In this piece, we will take a look at Billionaire Druckenmiller’s 10 stocks picks with huge upside potential.
Wall Street is overflowing with data. If companies are not releasing their earnings, economic data flows almost daily. This abundance of data can be overwhelming, making it easy to miss important signals. That’s why investors monitor billionaires who’ve made and continue to make their fortunes on Wall Street. The list of these billionaires is long, but a few, such as Warren Buffett and Stanley Druckenmiller, stand out.
Druckenmiller is a former Soros protégé who, after 12 years at Soros Fund Management, opted to exit and focus fully on his own hedge fund, Duquesne Capital, in 2000. He later transitioned this outfit into a family office – Duquesne Family Office – in 2010. Over the past eight quarters (up to Q4 2024), the family office has consistently outperformed the S&P 500. The top 20 holdings weighted have returned 81.63% in three years (cumulatively) and 22.01% (annualized).
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This billionaire is widely respected across Wall Street for many things, but most of all, his market acumen, integrity, and agility. One should recall that he was part of the Soros Fund Management crew that shorted the British pound in the early 1990s to the point of almost breaking the Bank of England. His genius in the market has been noticed by many. Ken Langone, another billionaire, described Druckenmiller as the best investor he’s ever known.
Druckenmiller is also influential. The Financial Times reports that the veteran investor could significantly influence the direction of the current US government economic policies. Scott Bessent, the current Treasury secretary, and Kevin Warsh, a possible successor to Jerome Powell at the Fed, are Druckenmiller’s proteges. According to the FT, these three “have a great relationship”, which implies that Druckenmiller has a direct line to the country’s most crucial economic thinkers.
Druckenmiller’s investing strategy is to chase value over hype. In other words, the 71-year-old billionaire focuses on investing in undervalued stocks rather than jumping on trendy ones. Simply put, he prefers solid opportunities over flashy ones. Just recently, he exited two of the most high-profile artificial intelligence (AI) stocks. This is an eye-brow-raising move, but if the billionaire’s genius is anything to go by, there must be value he is chasing.
Our Methodology
To compile this list, we reviewed the Duquesne Family Office’s SEC Q4 2024 13F filings. We picked 10 stocks that have the highest upside potential from their current levels based on average analyst price targets (as of April 11). Finally, we organized the stocks in ascending order based on their highest analyst upside potential while also outlining hedge fund sentiment regarding these stocks as of Q4 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Billionaire Stanley Druckenmiller’s Top 10 Stocks Picks with Huge Upside Potential
10. Delta Air Lines, Inc. (NYSE:DAL)
Upside Potential as of April 11: 55.77%
Duquesne Capital’s Stake Value: $49.47 million
Number of Hedge Fund Holders: 84
Delta Air Lines Inc. (NYSE:DAL) is one of the world’s largest airlines. The carrier provides passenger air transportation services to customers across six continents. It operates over 5,000 daily flights to more than 290 destinations worldwide.
Delta Air Lines (NYSE:DAL) posted full-year 2024 revenue of $61.6 billion, reflecting a 6.2% rise compared to FY 2023. However, earnings per share (EPS) fell short of analyst projections by 11%. The company has reaffirmed its 2025 earnings guidance, citing strong peak season demand and declining fuel prices as factors likely to influence the full-year performance positively. Delta anticipates earnings exceeding $7.35 per share and free cash flow (FCF) above $4 billion for 2025.
Delta Air Lines Inc. (NYSE:DAL) is expanding its international presence with new routes to North Africa. It recently announced service to Marrakech, Morocco, starting October 25, 2025. The carrier will also add flights connecting its Atlanta hub to Accra, Ghana, beginning December 1, complementing existing service from New York-JFK. It will also expand premium leisure travel offerings with additional holiday frequencies to Hawaii for winter 2025-2026. As of March 29, analysts hold a consensus Buy opinion on the stock, and their 12-month average price target points to a 64.49% upside from current levels.
9. American Airlines Group Inc. (NASDAQ:AAL)
Upside Potential as of April 11: 66.04%
Duquesne Capital’s Stake Value: $16.03 million
Number of Hedge Fund Holders: 59
American Airlines Group Inc. (NASDAQ:AAL) offers passenger flights, cargo services, loyalty programs, and airport lounges to clients from across six continents. It serves more than 350 destinations across more than 60 countries.
In Q4 2024, the airline reported a record quarterly revenue of $13.7 billion. The full-year income was also record-setting, coming in at $54.2 billion. More importantly, the carrier generated $4 billion in full-year operating cash flow and a record free cash flow of $2.2 billion. According to management, the healthy financial figures are a result of successfully re-engineering the airline business.
Commenting on the results, the company’s CEO Robert Isom said: “The American Airlines team achieved several important objectives in 2024. We continue to run a reliable operation, and we are reengineering the business to build an even more efficient airline. That, coupled with our commercial actions, resulted in strong financial performance in the fourth quarter.”
The airline is also expanding its international presence for winter 2025-2026. It recently announced five new routes to Cancun, Mexico, and Punta Cana, Dominican Republic, starting in November and December 2025. The company will operate more than 270 peak daily departures to beach destinations across Mexico, the Caribbean, and Latin America — more than any other airline. Additionally, the carrier is resuming service to Kona, Hawaii, and extending seasonal service on select European routes.
8. United Airlines Holdings, Inc. (NASDAQ:UAL)
Upside Potential as of April 11: 73.59%
Duquesne Capital’s Stake Value: $101.35 million
Number of Hedge Fund Holders: 86
United Airlines Holdings Inc. (NASDAQ:UAL) is one of the largest US-based global airlines and provides passenger and cargo transportation services. The company organizes its operations around four products/services: passenger services, cargo services, travel add-ons, and loyalty programs.
United Airlines (NASDAQ:UAL) is making substantial investments in Houston, including a $177 million Ground Service Equipment maintenance facility and a $16 million Technical Operations Training Center at George Bush Intercontinental Airport. These projects are part of its broader $32 billion global infrastructure upgrades, advancements in cutting-edge technology, and nearly $10 billion allocated to employee raises since 2021. The airline also revamped its United Family of Cards in partnership with Chase, offering enhanced travel perks like award flight discounts and Rideshare credits, aiming to boost revenue and customer loyalty.
In Q4 2024, United Airlines Holdings, Inc. (NASDAQ:UAL) surpassed analyst expectations with EPS of $3.26 (11.3% above forecasts) and revenue of $14.7 billion, outperforming the anticipated $14.34 billion. For the full year, the company achieved an EPS of $10.61, generated $3.4 billion in free cash flow, and reduced net leverage to 2.4x while maintaining $17.4 billion in liquidity. With plans to grow EPS by 18% in 2025, expand its fleet by 81 aircraft, and upgrade 70% of interiors, UAL aims to drive efficiency, customer satisfaction, and sustained growth.
7. Daktronics, Inc. (NASDAQ:DAKT)
Upside Potential as of April 11: 97.21%
Duquesne Capital’s Stake Value: $44.26 million
Number of Hedge Fund Holders: 15
Daktronics Inc. (NASDAQ:DAKT) designs and manufactures electronic display systems. Their products include LED video displays, scoreboards, digital billboards, and message displays. These are used in various settings, such as sports arenas, transportation systems, commercial advertising, and live events.
On March 25, 2025, the company unveiled its latest generation of outdoor video display technology with the DVX-3220 (a new generation of outdoor video display technology). This new product line combines higher resolutions with quicker installations and reduced power requirements. According to Lane Munson, Daktronics Inc.’s (NASDAQ:DAKT) senior product manager, the DVX-3220 is purpose-built for outdoor installations requiring tighter resolutions. The improved design accelerates installation time while reducing operational costs through lower power consumption.
A few weeks earlier, Daktronics Inc. (NASDAQ:DAKT) partnered with Quadra Technologies to deliver LED video displays to three cricket stadiums in Pakistan ahead of the ICC Champions Trophy. The installations at Lahore, Karachi, and Rawalpindi stadiums feature 10-millimeter pixel spacings, industry-leading contrast, and up to 10,000 nit brightness for optimal viewing throughout the venues.
According to Khurram Khaliq, CEO of Quadra Technologies, “The Pakistan Cricket Board (PCB) carefully reviewed Daktronics products and selected them as the best supplier of scoreboards globally.”
The company’s strategic focus on more efficient products and international expansion provides multiple growth avenues. This could explain why analysts project a 97.21% upside potential and Druckenmiller’s significant stake value of $44.26 million.
6. Western Digital Corp. (NASDAQ:WDC)
Upside Potential as of April 11: 104.02%
Duquesne Capital’s Stake Value: $24.88 million
Number of Hedge Fund Holders: 85
Western Digital Corp. (NASDAQ:WDC) is a data storage solutions company headquartered in San Jose, California. It designs and manufactures solid-state drives (SSDs), hard disk drives (HDDs), and flash-based storage devices. Its clients are individual consumers, businesses, and large organizations like cloud service providers and enterprise data centers.
In FQ2 2025, Western Digital Corp. (NASDAQ:WDC) achieved a 12-quarter high in HDD revenue at $2.4 billion (up 76% YoY), driven by strong demand for high-capacity enterprise drives and UltraSMR technology while shipping a record 154 exabytes of nearline storage. Data center revenue also hit an all-time high, contributing 55% of total revenue. Looking ahead to FQ3, the company anticipates a mid-to-high single-digit decline in HDD revenue but expects a 0.5% improvement in gross margins.
Western Digital Corp. (NASDAQ:WDC) is also expanding its product portfolio to meet growing data demands across multiple sectors. In March 2025, the company unveiled new 26 terabytes (TB) high-capacity drives across its WD Red Pro and professional product lines. These new offerings include storage solutions ranging from the $569.99 WD Red Pro HDD for NAS systems to the $8,199.99 208TB G-RAID SHUTTLE 8 for creative professionals. The goal is to create solutions to address increasing storage needs driven by AI, video production, and data analytics.
5. Arcellx, Inc. (NASDAQ:ACLX)
Upside Potential as of April 11: 106.76%
Duquesne Capital’s Stake Value: $5.68 million
Number of Hedge Fund Holders: 37
Arcellx Inc. (NASDAQ:ACLX) is a biotechnology company developing immunotherapies for cancer patients. The company focuses on cell therapy treatments, particularly for multiple myeloma and other incurable diseases. Its lead product candidate is anito-cel for treating relapsed or refractory multiple myeloma.
In Q4 2024, Arcellx Inc.’s (NASDAQ:ACLX) financials were muted. Collaboration revenue, the company’s primary income earner, decreased by $47.8 million to $15.3 million. However, the revenue for the full year 2024 only declined by $2.4 million to $107.9 million. Meanwhile, the company’s cash, cash equivalents, and marketable securities amounted to $625.7 million during the quarter. The management anticipates that this will fund the firm’s operations into 2027.
Arcellx Inc. (NASDAQ:ACLX) is advancing toward full production of its lead product, anito-cel, with promising Phase 2 data showing a 97% overall response rate and 62% complete response rate for relapsed or refractory multiple myeloma (RRMM), supporting its planned 2026 commercial launch. The firm is also developing cell therapies for acute myeloid leukemia and generalized myasthenia gravis. Additionally, recent board appointments of Andrew Galligan, with financial expertise, and Kristin Myers, with operational experience, are expected to bolster the success of anito-cel’s launch.
4. PureCycle Technologies, Inc. (NASDAQ:PCT)
Upside Potential as of April 11: 161.82%
Duquesne Capital’s Stake Value: $16.32 million
Number of Hedge Fund Holders: 19
PureCycle Technologies, Inc. (NASDAQ:PCT) is a recycling company. It specializes in recycling polypropylene (PP), a type of plastic commonly used in packaging, consumer goods, and industrial applications. The company turns the recycled PP into ultra-pure resin with properties similar to new plastic. On March 31, PureCycle Technologies, Inc. (Nasdaq:PCT) announced a partnership with Landbell Group to advance the upcycling of polypropylene (PP) waste into high-purity, recycled PP for high-value applications across Europe.
In March 2025, the Association of Plastic Recyclers (APR) recognized PureCycle Technologies, Inc. (NASDAQ:PCT) as “a key leader in textile-to-textile recycling”. APR stated that the company uses its technology to transform plastic waste into high-performance materials. This industry recognition comes as the firm continues to scale its operations at its Ironton, Ohio facility, where production capabilities have significantly increased to a maximum feed rate of 12,500 pounds per hour.
On March 24, Cantor Fitzgerald reaffirmed its positive stance on PureCycle Technologies, Inc. (NASDAQ:PCT). It maintained an Overweight rating and a $14.00 price target for the company’s shares. Cantor Fitzgerald’s analyst highlighted PureCycle Technologies’ use of compounding for tailored products, its exclusive Procter & Gamble-licensed technology, market leadership, large TAM, and scalable operations as key drivers of confidence in its long-term potential.
3. Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE)
Upside Potential as of April 11: 174.43%
Duquesne Capital’s Stake Value: $3.60 million
Number of Hedge Fund Holders: 57
Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) is another biopharmaceutical company in Druckenmiller’s portfolio. It develops treatments for rare and ultra-rare genetic diseases, which often have no approved therapies. The leading products include approved treatments like Burosumab (for a bone disorder called XLH), Triheptanoin (for certain metabolic disorders), and Vestronidase alfa (for a rare enzyme deficiency).
In Q4 2024, Ultragenyx Pharmaceutical Inc. (NASDAQ:RARE) reported strong financial results, with total revenue of $560 million, exceeding previous guidance. For 2025, the company projects continued growth with total revenue between $640 million to $670 million.
In light of this performance, CEO Emil D. Kakkis believes that they “have created a next-generation rare disease company on a pathway to profitability with meaningful revenue growth from multiple global products.”
The company is approaching several major catalysts in 2025. One of the major ones is a pending FDA decision for Ultragenyx Pharmaceutical Inc.’s (NASDAQ:RARE) gene therapy to treat Sanfilippo syndrome, which is expected in the second half of the year. The firm is also planning to submit a biologics license application for its Glycogen Storage Disease Type Ia (GSDIa) gene therapy in mid-2025. Additionally, the Phase 3 ORBIT study for setrusumab in osteogenesis imperfecta is progressing toward a second interim analysis in mid-2025. On March 27, JPMorgan raised Ultragenyx’s (NASDAQ:RARE) price target from $104 to $117 and rated the shares as Overweight. It cites a “very favorable” reward/risk profile for the company’s clinical programs.
2. NewAmsterdam Pharma Company N.V. (NASDAQ:NAMS)
Upside Potential as of April 11: 191.48%
Duquesne Capital’s Stake Value: $7.39 million
Number of Hedge Fund Holders: 36
NewAmsterdam Pharma Company NV (NASDAQ:NAMS) is a biopharmaceutical company that develops treatments for people with cardiovascular diseases (CVDs). Its main product is obicetrapib, a pill designed to lower “bad” cholesterol (LDL-C). The target clients are healthcare providers and patients at risk of heart disease due to high cholesterol.
NewAmsterdam Pharma Company N.V.’s (NASDAQ:NAMS) financials strengthened in the full year 2024. Revenue for the year increased significantly from $14.1 million in 2023 to $45.6 million. The cash position also strengthened to $834.2 million. Nonetheless, the firm’s net loss from operations was higher in 2024 (at $241.6 million) compared to $176.9 million in 2023.
The year was transformative for the company, with Phase 3 trials of obicetrapib showing durable LDL-C reductions—33% in the BROADWAY trial, 49% in the TANDEM trial, and 36% in the BROOKLYN trial—positioning it for an anticipated EMA submission in partnership with Menarini. Confidence in the firm grew, as Director James Topper purchased 1,135 shares worth $25,514, while institutional investors, like Swiss National Bank, increased their holdings by 105.1% in Q4 2024 to 72,000 shares valued at $1.85 million.
1. Vaxcyte, Inc. (NASDAQ:PCVX)
Upside Potential as of April 11: 342.69%
Duquesne Capital’s Stake Value: $7.06 million
Number of Hedge Fund Holders: 50
Vaxcyte Inc. (NASDAQ:PCVX) develops vaccines to protect people from serious bacterial infections. It creates advanced vaccines using modern techniques to improve effectiveness, and their main products are vaccines for preventing pneumococcal diseases, such as VAX-31 and VAX-24. The firm’s end markets are global, with a focus on regions where these infections pose significant health risks.
In Q4 2024, Vaxcyte Inc. (NASDAQ:PCVX) announced positive topline results from its Phase 1/2 study of VAX-31 in 1,015 healthy adults aged 50 and older. The vaccine was well tolerated and demonstrated a safety profile similar to Prevnar 20® with robust immune responses for all 31 serotypes. For all 11 incremental serotypes unique to VAX-31, all three doses met the superiority criteria. At the VAX-31 high dose, average immune responses were greater for 18 of 20 serotypes compared to Prevnar 20®, with seven achieving statistically higher immune responses.
The company has received Breakthrough Therapy Designation from the FDA for VAX-31 for the prevention of invasive pneumococcal disease in adults. This designation provides the firm with access to all elements of the FDA’s Fast Track program and support for an efficient drug development process. It remains on track to initiate the VAX-31 adult Phase 3 pivotal, non-inferiority study by mid-2025, with topline data expected in 2026.
While we acknowledge the potential of Vaxcyte Inc. (NASDAQ:PCVX) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PCVX but that trades at less than 5 times its earnings check out our report about the cheapest AI stock.
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