These are Raymond James’ top stock picks for 2026 – CNBC
Raymond James is banking on several stocks to reap considerable returns next year, and they aren’t the usual artificial intelligence heavyweights, its recently released list of analysts’ best picks for 2026 shows. In a note to clients dated Dec. 8, the financial services firm pointed to 18 stocks that are likely to grow in 2026, including delivery darling DoorDash and fast-casual chain Shake Shack . Stocks belonging to the home furnishings, electric utilities and financial and commodities markets industries also made the list. The analysts’ picks underscore the relatively attractive valuations of equities in the equal-weighted, small-caps and mid-cap indexes, which remain almost exactly “normal” relative to the last 25 years, Raymond James institutional equity strategist Tavis McCourt said in the note. Conversely, valuations are higher than typical for the S & P 500 heading into next year, he noted. “The reality is that a material amount of the large cap universe is reliant on the ‘AI’ spending theme, but we believe 2026 is a year in which broader equities outperform given the economic stimulus and growing skepticism on the rationale for the extreme level of ‘AI’ capital spending planned,” McCourt wrote. Raymond James assembled its list of best picks for 2026 with the help of its top performing analysts. Each stock picker proposed a strong buy-rated recommendation for the subsequent 12-month period, subject to liquidity criteria. Those selections were vetted by a three-person committee, with consideration to company fundamentals, growth prospects and downside risks, among other factors. Here are a few of the names that made the grade. DoorDash DoorDash has a lot of room to run in 2026, according to analysts’, earning it a spot on Raymond James’ list. Its inclusion comes after DoorDash executives said in November that they plan to pour several hundred million dollars into “new initiatives and platform development,” with an eye toward broadening their application’s services in a bid to remain competitive in a crowded market. The company also closed on its acquisition of British food delivery company Deliveroo in October. DoorDash’s investments are likely to hurt its margins in the short term, but the firm should eventually overcome any near-term impacts on its bottom line, Raymond James analyst Josh Beck said. “We expect margin headwinds to be temporary and believe acquisition synergies (Deliveroo), rising advertising attach rate (well below peers currently), and eventual autonomous delivery robot rollout should lead to an upward revision in estimates and the multiple,” he wrote. Raymond James has a $325 price target on DoorDash, which it has rated a strong buy. Shares are up nearly 40% in 2025. Shake Shack The fast-casual chain has a “very attractive” valuation following its recent pullback, making it a good buy for investors in the year ahead. “While it has made substantial progress, we believe significant catalysts remain to drive comp outperformance and margin gains over the next few years, in addition to accelerating high ROI unit growth,” analyst Brian Vaccaro wrote in his note, adding the stock is trading at the low end of its historical range for enterprise multiples. He rates the stock a strong buy, noting that it is also trading at a material discount to his team’s price target of $150. Shares have plunged roughly 34% since the beginning of the year. Intercontinental Exchange The global exchange and data services firm is poised to benefit from several major business drivers in 2026, according to analysts. Those include secular growth in energy futures trading volume, in addition to the firm’s broader business diversification. Intercontinental Exchange also boasts a capital-light business model, which should accelerate its growth. “We believe ICE’s strong secular growth drivers will be paired with a cyclical recovery in mortgage origination activity that will boost the transactional revenue component of ICE’s Mortgage Technology segment,” analyst Patrick O’Shaughnessy wrote in a note to clients. Raymond James has a strong buy rating on Intercontinental Exchange. It has a $210 price target on shares. The stock has risen 9% year to date.
