Investing

Jefferies Makes Massive 2023 Changes to 'Strong Buy' Franchise List of Top Stock Picks

All the companies that we follow here at 24/7 Wall St. keep a curated list for their institutional and high net worth retail clients of their highest conviction stock picks. These are generally the companies the analysts not only like on a longer term basis, but stocks that usually have solid upside to the assigned target price. Since we are nearing the end of the year, many firms on Wall Street have tweaked their lists of top stocks to buy to account for continued economic changes in 2023. One company we follow has added some outstanding stocks that could have outsized upside.

In a new research report, the analysts at Jefferies make a huge move in reworking the firm’s Franchise Picks list. Eight new companies are added to the list, while six are removed. We have covered the Franchise Picks list for years, and this is one of the larger portfolio changes we have ever seen. Remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Here are the eight new additions to the Jefferies Franchise Picks list.

Amgen

This biotech giant remains a safer way to play the massive potential growth in biosimilars. Amgen Inc. (NASDAQ: AMGN) discovers, develops, manufactures and delivers human therapeutics worldwide. It focuses on inflammation, oncology/hematology, bone health, cardiovascular disease, nephrology and neuroscience.

The company’s products include the following:

  • Enbrel to treat plaque psoriasis, rheumatoid arthritis and psoriatic arthritis
  • Neulasta reduces the chance of infection due a low white blood cell count in patients with cancer
  • Prolia to treat postmenopausal women with osteoporosis
  • Xgeva for skeletal-related events prevention
  • Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis and oral ulcers associated with Behcet’s disease
  • Aranesp to treat a lower-than-normal number of red blood cells and anemia
  • Kyprolis to treat patients with relapsed or refractory multiple myeloma
  • Repatha, which reduces the risks of myocardial infarction, stroke and coronary revascularization

Shareholders receive a 3.22% dividend. Jefferies has a $325 target price on Amgen stock. The consensus target is much lower at $266.66, near Wednesday’s closing share price of $266.26.

Baker Hughes

This stock makes sense for investors looking for energy exposure via services. Baker Hughes Co. (NYSE: BKR) provides a portfolio of technologies and services to the energy and industrial value chain worldwide.

The company offers exploration, drilling, wireline, evaluation, completion, production and intervention services, as well as drilling and completions fluids, wireline services, downhole completion tools and systems, wellbore intervention tools and services, pressure pumping systems, oilfield and industrial chemicals, and artificial lift technologies for oil and natural gas and oilfield service companies.

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