, Oppenheimer compiled a list of what it considers the top 32 stocks for the end of summer and entering the fall. Here's a look at some of the names that made the Wall Street firm's screen, all of which are buy-rated by Oppenheimer analysts.
Chipmaker Broadcom made the list. Shares have advanced 50% in 2024 through Monday. Analyst Rick Schafer says the company stands out among peers in the semiconductor industry thanks to its presence in the high-end filter market, as well as a "sticky" business segment that doesn't rely on mobile applications to drive growth.
Oppenheimer's $200 per share price target implies more than 19% upside moving forward from Monday's $167.71 close. "We believe AVGO has one of the most strategically and financially attractive business models in semiconductors," Schafer wrote as part of a 30-page report.
"AVGO enjoys substantial EPS and [free cash flow] growth driven, in part, by its long record of successful accretive M & A." Sports betting platform DraftKings was also recommended by Oppenheimer. Shares have ticked down about 2% so far this year.
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