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Oppenheimer's top stock picks heading into year-end
  + stars: | 2024-11-20 | by ( Sean Conlon | ) www.cnbc.com   time to read: +3 min
Meanwhile, the Dow Jones Industrial Average and the S & P 500 are each up more than 3% month to date. As November nears its close, Oppenheimer has updated its top stock ideas list. Its $145 price target reflects almost 22% upside from Tuesday's close. Oppenheimer believes medical technology company Transmedics is also due for a rally, as its $125 target reflects nearly 51% upside from Tuesday's close. TMDX YTD mountain TMDX, year-to-date For newly added Citigroup, Oppenheimer's $107 target implies more than 56% upside from Tuesday's close.
Persons: Stocks, Donald Trump's, Oppenheimer, Rob Lynch, Brian Bittner, Suraj Kalia Organizations: Oppenheimer, Nasdaq, Dow Jones Industrial, Citigroup, Oppenheimer's Locations: Instacart
In this article SBUXCMG Follow your favorite stocks CREATE FREE ACCOUNTBrian Niccol, CEO of Chipotle Anjali Sundaram | CNBCWall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era. Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after being handpicked by former CEO Schultz. Other analysts wrote glowingly of Niccol, seeing him as the right person to tackle Starbucks' sluggish sales. Some analysts believe that having Niccol, an experienced restaurant CEO, in the driver's seat could mean that Schultz finally moves on.
Persons: Brian Niccol, Chipotle Anjali Sundaram, Howard Schultz, Niccol, Laxman Narasimhan, Schultz, TD Cowen, Andrew Charles, Piper Sandler, Baird, Oppenheimer, Brian Bittner, Brian, David Palmer, Morgan Stanley, Brian Harbour, Mellody Hobson, Niccol's, Hobson, Gordon, Don Bilson, Chipotle, Steve Ells, Bernstein, Danilo Gargiulo Organizations: CNBC, Starbucks, SBUX, Newport Locations: Denver, Newport Beach
The firm reiterated an outperform rating on the restaurant chain stock and listed it as a top pick. Oppenheimer's $34 per share price target implies nearly 50% upside from Monday's $22.74 close. "We believe the model is in the early innings of a powerful earnings revision cycle," analyst Brian Bittner wrote Monday. Bittner, however, sees Sweetgreen reporting a smaller-than-expected loss due to strong margins. However, "our work suggests now is the time to get aggressive as the model transitions to sustainable EBITDA profitability starting in 2024."
Persons: Oppenheimer, Sweetgreen, Brian Bittner, Sweetgreen's, Bittner Organizations: FactSet
Bank of America raised its rating on Adecoargo to buy , with its price target pointing to more than 26% upside. The firm maintained its $450 price target on the pizza chain, which implies shares could jump 12.6%. Analyst Doug Anmuth upped his price target by $15 to $220, implying shares could still gain more than 13%. The firm's new $230 price target implies the overweight-rated stock could gain 18.5% over the next 12 months. The analyst increased his 2024 year-end price target to $30 per share, which suggests 32.2% potential upside from Monday's close.
Persons: Piper Sandler, Oppenheimer Oppenheimer, Brian Bittner, Bittner, — Pia Singh, Jessica Reif Ehrlich, Ehrlich, Doug Anmuth, Morgan Stanley, Benjamin Swinburne, Roth, Chip Moore, Moore, Nuvera, Yuri Fernandes, Fernandes, , Piper Sandler downgrades Albemarle, Charles Neivert, Neivert, Isabella Simonato, Fred Imbert Organizations: CNBC, Bank of America, Spotify, Analysts, JPMorgan, Yale, Hyster, Argentine Locations: Argentina, Albemarle, 4Q23, China, Europe, 2024E, 2025E
About 30% of the S & P 500 is set to report earnings this week, bringing the reporting past the halfway mark. Monday McDonald's is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What CNBC is watching: Pfizer is coming into this latest earnings report limping. What history shows: Starbucks only beats earnings expectations 55% of the time, according to Bespoke, but the stock averages a 0.5% gain on earnings days. What history shows: Apple shares tend to do well on earnings days, averaging a 1.3% advance, according to Bespoke.
Persons: It's, Oppenheimer, Brian Bittner, PFE, Kif Leswing, Cowen, Andrew Charles, bode, Tim Cook, — CNBC's Michael Bloom Organizations: Apple, Pfizer, Meta, CNBC, Investment, AMD, Nvidia, Starbucks, Corporate Locations: U.S, Covid, China
Oppenheimer has regained its appetite for Domino's Pizza shares. Analyst Brian Bittner named the Michigan-based pizza chain a top pick and raised his price target to $450. "We view DPZ as an under-appreciated revival story into '24, and elevate the idea into our 'top picks,'" Bittner said in a note to clients Tuesday. But Bittner tied that past pessimism to a downward revision cycle that he now believes has ended. "Following an updated analysis, we believe EPS estimates have bottomed and identify self-help catalysts for a positive revision cycle set to unfold," he said.
Persons: Oppenheimer, Brian Bittner, Bittner, Domino's, there's, optionality we've, — CNBC's Michael Bloom Organizations: Pizza, SSS Locations: Michigan
The S & P 500 rose about 0.8% this week, notching its fourth weekly advance in five weeks. However, the S & P 500's steady run of late made several stocks overbought. CNBC Pro screened for S & P 500 stocks in overbought territory, based on their relative strength index. Too oversold CNBC Pro also searched for oversold S & P 500 stocks that could be due for a bounce. Qorvo shares have lagged the S & P 500 this year, advancing just 3.2%.
Analysts say there are a handful of buying opportunities as earnings season continues, including a slew of big names. CNBC Pro combed through the top Wall Street research to find stocks to buy ahead of earnings. In fact, Keane said the company's upside potential is so large, it hasn't even begun to scratch the surface. In fact, the firm said it sees "potential upside" due to iPhone "share gains in China and the enterprise market." "We believe CMG represents a rarity as we hunt through our coverage for earnings upside," Bittner said.
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