Investment bank reveals stock picks for a world that is ready to 'go out'

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A "yearning to go out" will boost several luxury and beauty stocks in 2021, according to Piper Sandler analysts, who have raised a number of price targets in the sector.

Luxury fashion groups as well as beauty retailers are expected to see upswings, according to analysts Erinn E. Murphy and Matthew Egger's research note, as venues re-open and people start to socialize more after almost a year of stay-at-home orders due to the coronavirus pandemic.

"We see the luxury consumer leading spending as we progress throughout 2021," the analysts wrote in a note published Sunday, as they named a number of stocks to watch.