As the third quarter kicks off, RBC Capital Markets added a solar company and oil giant to its list of Top 30 Global Ideas for 2024. RBC's list includes the firm's highest-conviction stocks offering strong, long-term upside potential that its analysts view as "well-positioned in the current environment." According to Graeme Pearson, the firm's co-head of global research, the Top 30 list of global stocks delivered a total return of 5.
2% over the past quarter, just below the MSCI World Index's gains of 5.7%. The S & P 500 delivered 7.
3% in the second quarter. Since the inception of RBC's quarterly list in 2019, however, the Top 30 group has returned 77.8%, surpassing the benchmark MSCI World's total return of 63.
0% over the same span. For the third quarter, RBC added solar solutions provider First Solar , oil giant Shell and global logistics provider Brambles to its list. The bank also removed Mastercard and Alnylam Pharmaceuticals , which was its best-performing stock in the group last quarter.
Take a look at some of RBC's latest top picks for the year ahead: According to RBC, First Solar should outperform its peers given the strong visibility of future revenue and profit margins, its domestic supply chain that allows the company to take advantage of a favorable regulatory environment with IRA credits as well as a strong product road map. RBC had initiated research coverage of First Solar in early February, saying shares should continue to outperform as rooftop and utility sol.
