These are analysts' favorite S&P 500 stocks as the second quarter kicks off

Published Sun, Apr 9 20238:25 AM EDT

Wall Street has some favorite stocks in mind as the second quarter kicks into full swing. The S & P 500 ended the shortened trading week — the first of the new quarter — down 0.1% . That marks a turn from the prior quarter, when the broad index gained 7% as investors re-entered the stock market after 2022's selloff. As investors position themselves in the early innings of the quarter, CNBC Pro found the most liked S & P 500 stocks on Wall Street. To find these, CNBC Pro screened the index for stocks with buy ratings from at least 65% of analysts and have an average upside of at least 30%, according to FactSet. Here are the stocks that passed the screen: E-commerce giant Amazon made the list, with 75% of analysts rating the stock a buy and the average one expecting the stock to rise by more than 30%. That would mean a continuation of the stock's rally, as Amazon has jumped 21.5% year to date. The gain in shares comes as the company has reduced its workforce, announcing 9,000 cuts in March . That's in addition to the more than 18,000 workers laid off in the previous round. Morgan Stanley analyst Brian Nowak said last month that the latest round of cuts should help profitability. He reiterated his decision to name Amazon a top stock pick. "We believe a majority of reductions are from AWS/Advertising, which should help protect AWS EBIT through near-term deceleration and drive better long-term leverage," he said in a note to clients. Toymaker Hasbro also made the list. Around seven out of 10 analysts rate the stock a buy, with the average price target implying a nearly 34% upside. The company set modest guidance for 2023 , but pointed to bright spots tied to new releases and its growing game company Wizards of the Coast, which is the parent of the Dungeons and Dragons brand. Back in January, Hasbro announced plans to cut 1,000 jobs, or about 15% of its workforce, as the company grappled with weak sales in the holiday quarter. Hasbro shares are down nearly 15% in 2023. Airline stocks Alaska Air Group and Delta Air Lines both passed the screen, with each garnering buy ratings from more than 8 out of 10 analysts. Both are also expected to rally more than 50% over the next 12 months. These airline shares are still recovering from last year's sell-off. Delta has gained a modest 2.5% this year after tumbling almost 16% in 2022. Alaska, on the other hand, has continued to slide, shedding slightly over 2% this year after dropping 17.5% in 2022. — CNBC's Fred Imbert contributed to this report.