With a new trading month underway, JPMorgan has released its latest batch of stocks that it believes are likely to outperform going forward. The bank released its September “focus list” on Tuesday, amid a volatile market period. The S&P 500 ended the month up 2.3% after dropping 7.3% in the global selloff at the beginning of August. Similarly, the Dow Jones Industrial Average ended the month up nearly 1.8% after dropping 5.4% in August. Meanwhile, the Nasdaq Composite Index ended August up 0.7% after dropping 10.7%. However, stocks fell again on Tuesday, the first trading day of September. With September potentially being a tough trading month, JPMorgan has updated its list of top ideas for growth, earnings, value and short selling strategies, adding three stocks and removing four compared to its list of best ideas from August. The additions include Adobe and Caesars Entertainment, while the removals include Tapestry and Wynn Resorts. JPMorgan’s September picks are as follows: JPMorgan added Adobe as part of the bank’s growth strategy, citing traction for its AI products as one of the catalysts for the second half of the year. Adobe shares have fallen more than 4% so far this year through Tuesday, but have surged about 30% in the past three months. After Adobe’s second-quarter profit and revenue beat Wall Street expectations, JPMorgan upgraded Adobe to overweight from neutral, saying the company could benefit from “relative growth resilience, superior revenue structure and a strong competitive position that benefits from IT vendor consolidation tailwinds.” The bank said the stock “should fare better going forward.” “We believe it’s entirely possible that investors are currently in the trough of Firefly’s disillusionment period, with monetization beginning to trickle through the second half and into next year,” analyst Mark Murphy said in a June client note. Abercrombie & Fitch is another stock that is said to be part of JPMorgan’s growth strategy. The stock has soared about 62% so far this year, but last week saw its shares slip despite its most recent quarterly profits beating expectations. Abercrombie fell 17% after management warned that the rest of the year could be bumpy. ANF YTD Mt. Abercrombie & Fitch, YTD Still, JPMorgan remains bullish on the apparel company, with its 12-month price target suggesting upside of more than 35% from Tuesday’s closing price. Notably, the bank expects Abercrombie to build brand momentum internationally and to see modest expansion of annual EBIT margins over the long term. “Improved marketing and merchandising over the past few years have enabled the Abercrombie brand to successfully expand its customer base to 18-40 year-olds, which has led to increased full-price sales, as well as strong new customer acquisition around the world, supporting broad-based sales,” analyst Matthew Boss wrote in a note last week. “Additionally, the inflection point for the Hollister brand is still in the ‘mid-game,’ with men’s and tops showing further upside opportunity.” Lowe’s is another retailer on JPMorgan’s watch list, and it’s now part of the bank’s value strategy. The home improvement chain recently lowered its full-year outlook, anticipating weaker consumer spending in the second half of 2024. But JPMorgan still sees room for upside for Lowe’s, and its price target suggests an upside of about 10% from Tuesday’s closing price. The stock has risen more than 10% since the start of the year. New addition Caesars Entertainment, the parent company of Tommy Hilfiger and Calvin Klein, saw its shares fall more than 6% last Wednesday after it reported disappointing third-quarter guidance, but it is also part of JPMorgan’s value strategy. Based on the latest price targets, JPMorgan sees PVH up more than 59% and Caesars Entertainment up more than 48% from Tuesday’s closing prices.
JPMorgan’s top stocks for September
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