JPMorgan Chase added a key information security stock to its list of favorite stock picks for December and parted with three names, including HP, from November. The firm added CyberArk to its Analyst Focus List, as well as biopharmaceutical firm Cytokinetics. The JPMorgan list covers its best stock ideas that fit into three categories: growth, value and short investment ideas. JPMorgan dropped personal computer and printer company HP from the November list, as well as auto services firm Driven Brands and cybersecurity provider Palo Alto Networks. Head of North American equity research Nicholas Rosato Jr. noted that Driven Brands’ “execution issues” as well as macroeconomic headwinds underpinned its removal from the Analyst Focus list, while HP will likely now yield less upside due to a slower “pace of PC recovery given caution amongst commercial customers.” Here are some of the other top picks on the JPMorgan list. Rosato Jr. added that while JPMorgan remains overweight rated on Palo Alto Networks, he sees “signs of incremental risk emerging while valuation remains elevated compared to peers.” Of the newcomers to the list, Rosato Jr. highlighted growing demand for CyberArk as well an improved competitive environment. CYBR YTD mountain CyberArk stock. Cytokinetics is rated overweight at JPMorgan, and is expected to be a strong stock heading into the last month of 2023 due to forthcoming results from its SEQUOIA-HCM trial. CYTK YTD mountain Cytokinetics stock. Other names on the list include McDonald’s and online sports gambling company DraftKings. — CNBC’s Michael Bloom contributed reporting.
