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 com.