Oppenheimer unveiled its top stock ideas heading into a new trading month, all of which are seen outperforming over the next 12 months in the market’s current conditions. The list adds in Centene , International Flavors & Fragrances and Agilysys , while removing Salesforce , United Therapeutics and Trimble , among others. Here are some of its best ideas: Walmart , the world’s largest retailer, is up nearly 28% this year, and Oppenheimer believes shares still have room to run. In a Tuesday note, the firm cited the potential for continued grocery share gains, an increasing contribution from alternative revenue streams, ongoing benefits from the company’s e-commerce investments and an improved international footprint as long-term positives. According to Oppenheimer, these efforts should help drive an average of about 4% sales growth and operating income growth of more than 4% over time. While Oppenheimer has a price target at $75 for the stock, implying about 8.9% upside from Monday’s close, JPMorgan is even more bullish. The firm recently upgraded Walmart to overweight from neutral and raised its price target to $81, or about 17.6% upside through the end of next year. International Flavors & Fragrances, a recent addition to the list, is up nearly 19% in 2024. With a $116 price target, Oppenheimer sees similar gains still ahead. The fragrance and food ingredient company has come out stronger on the other side of an industry downturn, and its performance should improve as the company focuses on its strategy, productivity and shoring up its balance sheet, Oppenheimer said. Though slightly less bullish on the stock’s outlook, Jefferies rates it a buy. The firm expects to see a recovery in ingredient industry volumes by the second half of this year, followed by further expansion heading into the second half of next year. Broadcom also made the list, even though the stock has already risen nearly 43% this year. Oppenheimer has its price target set at $2,000, which implies a 25.6% increase from Monday’s close. Underpinning Oppenheimer’s positive outlook is the belief that the chipmaker has “one of the most strategically and financially attractive business models” in the industry. Analyst Rick Schafer cited its position in the high-end filter market, its efficient manufacturing and its potential for earnings growth and free cash flow generation. He also said its non-mobile business is “sticky.” Bank of America also sees more room to run for Broadcom. On Monday, it hiked Broadcom’s price target to $2,150 and said the buy-rated stock is a top pick. The firm anticipates sales growth will double between fiscal years 2024 and 2026. Other stocks that made Oppenheimer’s list include Dick’s Sporting Goods , Domino’s Pizza and Goldman Sachs .
Here are Oppenheimer’s top stock picks heading into July
Jun 26, 2024
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