As October nears its finish, Oppenheimer is eyeing some shares that it thinks are slated for positive factors over the following yr. October has traditionally been a unstable month for shares, and this yr’s interval has been no totally different. Each the S & P 500 and the Dow Jones Industrial Common posted their third shedding session in a row on Wednesday. That stated, the broad market index in addition to the Nasdaq Composite are nonetheless on observe to shut out the month within the inexperienced. These strikes come amid a robust earnings season thus far. To this point, 32% of the S & P firms have reported, and their earnings and income have overwhelmed analysts’ expectations by 6% and 1.3%, respectively, per LSEG. Their efficiency can be significantly better than final yr’s interval, with earnings up 4.3% and income up 4.2%. Waiting for November, Oppenheimer has up to date its high inventory concepts listing, which options additions reminiscent of CarMax , Mastercard and Atlassian . The funding financial institution additionally eliminated names reminiscent of Dick’s Sporting Items , Worldwide Flavors & Fragrances and Uber . Beneath are a number of the shares on the listing. Shares of worldwide well being firm Cigna have seen positive factors of almost 7% in 2024 however have fallen nearly 8% this month. Analyst Michael Wiederhorn notes that the identify often trades at a reduction in comparison with its friends, which leaves room for potential upside from a number of enlargement sooner or later. Extra notably, the analyst thinks the market has undervalued the chance from the corporate’s $54 billion buy of Specific Scripts in 2018, which ought to generate “robust” returns in the long run. He has an outperform score on the inventory, and his worth goal implies almost 26% upside from Wednesday’s shut. Earlier this week, Cigna shares fell after Bloomberg Information, citing folks aware of the matter, reported that the corporate has restarted merger discussions with rival Humana after talks ended final yr. The sources instructed Bloomberg Information that the discussions are in early levels. CI mountain 2024-10-21 CI, week-to-date Extra development may be forward for newly added Atlassian. Analyst Ittai Kidron has an outperform score on the inventory, and his $230 goal displays almost 22% upside, as of Wednesday’s shut. Whereas shares have fallen 20% this yr, they’ve risen almost 20% this month. Kidron thinks Atlassian is strongly positioned in the long run to turn into a beneficiary of the rising significance of software program and utility improvement. The analyst additionally thinks its give attention to product innovation in its go-to-market technique will proceed to gasoline the success of its land-and-expand technique. Kidron shouldn’t be alone in his bullish stance. Morgan Stanley likewise named the inventory certainly one of its high picks earlier this month primarily based on the same perception that its increasing product portfolio will propel shares increased. Within the semiconductor house, Broadcom could also be poised for continued development. Shares are already up 53% in 2024. Analyst Rick Schafer has given the inventory an outperform score with a goal of $200. That suggests greater than 15% upside from Wednesday’s shut. Schafer cited a sustained aggressive edge within the high-end filter market, in addition to a producing benefit, among the many catalysts for development. Evercore ISI additionally added Broadcom to its high chip inventory picks forward of its earnings report later within the yr. In a press release following its newest quarterly outcomes, CEO Hock Tan stated the corporate is projecting $12 billion in gross sales for 2024 from synthetic intelligence elements and customized chips.
