The stock market may have run into a rough patch in November, but the S&P 500 is back close to its highs and was up 16% year-to-date as December begins. Some investors have already started positioning their assets for 2026, but other investors have yet to position their assets for 2026 despite only one month until the New Year.

Tactical Bulls scours the daily flow of Wall Street analyst research reports each morning in an effort to find new ideas and hidden gems that investors may have otherwise missed or overlooked. This effort can be useful for short-term traders and longer-term investors alike. And it may even help in planning for tactical investors looking into 2026.

Tactical Bulls has highlighted several stocks on Monday where analysts are calling for 20% to 100% implied upside if their positive cases come to fruition. Most Buy and Outperform ratings come with 8% to 12% implied upside, but these stocks being highlighted have their own catalysts and reasons that would apply to tactical investors who are more willing to rotate assets versus tradition “buy and hold” investors.

Investors should always remember that no single analyst report should ever be the sole basis to buy or sell a stock. That’s particularly the case if the latest analyst report has the most aggressive calls for implied upside versus other analysts. And investors should never ignore the fact that analysts sometimes get their thesis wrong — nor should they forget that market and company fundamentals can change in the blink of an eye.

All of the analyst ratings and price targets mentioned in this report are from each firm mentioned by name. Tactical Bulls does not maintain any formal ratings and price targets on any of the stocks in this report. Also keep in mind that no analyst reports come with assured outcomes, and no money-back guarantees are even issued if the thesis doesn’t hold up or if investors lose money.

Here are the top analyst calls for tactical upside for Monday, December 1, 2025.

ASML Holdings N.V. (NASDAQ: ASML) was reiterated as Overweight at JPMorgan, but the firm raised ASML’s price target to $1,275 from $1,175 — implying just over 20% upside from its recent $1,060.00 close. JPMorgan also added ASML to its prized Analyst Focus List as it sees semiconductor capital equipment as the most attractive segment within semiconductors with memory driving the most upside and strong orders ahead.

Axogen, Inc. (NASDAQ: AXGN) was initiated as Outperform with a $40 price target (versus $28.75 close) at Mizuho, implying nearly 40% upside if its thesis for a favorable FDA action date of December 5 occurs. Mizuho sees a potential 10% uplift in Avance utilization after the application approval and sees a 30% use-increase in breast reconstruction surgeries.

BankUnited, Inc. (NYSE: BKU) was raised to Buy from Hold and its price target was raised to $55 from $42 (versus $43.21 close) at Jefferies. This implies nearly 30% potential upside including the 3% dividend, but this was given upside due to screening bank stocks as potential merger candidates due to a discounted valuation and being positioned in the higher growth market in South Florida market. Even without a merger, BankUnited’s loan growth and improving net interest margin call for a higher valuation even if its 52-week range is $28.21 to $43.82.

Cal-Maine Foods Inc. (NASDAQ: CALM) may have been volatile around egg prices, but Benchmark has initiated coverage with a Buy rating and $100 price target. At $83.32, with a 52-week range of $79.55 to $126.40, the firm sees its valuation as overly indexed to egg prices as a commodity when the company actually has a more valuable “specialty production” mix with contracts that should result in positive earnings power ahead. While this price target implies 20% upside, its variable dividend brings another 5% to 10% potential for investors.

Carvana Co. (NYSE: CVNA) was started with a Buy rating and assigned a $450 price target at UBS, implying 20% upside from the $374.50 prior close. UBS sees Carvana as best-in-class in its online platform and customer experience, and it sees Carvana gaining market share in the used vehicle market while also grow earnings 25% annually through 2030. Carvana’s 52-week range is $148.25 to $413.33.

Immunome, Inc. (NASDAQ: IMNM) was started as Buy with a $36 price target (versus $18.42 close) at Truist Securities, implying nearly 100% upside if the thesis pans out. Truist sees varegacestat for tumors as its lead candidate with an expected superior efficacy as also a more convenient dosing regimen versus Ogsiveo that is already approved and on the market.

Kratos Defense and Security Solutions Inc. (NASDAQ: KTOS) was maintained with a $105 price target at B. Riley, but the firm raised its rating to Buy from Neutral due to the pullback offering a favorable risk/reward profile and multiple paths to continue exceeding expectations for investors. The defense contractor’s shares closed at $76.10 on Friday and its 52-week range is $23.90 to $112.57.

Tactical Bulls has also seen that Goldman Sachs added four stocks to its prized Conviction Buy List for the December rotation. This is the firm’s best ideas for each sector coverage with usually a 12-month outlook. December’s additions were seen as follows:

• Ares Management Corporation (NYSE: ARES), reiterated Buy with a $188 price target ($156.85 close).
• Celestica Inc. (NYSE: CLS), reiterated Buy with a $440 price target ($344.41 close).
• Keysight Technologies, Inc. (NYSE: KEYS), reiterated Buy with a $232 price target (191.87 close).
• Wynn Resorts, Limited (NASDAQ: WYNN), reiterated Buy with a $145 price target ($128.68 close).

As noted above, analysts can get their thesis wrong just like investors. Analyst reports never come with assurances of gains. No analyst reports are ever issued with money-back guarantees if the stocks drop in price. Investing comes with risks, including potential losses. All investment decisions should be made with the advice and consultation of a financial advisor.