For October, the additions include Best Buy and Carmax , while Wayfair , CarGurus and First Citizens BancShares are among those removed.
The bank cited positive existing home sales, and an expansion in AI adoption, believing Best Buy will see continued growth in average selling prices .
Analyst Christopher Horvers says Best Buy will increase its profitability over time, noting an uptick in operating margins to 5% from last year's 4.1%.
He has an overweight rating on the stock, and his price target of $111 implies more than 9% upside from Tuesday's close.
The bank's price target for Schwab implied about 22% upside and for Ulta Beauty about 18% potential appreciation, based on Tuesday's close.
Persons:
JPMorgan's, Christopher Horvers, BBY, Eli Lilly, Lilly, Charles Schwab, Schwab
Organizations:
JPMorgan, Nasdaq, Dow Jones, Wall, AT, TPG
Locations:
Israel, Richland , Minnesota, Dallas, DirectTV, Lilly, Ireland