J.P. Morgan released its list of best stock investing ideas on Tuesday, outlining how investors should position themselves for the next few months.
?The?big picture remains favorable and we want to overweight equities in 2013,? said?Thomas Lee, chief U.S. equity strategist at JPMorgan.
JPMorgan has a specific index which tracks its top picks for the first half of 2013, and includes over three dozen companies. Many are blue chip names, such as Bank of America, Walt Disney, Starbucks and Canadian Pacific.
?We see the risk/reward in equity markets as balanced,? said Mr. Lee. ?We believe investors should focus only on high-quality ideas, with strong management teams, visibility or a history of execution, valuations that are attractive and a chart that does not require major inflections to work.?
Mr. Lee, who has been known for his bullish market forecasts in the past, has a year-end target of 1,580 for the S&P 500, compared with the index?s current level of about 1,541.
?The underlying elements to support the secular bull market remain in place,? he said. ?A durable goods spending recovery is becoming more visible?(capex, housing, autos, and construction), leading to eventual re-acceleration of?corporate profits.?
JPMorgan?s top picks for 2013 have actually outperformed the S&P 500 as a group in the last three years. The top picks, which are all included in JPMorgan U.S. Best Ideas for 1H-213 Basket Index (<JPUS1H13> on Bloomberg), have posted an annualized return of 9.9% during that time period. The S&P 500 by contrast has posted an annualized return of 9.5% during that same time period.
For those interested, here is a list of stocks in the basket:
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