Buy these stocks that Oppenheimer sees having upside potential

Published Thu, Feb 22 202410:09 AM EST

Oppenheimer has refreshed its monthly list of top stocks to include several new tech names. This comes amid a choppy few days for the market. The three major indices all broke their five-week winning streaks last Friday and are on pace to finish this week lower as well. Information technology has suffered keenly, and the sector is down 2% this week. With this in mind, analysts Oppenheimer refreshed its list of top picks in the market. New additions to the list include NXP Semiconductors , CyberArk Software , AppLovin and Expedia . Take a look at some of the other names on the list below, and where Oppenheimer analysts see them going forward. The Netherlands-based chipmaker NXP Semiconductors is a new addition to Oppenheimer's list. NXP has rallied nearly 12% in February after reporting a quarterly earnings and revenue beat earlier in the month. However, the stock only has a modest 2.5% gain in 2024. "We believe NXP is among the best-positioned names in our coverage universe to capitalize on rising semiconductor content in automobiles, and one of the few pure plays leveraged to the growing secure ID, secure transactions, and mobile payment markets," Oppenheimer analyst Rick Schafer wrote. Another new tech name in the list is CyberArk Software. The IT company is a "leader in the privileged account management sector, and the company estimates it's addressing a market of $44 billion (lifetime value)," according to analyst Ittai Kidron. Shares are up 11.4% in 2024 and have surged nearly 67% over the past year. Analysts estimate the company could gain an additional 21.7% from current levels, according to LSEG data. CYBR YTD mountain CyberArk Software shares Athleisure company Lululemon is another one of Oppenheimer's favorite picks. Although the stock is down more than 13% year to date, shares are still up more than 41% during a 12-month period. The pullback stems from slowing growth amid intensifying competition within the sports apparel market. Earlier in February, the company announced it would debut its first men's footwear line as part of a larger strategy to double its men's business and grow revenue. "A meaningful shift to a more digital distribution focus and market strategy is working together with improved product innovation to drive outsized sales and margin expansion at the chain," analyst Brian Nagel wrote. "We remain confident that a solid, if not further fundamental strengthening, will support the stock's premium valuation," Nagel added. LULU 1Y mountain Lululemon shares —CNBC's Michael Bloom contributed to this report.