JPMorgan’s Best Performing 15 Stock Picks for 2023

Published on February 10, 2023 at 2:55 pm by Ramish Cheema in Market Movers, News

In this piece, we will take a look at JPMorgan’s top performing 15 stock picks for 2023. For more top stock picks, head on over to JPMorgan’s Top 5 Stock Picks for 2023.

As we settle into 2023, market watchers are trying to balance optimism with cautiousness. After all, 2022 was an absolute bloodbath especially for growth companies, as money flooded away from markets into the safe haven dollar due to the Federal Reserve’s aggressive interest rate hikes to battle inflation. Naturally, this made inflation the buzzword for 2022, and in 2023, it’s still one of the most closely watched indicators. This is because a potential drop in inflation will serve as a leading indicator for the much-awaited Fed interest rate ‘pivot’. This utopia like situation from the point of view of a wide variety of investors will lead to interest rates gradually coming down and the stock market becoming more attractive as returns on bank deposits drop, firms find it easier to secure working capital for their operations, and consumers find it easier to make purchases.

However, before we get ahead of ourselves, fresh data for used car prices courtesy of Manheim shows that prices might be peaking. As reported by Bloomberg, used vehicle prices grew by 2.5% in January 2023, after they had dropped by 15% in 2022. This metric is worrying since used car prices themselves are an indicator of new car prices, which then end up making a large part of economic spending.

When it comes to the outlook for 2023, investment banks offer divergent opinions. For instance, while Goldman Sachs is of the opinion that a recession can be avoided if the economy is carefully handled, JPMorgan Chase & Co. (NYSE:JPM) is a bit dourer in its outlook. The bank believes that while a global recession is not unavoidable, the U.S. can slip into a recession before the end of this year. On the interest rate front, central banks will pivot and signal interest rate cuts this year, but this will have to be preceded by further economic weakening, believes JPMorgan. For overall economic growth, the bank’s estimates suggest that while the global economy can grow at 1.6%, the U.S. economy will grow at 1%, with China being the fastest with a 4% growth rate. Commenting on the stock market, JPMorgan’s global head of equity macro research Dubravko Lakos-Bujas shares that:

In the first half of 2023, we expect the S&P 500 to re-test the lows of 2022 as the Fed overtightens into weaker fundamentals. This sell-off combined with disinflation, rising unemployment and declining corporate sentiment should be enough for the Fed to start signaling a pivot, subsequently driving an asset recovery and pushing the S&P 500 to 4,200 by year-end 2023.

Like other sell side equity firms, JPMorgan also has a large list of stocks that it believes will perform well. Out of these, some that have delivered strong returns in 2023 so far are Meta Platforms, Inc. (NASDAQ:META), Spotify Technology S.A. (NYSE:SPOT), and Peloton Interactive, Inc. (NASDAQ:PTON).

Frederic Legrand – COMEO / Shutterstock.com

Our Methodology

We looked at lists of stocks that JPMorgan covers and has recommended for 2023. These include coverage from SeekingAlpha, MarketBeat, Barron’s, and Tip Ranks. Out of these, companies with an Overweight rating were selected, narrowing down the list to a little over a hundred companies. After this, their year to date share price appreciation was calculated and the firms were ranked accordingly.

JPMorgan’s Top 15 Stock Picks for 2023

15. Baozun Inc. (NYSE:BZUN)

Year to Date Share Price Growth as of February 8, 2023: 31.03%

Number of Hedge Fund Holders In Q3 2022: 10

Baozun Inc. (NYSE:BZUN) is a Chinese internet retailer headquartered in Shanghai. The firm enables its customers to set up online stores and provides services such as warehousing, order fulfillment, and marketing.

Baozun Inc. (NYSE:BZUN) expanded its operational footprint in January 2023 when it announced that it had GAP’s China business for a price tag that can go as high as $50 million. 10 of the 920 hedge funds part of Insider Monkey’s Q3 2022 survey had invested in the company.

Baozun Inc. (NYSE:BZUN)’s largest hedge fund investor is Ahmet Okumus’ RPD Fund Management which owns 1.3 million shares that are worth $8.5 million.

Along with Spotify Technology S.A. (NYSE:SPOT), Meta Platforms, Inc. (NASDAQ:META), and Peloton Interactive, Inc. (NASDAQ:PTON), Baozun Inc. (NYSE:BZUN) is one top JPMorgan stock pick that’s also on top of the stock market in 2023.

14. Intapp, Inc. (NASDAQ:INTA)

Year to Date Share Price Growth as of February 8, 2023: 31.3%

Number of Hedge Fund Holders In Q3 2022: 4

Intapp, Inc. (NASDAQ:INTA) is an American software company that is headquartered in Palo Alto, California. Its customers are primarily in the financial industry, and the company provides them with services such as managing marketing relationships and using artificial intelligence.

Intapp, Inc. (NASDAQ:INTA)’s second quarter of fiscal 2023 results revealed in February 2023 that the company grew its revenue by 31% annually and its recurring cloud revenue by a stronger 41%. Insider Monkey polled 920 hedge funds for their September quarter of 2022 investments to discover that four had bought Intapp, Inc. (NASDAQ:INTA)’s shares.

Out of these, Israel Englander’s Millennium Management is Intapp, Inc. (NASDAQ:INTA)’s largest investor. It owns 89,888 shares that are worth $1.6 million.

13. Mobileye Global Inc. (NASDAQ:MBLY)

Year to Date Share Price Growth as of February 8, 2023: 32.56%

Number of Hedge Fund Holders In Q3 2022: N/A

Mobileye Global Inc. (NASDAQ:MBLY) is an Israeli company that develops assisted driving systems and autonomous driving technologies. The firm is a public entity that is owned by Intel Corporation (NASDAA:INTC) which listed its shares on the stock market in 2022.

Mobileye Global Inc. (NASDAQ:MBLY) believes can earn $17 billion in revenue through its assisted driving platform by 2030, as autonomous driving picks up the pace this decade.

12. Allogene Therapeutics, Inc. (NASDAQ:ALLO)

Year to Date Share Price Growth as of February 8, 2023: 33.15%

Number of Hedge Fund Holders In Q3 2022: 28

Allogene Therapeutics, Inc. (NASDAQ:ALLO) is a biotechnology company headquartered in San Francisco, California. It develops t cell therapies for cancers such as non-Hodgkin’s lymphoma, follicular lymphoma, myeloma, and tumors.

Allogene Therapeutics, Inc. (NASDAQ:ALLO) announced in January 2023 that its leukemia treatment result data from the Phase 1 trials had been published in Nature Magazine. 28 of the 920 hedge funds part of Insider Monkey’s Q3 2022 survey bought the company’s shares.

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s largest investor is Michael Rockefeller and Karl Kroeker’s Woodline Partners which owns 4.5 million shares that are worth $48 million.

11. Boot Barn Holdings, Inc. (NYSE:BOOT)

Year to Date Share Price Growth as of February 8, 2023: 33.98%

Number of Hedge Fund Holders In Q3 2022: 31

Boot Barn Holdings, Inc. (NYSE:BOOT) is an American apparel company headquartered in Irvine, California. It sells different products such as jackets, shirts, outerwear, overalls, hats, and other products. The firm has hundreds of states all over the U.S.

Not only is Boot Barn Holdings, Inc. (NYSE:BOOT) a hot stock pick from JPMorgan, but the financial services firm BTIG also initiated coverage on the firm in February 2023, sharing that the firm offered a rare mix of growth and stability. By the end of 2022’s third quarter, 31 of the 920 hedge funds polled by Insider Monkey had invested in the firm.

Boot Barn Holdings, Inc. (NYSE:BOOT)’s largest investor is Paul Marshall and Ian Wace’s Marshall Wace LLP which owns 878,872 shares that are worth $51 million.

10. Plug Power Inc. (NASDAQ:PLUG)

Year to Date Share Price Growth as of February 8, 2023: 35.71%

Number of Hedge Fund Holders In Q3 2022: 32

Plug Power Inc. (NASDAQ:PLUG) is an electrical equipment company that was set up in 1997. The firm makes and sells hydrogen storage, production, and delivery systems; fuel cells and fuel processing technologies; and engine technology.

Plug Power Inc. (NASDAQ:PLUG) opened a new 407,000 square foot fuel cell manufacturing facility in New York in 2023, through which it is aiming to create thousands of jobs in the state. Insider Monkey’s Q3 2022 study that covered 920 hedge fund portfolios revealed that 32 had bought the company’s shares.

D.E. Shaw’s D E Shaw is Plug Power Inc. (NASDAQ:PLUG)’s largest shareholder. It owns 5.9 million shares that are worth $125 million.

9. Biohaven Ltd. (NYSE:BHVN)

Year to Date Share Price Growth as of February 8, 2023: 36.67%

Number of Hedge Fund Holders In Q3 2022: 47

Biohaven Ltd. (NYSE:BHVN) is a biotechnology company that is based in New Haven, Connecticut. It focuses on developing treatments for neurological diseases such as epilepsy, neuropathic pain, spinal muscle atrophy, and neurodegenerative diseases.

Biohaven Ltd. (NYSE:BHVN)’s CEO Vlad Coric revealed his company’s unique strategy in February 2023, when he shared that the firm is looking to develop drugs that are capable of treating multiple diseases. An example is the company’s epilepsy treatment which can also help with mood disorders. By the end of last year’s third quarter, 47 of the 920 hedge funds part of Insider Monkey’s research had invested in the company.

8. Blade Air Mobility, Inc. (NASDAQ:BLDE)

Year to Date Share Price Growth as of February 8, 2023: 37.72%

Number of Hedge Fund Holders In Q3 2022: 10

Blade Air Mobility, Inc. (NASDAQ:BLDE) is an American air services firm based in New York. It provides charter and seat flights through helicopters, jets, and other vehicles.

Insider Monkey analyzed 920 hedge fund portfolios for Q3 2022 to discover that 10 had owned Blade Air Mobility, Inc. (NASDAQ:BLDE)’s shares. JPMorgan reduced the company’s share price target to $6 from $6.5 in January 2023 but kept an Overweight rating on the shares.

7. Cloudflare, Inc. (NYSE:NET)

Year to Date Share Price Growth as of February 8, 2023: 37.77%

Number of Hedge Fund Holders In Q3 2022: 53

Cloudflare, Inc. (NYSE:NET) is a software company that provides cloud based security, performance management, website development, analytics, and other services.

The need for Cloudflare, Inc. (NYSE:NET)’s security services is growing as the Internet spreads to every aspect of modern life. This is evident by data from the company’s Q4 2022 security report, which revealed that DDoS attacks had grown by a whopping 79% annually during the quarter. In the third quarter of 2022, Insider Monkey’s profiling of 920 hedge funds outlined that 53 had bought Cloudflare, Inc. (NYSE:NET)’s shares.

Cloudflare, Inc. (NYSE:NET)’s largest investor is John Overdeck and David Siegel’s Two Sigma Advisors which owns 1.5 million shares that are worth $85 million.

6. OneMain Holdings, Inc. (NYSE:OMF)

Year to Date Share Price Growth as of February 8, 2023: 39.27%

Number of Hedge Fund Holders In Q3 2022: 31

OneMain Holdings, Inc. (NYSE:OMF) is a financial services company headquartered in Evansville, Indiana. It provides secured loans, credit cards, insurance, and other products.

OneMain Holdings, Inc. (NYSE:OMF)’s fourth quarter of 2022 financial report, released in February 2023, saw the firm raise its quarterly dividend to $1 per share at a time when its pretax earnings, net income, and earnings per share dropped annually. 31 of the 920 hedge funds part of Insider Monkey’s Q3 2022 survey had bought its shares.

Glen Greenberg’s Brave Warrior Capital is OneMain Holdings, Inc. (NYSE:OMF)’s largest hedge fund shareholder. It owns 5.3 million shares that are worth $158 million.

Meta Platforms, Inc. (NASDAQ:META), Spotify Technology S.A. (NYSE:SPOT), OneMain Holdings, Inc. (NYSE:OMF), and Peloton Interactive, Inc. (NASDAQ:PTON) are some well performing top JPMorgan stock picks this year.

Click to continue reading and see JPMorgan’s Top 5 Stock Picks for 2023.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

We’re independently funding today’s broadcast to address something on the mind of every investor in America right now…

Should I put my money in Artificial Intelligence?

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Click to continue reading…

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