A new month of trading kicked off Monday, and JPMorgan highlighted the names it thinks can outperform in July. The S & P 500 rallied 3.5% in June, reaching all-time highs and posting its seventh monthly gain in eight. Now, as Wall Street wades into the latter part of 2024, JPMorgan updated its Analyst Focus list. It includes its top equity ideas targeted toward growth, income, value and short strategies. Here are some of the bank’s July top picks: Telecommunications giant AT & T was one of JPMorgan’s newest additions to the list under the value strategy. Shares of AT & T have climbed 13% this year. The bank’s $21 price target is approximately 10% higher from Friday’s close. “Unwarranted discount versus peers given improved fundamentals and EBITDA/ FCF growth,” JPMorgan wrote. JPMorgan also added First Citizens BancShares to the list, citing greater upside going forward. The bank thinks the regional bank’s 2024 guidance and a strong balance sheet could propel the stock higher. Once the Federal Reserve begins cutting rates, First Citizens could benefit from a new surge of venture capital investment and the reopening of both the exit and initial public offering markets, per JPMorgan. “With shares trading below 8x 2025e earnings, over the long term FCNCA remains our top overall pick further supported by $300B+ of US VC dry powder on the sidelines eventually getting deployed into startups, which should act as a very favorable long-term tailwind to the company’s deposits,” the bank said. First Citizens stock has gained 20% this year. JPMorgan’s $2,400 price target implies the stock could rally nearly 43%. Another name on JPMorgan’s focus list this month was semiconductor manufacturer Broadcom . Analyst Harlan Sur’s price target of $2,000 is approximately 25% above the stock’s Friday close. Jefferies echoed JPMorgan’s bullish sentiment last month by reiterating its buy rating on the company. Bank of America also hiked its price target to $2,150 from $2,000, calling the stock one of its top picks . “AVGO’s diverse growth drivers, highly regarded management team, and unique track-record of capital appreciation, dividend growth and above mkt. div yield can justify a premium multiple,” wrote Bank of America analyst Vivek Arya wrote last week. He also has a price target of $2,150. Shares of Broadcom have climbed 45% in 2024. PVH also made the list. Shares of the company — which owns brands such as Calvin Klein and Tommy Hilfiger — are 14% lower for the year. However, Analyst Matthew Boss’ $157 price target means that the stock could climb 48% from here. UBS analyst Jay Sole is similarly bullish on the name, standing by his buy rating on the ticker and upping his price target by $14 to $174 last month. Sole’s price target hike followed the company’s first-quarter financial report, which beat analyst expectations for both its earnings and revenue. The analyst believes that this trend could continue. “We think PVH has the brand strength and balance sheet to drive earnings growth over the long term,” Sole wrote. “Importantly, we anticipate more beat and raise quarters over the [next 12 months].” Other stocks that made JPMorgan’s list include industrials manufacturer Danaher , energy company Entergy and chemicals firm DuPont De Nemours .
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