Raymond James is betting on some stocks to make good money next year, but they’re not the usual artificial intelligence heavyweights, a recently released list of analysts’ best picks for 2026 shows. In a Dec. 8 memo to clients, the financial services company named 18 stocks with a high potential for growth in 2026, including delivery giant DoorDash and fast-casual chain Shake Shack. Stocks belonging to the furniture, electrical utilities, and financial and commodity markets industries also made the list. Tavis McCourt, institutional equity strategist at Raymond James, said in a note that analysts’ picks highlight the relatively attractive valuations of stocks in the equal-weighted small-cap, mid-cap index, which remain almost exactly “normal” compared to the past 25 years. Conversely, the S&P 500’s valuation will be higher than usual heading into next year, he noted. “The reality is that a significant portion of the large-cap universe is dependent on the ‘AI’ spending theme, but given the economic stimulus and growing skepticism about the rationale for the extreme levels of ‘AI’ capital spending planned, we believe 2026 will be a year in which broader stocks outperform,” McCourt wrote. Raymond James has compiled a list of our best picks for 2026 with the help of our top-performing analysts. Each stock picker proposed a strong buy recommendation for the following 12 months, subject to liquidity criteria. These selections were vetted by a three-member committee, taking into account the company’s fundamentals, growth prospects and downside risks, among other factors. Here are some of the names that earned recognition. DoorDash DoorDash has a lot of room to be up and running by 2026, according to analysts, making it on Raymond James’ list. The inclusion comes after DoorDash executives announced plans in November to pour hundreds of millions of dollars into “new initiatives and platform development” aimed at expanding the application’s offerings to remain competitive in a crowded market. The company also completed the acquisition of British food delivery company Deliveroo in October. Raymond James analyst Josh Beck said DoorDash’s investment will likely hurt margins in the short term, but the company should eventually overcome the short-term impact on its bottom line. “We expect margin headwinds to be temporary and believe acquisition synergies (Deliveroo), higher ad attachment rates (currently well below peers), and ultimately the introduction of autonomous delivery robots should lead to upward revisions to estimates and multiples,” he said. Raymond James rates DoorDash a strong buy, with a price target of $325. Stock prices will rise nearly 40% in 2025. Shake Shack The fast-casual chain has a “very attractive” valuation after recent pullbacks, making it a good buy for investors next year. “Although the company has made significant progress, we believe there are still significant catalysts to outperform and improve margins in the coming years in addition to accelerating high ROI unit growth,” analyst Brian Vaccaro said in a note, adding that the stock is trading at the lower end of its historical range for company multiples. He rates the stock a “buy” and notes that it is trading at a significant discount to the team’s price target of $150. The stock price has fallen about 34% since the beginning of the year. Intercontinental Exchange, a global exchange and data services company, is poised to benefit from several key business drivers in 2026, according to analysts. This includes the company’s broad business diversification, as well as long-term growth in energy futures trading volumes. Intercontinental Exchange also boasts a capital-light business model, which should accelerate growth. “We believe ICE’s strong long-term growth drivers, combined with a cyclical recovery in mortgage origination activity, will drive the trading revenue component of ICE’s Mortgage Technology segment,” analyst Patrick O’Shaughnessy said in a note to clients. Raymond James has a Strong Buy rating on Intercontinental Exchange. The company’s price target is $210. The stock has increased 9% since the beginning of the year.
