As we move into the second half of the year, Oppenheimer is highlighting what it calls its top small- and mid-cap investment ideas for seasonal focus. Small caps have underperformed the S&P 500 this year, with the Russell 2000 essentially flat, up just 0.12% through Tuesday. But the broader market index is up about 17%. Mid-caps haven’t performed much better, with the S&P 400 mid-caps up just 3.8% through 2024. Based on price charts alone, Oppenheimer has picked mid-cap growth stocks as its top rotation ideas from a technical perspective. All 25 “mid-cap” stocks selected by Oppenheimer have market caps between $1 billion and $10 billion and are rated outperform by investment banks. These stocks are chosen from a universe of high-growth themes, including artificial intelligence, obesity treatments, online sports betting, and the humanization of pets. Below are some of Oppenheimer’s “mid-cap” standouts: Of the five AI-related stocks under Oppenheimer’s watch, Zeta Global Holdings is leading the way with a 92% surge in year-to-date returns. Oppenheimer sees even more upside ahead for the $3.9 billion market cap stock. Oppenheimer has a $20 price target on Zeta, which implies an 18% upside from Tuesday’s closing price. The marketing technology software maker is positioned to benefit from next-generation marketing automation, and Oppenheimer said the company has positive long-term trends in its favor due to tightening customer data regulations and the AI investment cycle. “We remain optimistic about Zeta’s potential to be a good growth compounder and gain enterprise market share over the long term,” analyst Brian Schwartz said in a report. RBC Capital Markets also rated Zeta an outperform and set a $20 price target in a note last month. The bank believes Zeta is well-positioned to benefit from the consumer data revolution. Combating obesity is the “next wave for healthcare investors,” and Oppenheimer sees room for improvement in addition to the progress already seen with Novo Nordisk’s Wegobee and Eli Lilly’s Zepbound. In this space, Oppenheimer rates Viking Therapeutics highly, reiterating that the company is one of the best ideas. Oppenheimer’s price target for Viking is set at $138, which would represent an upside of about 155% from Tuesday’s closing price. Viking has risen 191% this year, nearly tripling. The stock has a market capitalization of $6 billion. VKTX YTD Mountain Viking Therapeutics, Year to Date Oppenheimer’s bullish view on Viking is based on the potential for a “best-in-class profile” for both oral and subcutaneous delivery of the company’s GLP-1 and GIP dual agonist VK2735. “All told, we believe VK2735 offers a highly competitive profile in both oral and subcutaneous formulations that could capture significant market share in the highly dynamic and rapidly evolving obesity market,” analyst Jay Olson wrote in a 90-page report. Oppenheimer sees Freshpet as a prime idea to capitalize on the so-called “humanization of pets.” The maker of high-quality, high-value pet food and pet treats has a market cap of $7.6 billion and is up more than 49% year-to-date. Oppenheimer sees Freshpet as a long-term growth story among small-cap consumer packaged goods. Oppenheimer thinks Freshpet has a “unique assortment” of fresh pet food and has set a price target of $155 for the stock, suggesting about 20% upside from Tuesday’s closing price.
Oppenheimer’s Best Small and Mid Cap Stocks to Buy This Summer
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