Seeing research reports from sell-side brokerage firms can influence the movement of shares and highlight overlooked or hidden gems that some investors may have otherwise missed. Sell-side research also comes with investors wondering if the report is intended to boost assets under management or to drive commissions and fees. Independent research is produced solely to inform investors of an opinion and outlook that is considered conflict-free information with no ulterior motives.

Argus is one of the top independent research firms which issues traditional analyst ratings and price targets on many of the same stocks covered by sell-side firms. Each January, Argus publishes its list of “Top Picks” for the new year using its analysts’ expertise and company/industry knowledge to see which stocks may be best-positioned for outperformance over a 1-year horizon. Its analysts consider each company’s competitive positioning, operating fundamentals and strategy, financial health, valuation and other issues.

The “Top Picks” list from Argus for 2025 is expected by the independent research firm to outperform the broad market in 2025. Argus has a 2025 forecast of 6,700 for the S&P 500 — representing about in implied 13% upside if its outlook is proven correct. Tactical Bulls has screened this list to see which stocks have the most implied upside to the independent research firm’s price target.

Again, all targets are from Argus and the condensed opinions shown here are consolidated from the Argus reports. Tactical Bulls does not have any formal in-house ratings and price targets on these stocks.

Tactical Bulls always reminds its readers and investors that no single analyst report should ever be the sole basis to buy or sell a stock. That decision to buy or sell is up to each investor. Investing decisions should be made with a financial advisor. And there are of course no assurances that any of the price predictions and the scenarios that back the calls up will actually come to fruition.

The most recent share prices have been used for a live view and the “implied upside” considers the would-be percentage gains and dividend yields added in for a total return basis. These are the Argus “Top Picks” for 2025 with the highest implied upside targets if their scenarios play out as the firm expects.

Blackstone Inc. (NYSE: BX)
Target Price: 202
Current Price: $169
Implied Upside: 22%

Blackstone is the highest implied upside of the three financials (over ICE and Morgan Stanley). Argus sees strong long-term earnings potential being driven by fee-based assets under management. It is also shown to have $172 billion in dry powder to jump on market dislocations. A stable to lower interest rate environment should also boost transaction activity and see an acceleration of monetizations from its portfolio companies.
Blackstone’s dividend yield is 2%.

Cava Group Inc. (NYSE: CAVA)
Target Price: $158
Current Price: $112
Implied Upside: 41%

Cava was shown as the Argus top pick in consumer discretionary for restaurants, beating out Chipotle by about ten percentage points if their assumptions are correct. New store openings are ahead of schedule and higher-margin items likes steak are helping to drive the stock’s continued outperformance. Cava has been public less than 2 years and its shares have tripled since its IPO.

ALSO READ: FAILED M&A TARGET ENTERS TACTICAL INVESTOR ZONE

ConocoPhillips (NYSE: COP)
Target Price: $150
Current Price: $104
Implied Upside: 47%

ConocoPhillips was the sole energy pick on the Argus top picks list for 2024 that is said to boast superior capital efficiency and significant drilling and completion efficiency tailwinds. Its production growth in 2025 is expected to be higher than its peers with higher synergies from its MRO acquisition. Argus sees $12.75 billion in capex and $10 billion in shareholder returns for 2025, assuming $70 WTI. The incoming Trump administration is also likely to change the permitting environment that could create an opportunity as well. It also pays a 3% dividend yield.

GE HealthCare Technologies Inc. (NYSE: GEHC)
Target Price: $110
Current Price: $86.00
Implied Upside: 28%

GE Healthcare edged out Lilly as the top healthcare pick for upside with strong operating results after the big GE breakup. Argus sees its expanding its current market share and launching new products with a leading position in imaging, ultrasound, patient care solutions and pharmaceutical diagnostics.

Kimco Realty Corp. (NYSE: KIM)
Target Price: $27
Current Price: $22
Implied Upside: 27%

Kimco’s REIT operations target open-air shopping malls and it claims 567 U.S. shopping centers and mixed-use assets. Its is seen having above-peer-average growth from portfolio acquisitions and ongoing leasing momentum. Its 4.3% yield is also above its peer average.

L3Harris Technologies, Inc. (NYSE: LHX)
Target Price: $300
Current Price: $207
Implied Upside: 47%

L3Harris was shown as the top defense/industrials pick. It is said to be a beneficiary of ongoing geopolitical tensions with a record backlog and existing government contracts giving a recent book-to-bill ratio of 1.4. It is also said to be benefiting from a more-efficient cost structure; and its AI tools allow it to manage programs and costs with a P/E that is lower than peers.

ALSO READ: WHY MAGNIFICENT 7 CAN STAY MAGNIFICENT IN 2025

Netflix Inc. (NASDAQ: NFLX)
Target Price: $1,040
Current Price: $850
Implied Upside: 22%

Netflix is considered the top communications services (media) in the Argus top picks. Moving from a Hollywood outsider to the central player in long-form streaming video, it has ridden powerful secular changes in media entertainment, has consistently innovated and was a first-mover in global streaming expansion and in cracking down on subscriber password sharing. Long-term growth is expected from its robust content release slate, videogames, lower-cost ad tier, and live sports.

NVIDIA Corporation (NASDAQ: NVDA)
Target Price: $175
Current Price: $135
Implied Upside: 30%

Argus noted that NVIDIA is its top semiconductor pick for the third year in a row as the key “picks and shovels” supplier in the generative AI rush. Nvidia is also becoming the top global semiconductor company by revenue. Argus recommends establishing or adding to positions and most tech investors should own the preeminent vehicle to participate in the AI economy.

Salesforce Inc. (NYSE: CRM)
Target Price: $420
Current Price: $325
Implied Upside: 29%

Salesforce was the top IT/Tech stock for implied upside in the Argus top picks for 2025. It edged out Apple (16%) and Amazon (6% implied upside), its other two top picks, because of the most implied upside. Salesforce’s Agentforce is expected to drive revenues and is more focused on using customer data to implement actual business-use cases instead of spending billions developing AI models that could become commoditized. Argus also sees strong revenue, EPS and cash flow growth and its long-term growth rate forecast is 16%.

Southern Co. (NYSE: SO)
Target Price: $95
Current Price: $83
Implied Upside: 18%

Southern was the sole “top picks” from the utilities sector with the electric and gas utility and wholesaler having 9 million customers and 41,000
megawatts of generating capacity. It’s four nuclear generators are listed as the largest source of clean energy in the U.S., bringing long-term cost savings. Its 3.5% yield is also above peers.

ALSO READ: 3 NEW CONVICTION BUY LIST STOCKS FOR 2025

Target Corporation (NYSE: TGT)
Target Price: $175
Current Price: $140
Implied Upside: 28%

Argus considers Target’s pressures as being from inflationary impact on consumers buying high-margin items, but it should win as consumer optimism is improving. Argus also sees Target remaining very relevant to customers for food, staples, home goods and stylish clothing at good prices Target has close to a 3% dividend yield.

United Parcel Service Inc. (NYSE: UPS)
Target Price: $150
Current Price: $125
Implied Upside: 24%

Argus noted that UPS’s last quarter saw higher revenue and profit growth for the first time in over two years. Argus also sees its USPS contract win and its healthcare logistics business adding growth. UPS also pays a 5.2% dividend yield and has resumed share repurchases.