Even after a very good 2023, in which the S&P 500 surged about 24%, the market is still red hot. The S&P 500 is up about 10% year to date, and in fact hit a new record high in March. Even global stock markets outside the U.S. are getting some attention, with the FTSE World Index (ex-U.S.) up nearly 8% so far this year. Many stocks have soared or even outperformed the market, but do some companies still have room to outperform? CNBC Pro used FactSet to screen the S&P 500 and Vanguard FTSE All-World ex-U.S. ETFs, looking for stocks that have outperformed the market so far this year and are favorites among analysts. We used the following criteria: Up more than 10% so far in 2023 – beating the S&P 500. At least half of analysts rate the stock a buy. The consensus price target offers room for at least 15% upside. Only five stocks appear in the S&P 500: Amazon, Delta Air Lines, Marathon Petroleum, Micron Technology and United Airlines. Analysts covering the stock see United as having the largest potential upside (37%). Of the five stocks, Micron Technology, which makes flash memory and memory used in computers, cell phones and data centers, has gained the most so far this year (28.7%). Analysts see decent potential upside (17.7%). Analysts have been bullish on Micron Technology recently, calling it an artificial intelligence derivative. They believe the stock has more room to operate and is at the forefront of the artificial intelligence bull market. These global stocks under the Vanguard FTSE All-World ex-US ETF are also on the screen. Chinese battery stock CATL is on the list. It is one of the stocks with the best upside potential (34%). Some Chinese technology stocks appeared on the screen, such as NetEase and Meituan – the latter of which analysts believe has the greatest upside potential. Both stocks are listed in the United States.
