All the companies that we follow here at 24/7 Wall St. keep a list for their institutional and high net worth retail clients of high-conviction stock picks. Generally, analysts like these companies on a longer-term basis, and they usually have big upside to the assigned target prices. Since the beginning of the year, many Wall Street firms have tweaked their lists to account for potential changes in 2020, and one company has added some outstanding stocks we feel could have outsized upside.

A new Baird research report presents the firm’s top growth stock picks for 2020. The list of Best Ideas for 2020 features high-conviction recommendations from the Baird analysts, which has been recognized consistently for quality and trustworthiness for over 15 years.

We screened the growth stock picks looking for large-cap leaders that also pay a dividend, as total return could be one of the best ways to approach investing this year. We found five that make good sense in what remains a very expensive market.

Broadcom

This stock has rallied smartly off last summer’s lows and could potentially break out to new highs this year. Broadcom Inc. (NASDAQ: AVGO) has an extensive semiconductor product portfolio that addresses applications within the wired infrastructure, wireless communications, enterprise storage and industrial end markets.

Applications for Broadcom’s products in its end markets include data center networking, home connectivity, broadband access, telecommunications equipment, smartphones and base stations, data center servers and storage, factory automation, power generation and alternative energy systems and displays.

Top Wall Street analysts like Broadcom’s leadership in the mobile, data center and broadband markets, and especially in the radio frequency (RF) arena. Many analysts see a cyclical rebound in industrial and communications demand.

Broadcom investors receive a very solid 4.16% dividend. Baird has a whopping $400 price target on the shares, and the Wall Street consensus price target is much lower at $349.76. The stock closed Wednesday’s trading at $308.74 per share.

L3Harris

This recently merged company is now the sixth-largest defense outfit, and it is on the Jefferies Franchise Picks list as well. L3Harris Technologies Inc. (NYSE: LHX) is an agile global aerospace and defense technology innovator that engages in the provision of defense and commercial technologies across air, land, sea, space and cyber domains.

The Integrated Mission Systems segment includes intelligence, surveillance and reconnaissance; advanced electro optical and infrared; and maritime power and navigation. The Space and Airborne Systems segment includes space payloads, sensors and full-mission solutions; classified intelligence and cyber defense; avionics; and electronic warfare.

The Communication Systems segment consists of tactical communications; broadband communications; L3’s night vision; and public safety. The Aviation Systems segment is composed of defense aviation products; security, detection and other commercial aviation products; air traffic management; and commercial and military pilot training.

Investors in L3Harris receive a 1.41% dividend. The Baird has a price target of $245, while the posted consensus target is lower at $245.24. The stock closed trading most recently at $211.29 a share.