The equity market has been on a tear in 2017, with the S&P 500 Index poised to end the year with a gain of around 20 percent. The 14-day relative strength index for the S&P 500 Index — a momentum indicator — is around 76, suggesting overbought levels.
Investing in an overbought market is always a risky proposition. Even a smallest dose of negative news could lead cautious traders to press the panic button, triggering a sell-off.
But even in an overbought atmosphere, hidden gems can fetch incremental returns over the market. For those looking for that alpha opportunity, Oppenheimer has released its top 29 stock ideas for January.
A Menu, Not A Portfolio
Oppenheimer analysts were asked to contribute a pick they expect will outperform over the next 12 months based on their view of company fundamentals "in the context of current market conditions," according to the research firm.
The stock ideas should be taken as a menu rather than as a portfolio, according to Oppenheimer.
See also: Can Semiconductors Get Their Groove Back In 2018? Here's Oppenheimer's Playbook
Here's the list of Oppenehimer's Outperform-rated top stock ideas by sector:
Consumer Stocks
- Sprouts Farmers Market Inc SFM
- Home Depot Inc HD
- Restaurant Brands International Inc QSR
- Brands Inc LB
Financial Institutions
- CIT Group Inc. CIT
- American Express Company AXP
Health Care Stocks
- Agios Pharmaceuticals Inc AGIO
- Alexion Pharmaceuticals, Inc. ALXN
- Global Blood Therapeutics Inc GBT
- Portola Pharmaceuticals Inc PTLA
- Evolent Health Inc EVH
- CIGNA Corporation CI
- Integra Lifesciences Holdings Corp IART
- Heron Therapeutics Inc HRTX
Industrial Stocks
- XPO Logistics Inc XPO
- Canadian Solar Inc. CSIQ
- BorgWarner Inc. BWA
- Xylem Inc XYL
- Sensata Technologies Holding N.V. ST
Special Situations
- Ferroglobe PLC GSM
Technology Stocks
- Mulesoft Inc MULE
- Okta Inc (NASDAQ:OKTA
- Activision Blizzard, Inc. ATVI
- FleetCor Technologies, Inc. FLT
- Apptio Inc APTI
- Broadcom Ltd AVGO
Telecom & Internet Stocks
- Boingo Wireless Inc WIFI
- ANGI Homeservices Inc. ANGI
- Priceline Group Inc PCLN
Related Link:
Hologic: Meet Goldman Sach's New 'Conviction Buy'
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