![Here are Oppenheimer's top stock picks heading into July](https://news7g.com/wp-content/uploads/2024/06/107418507-1716390423421-gettyimages-2151531098-porzycki-floridae240506_npo4Q-780x470.jpeg)
Oppenheimer has revealed his top stock ideas ahead of the new trading month, all of which are expected to outperform over the next 12 months given current market conditions. The list adds Centene , International Flavors & Fragrances and Agilysys , and eliminates Salesforce , United Therapeutics and Trimble , among others. Here are some of their best ideas: Walmart, the world’s largest retailer, is up nearly 28% this year, and Oppenheimer believes the stock still has room to rise. In a note Tuesday, the company cited potential for continued grocery market share growth, growing contributions from alternative revenue streams, continued benefits from e-commerce investments The company’s improved international footprint are long-term positives. According to Oppenheimer, these efforts should help drive average revenue growth of about 4% and operating income growth of more than 4% over time. While Oppenheimer has a $75 price target on the stock, implying an upside of about 8.9% from Monday’s close, JPMorgan is even more bullish. The company recently upgraded Walmart to an overweight rating from neutral and raised its price target to $81, representing an upside of about 17.6% through the end of next year. International Flavors & Fragrances – a new addition to the list – is up nearly 19% in 2024. With a $116 price target, Oppenheimer sees similar gains still ahead. The perfume and food ingredients company has emerged from the industry downturn stronger, Oppenheimer said, and its performance will improve as it focuses on strategy, energy and efficiency. productivity and strengthen its balance sheet. Although the stock’s outlook is a bit less optimistic, Jefferies still rates this stock as a buy. The company expects to see a recovery in raw materials industry volumes in the second half of this year, followed by further expansion in the second half of next year. Broadcom also made the list, even though the stock is up nearly 43% this year. Oppenheimer set a price target at $2,000, implying a 25.6% upside from Monday’s close. Underpinning Oppenheimer’s positive outlook is the belief that the chipmaker has “one of the most strategically and financially attractive business models” in the industry. Analyst Rick Schafer cited its position in the premium filter market, its efficient manufacturing capabilities and its potential for earnings growth and free cash flow generation. He also said its non-mobile business is struggling. Bank of America also sees more opportunity to run for Broadcom. On Monday, they raised their price target on Broadcom to $2,150 and said the stock had a buy rating as its top pick. The company predicts sales growth will double from fiscal 2024 to 2026. Other stocks that made Oppenheimer’s list include Dick’s Sporting Goods, Domino’s Pizza and Goldman Sachs.