RBC just shuffled its list of top stock picks. Here are the latest additions

Published Mon, Apr 5 20219:05 AM EDT

With the second quarter now underway, RBC has updated its top global ideas list. The list of 30 stocks, which is refreshed on a quarterly basis, focuses on the firm's high-conviction long-term ideas. Names like CrowdStrike and Dollar Tree made the list once again, while Home Depot is among the latest additions. "The changes made this quarter reflect a rotation out of companies that have seen strong performance and less upside, into names that have more attractive potential upside," the firm wrote. Shares of Home Depot have gained nearly 16% this year, and RBC believes the company should continue to benefit from home improvement projects as consumers spend more time at home. The firm also pointed to the retailer's "fundamental operational improvements," as well as a generally strong U.S. housing market. RBC has a $323 target on the stock, which is roughly 5% above where shares closed on Thursday, just prior to the holiday weekend. "We expect the company to enhance its profitability and grow earnings over the medium-to-longer term through a combination of better customer service, improved merchandising, additional supply-chain enhancements and strong returns to shareholders through dividends and stock buybacks," RBC said. Canadian Pacific Railway and Humana are other additions to the list. RBC's bullish call on Canadian Pacific centers around the railway company's planned acquisition of Kansas City Southern, which was announced in March. Canadian Pacific is a "best-in-class" railroad, according to RBC, and the merger should "set the stage for significant growth and a material upward valuation re-rate." When it comes to Humana, RBC envisions the company outperforming its peers. "Humana continues to build out its primary care and other healthcare services platforms, providing an integrated clinical platform to deliver care and improve the health of its plan members," said analyst Frank Morgan. He expects the company to continue to report above-market growth. The firm has a $470 target on the stock. Shares closed at $412.82 on Thursday. In addition to CrowdStrike and Dollar Tree, Nike and Visa are once again featured on RBC's list. Shares of Nike are down more than 6% this year, but RBC believes the stock will turn a corner in the coming months. The firm called the retailer a "best-in-class global athletic play" and said product innovation as well as ongoing growth in footwear should drive top-line growth. The firm's $165 price target points to a 25% rally ahead. Meanwhile for Visa, RBC said it will be among the first names to benefit from a reacceleration in retail spending. Shares of Visa are down 0.85% for 2021. AbbVie and Truist Financial are among the stocks RBC removed from its list of top picks. - CNBC's Michael Bloom contributed reporting.

A Home Depot store in Laguna Hills, California.

Scott Mlyn | CNBC

With the second quarter now underway, RBC has updated its top global ideas list. The list of 30 stocks, which is refreshed on a quarterly basis, focuses on the firm's high-conviction long-term ideas.

Names like CrowdStrike and Dollar Tree made the list once again, while Home Depot is among the latest additions.

"The changes made this quarter reflect a rotation out of companies that have seen strong performance and less upside, into names that have more attractive potential upside," the firm wrote.