Amazon logo seen displayed on a smartphone.
Igor Golovniov | SOPA Images | LightRocket | Getty Images
The S&P 500 is inches away from a record, boosted lately by stocks leveraged to a reopening economy like Boeing and banks. Wall Street analysts believe a new group of stocks will lead the way from here.
CNBC PRO screened for stocks in the S&P 500 with a “buy” rating from more than 75% of analysts covering the names at this point. From this pool, we selected the top 20 names ranked by potential upside to their average 12-month price targets among analysts.
Among the preferred names collectively now are several mega-cap technology equities, suggesting the recent sideways and downward moves of Big Tech shares in recent weeks make the stocks attractive at current prices.
Several FAANG stocks — the group of tech giant names referring to Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — have struggled recently. Shares of Apple and Netflix are down 5% and 9%, respectively, in 2021.
But some investors might see the relatively weak performance of tech shares as a buying opportunity. Amazon, Microsoft, Facebook and Alphabet all make the list of Wall Street favorites with a potential increase in value.
“The cheapest stocks in this market are FAANG,” CNBC’s Jim Cramer said on “Halftime Report” on May 26. “I think FAANG is back.”
At last check Tuesday, the S&P 500 was just 0.2% from a record. Here are some of Wall Street’s favorite stocks that analysts believe will lead the way from here: