With stocks on track for yet another positive month, Oppenheimer is spotlighting several names it believes are poised to gain momentum over the next 12 months. September has been historically tough for stocks, with the S & P 500 averaging a loss of 0.7% since 1950.
But this September has so far told a different story, as the broad market index has risen more than 1% month-to-date. The Nasdaq Composite and the Dow Jones Industrial Average have also seen gains, advancing 2% and nearly 1%, respectively. This comes after all three major averages recovered from the Aug.
5 global sell-off to close out last month higher. That marked the fourth winning month in a row for the S & P. With just a few trading sessions remaining in September, Oppenheimer has put together a list of its 32 best stock ideas ahead of October, all of which have an outperform rating.
Domino's Pizza and Uber were among the names added to the list, while Goldman Sachs and Instacart were among those removed. Here are some names that made the cut. Newly added DraftKings is one of the firm's top ideas, with analyst Jed Kelly expecting the sport betting company to snag about 30% to 35% market share over the coming months.
DraftKings shares have risen more than 16% so far this year, but Kelly's $55 price target implies almost 34% upside from Wednesday's close. The company's stock rose 5% Wednesday after rival Flutter Entertainment revealed plans to more than double its core profit by 2027 and buy back $5 billion of it.
