Wed, April 22, 2026 | 8:56PM ET

April 2026 Top Large Cap and SMID Cap Core Stock Ideas Market Update

Tom Lee, CFA ^AC

Head of Research

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Updating our Top 5 and Bottom 5 Large-cap
Updating our Top 5 and Bottom 5 SMID-cap Core Stock Ideas
Chartbook linked below

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April 2026 Top Large Cap and SMID Cap Core Stock Ideas Market Update

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Large-cap: Top 5 and Bottom 5 Core List‎‎‎ Stock Ideas

We are introducing our “Top 5” (most timely) and “Bottom 5” Large-cap core stock ideas.

The rationale is that many clients ask us to narrow our recommendations down to a list of “fresh money” ideas.
We established a criteria of 4 factors to narrow the list to tactical buys:
– fundamentals using DQM model managed by “tireless Ken”
– IBD momentum rating
– technical strength measured by Price >20 DMA, 20 DMA vs 200 DMA and combos
– Mark Newton’s judgement on technical outlook

Our “Top 5” core stock ideas for April 2026:
– Advanced Micro Devices (AMD)
– Arista Networks (ANET)
– Broadcom Inc. (AVGO)
– Bank Of New York Mellon (BK)
– Goldman Sachs Group Inc. (GS)
The “Bottom 5” stock ideas (to avoid) are:
– Packaging Corp. of America (PKG)
– Vistra Corp. (VST) <- carry over
– GE Aerospace (GE)
– PPG Industries, Inc. (PPG) <- carry over
– Northrop Grumman Corp. (NOC)

SMID-cap: Top 5 and Bottom 5 Core List‎‎‎ Stock Ideas

Last December, we maintained Small-caps as one of our top recommendations in our 2026 year-ahead outlook. We created our SMID Core List as many of our clients asked us for our Top SMID-cap stock picks.

We believe the SMID Core stocks could benefit from the multiple themes and secular tailwinds.
From the SMID Core List, we employed the same framework mentioned above to identify the 5 most timely ideas and 5 least timely ideas within the SMID Core List.

We have 5 tactical buys aka our “Top 5”:
– IES Holdings Inc. (IESC) <- carry over
– Sterling Infrastructure Inc. (STRL) <- carry over
– Comfort Systems USA, Inc. (FIX) <- carry over
– Carpenter Technology Corp. (CRS)
– Lumentum Holdings Inc. (LITE) <- carry over
The “Bottom 5” SMID Core stocks are:
– Array Technologies Inc (ARRY)
– e.l.f. Beauty, Inc. (ELF) <- carry over
– Galaxy Digital Inc. (GLXY) <- carry over
– Carrier Global Corp. (CARR)
– Kratos Defense & Security (KTOS)

Join our live webinar on 4/23 for commentary on the Top 5 and Bottom 5 Large-Cap and SMID-Cap Core Stock Ideas.

Part I: 44 Large-cap Core Ideas: Updated list is below

Large-Cap Core Stock Ideas are large-cap stocks that appear in multiple of our investment strategies.

Consider these the stocks our top stock picks and thus, the higher quality ideas.

The Current Large-cap Core List as of 3/23/2026 is as follows:

Communication Services: GOOGL, META, NFLX, SATS
Consumer Discretionary: AMZN, TJX, TSLA
Consumer Staples: COST, MNST, WMT
Energy: CVX, OKE, TPL
Financials: AXP, BK, GS, HOOD, JPM, PNC
Health Care: AMGN, MRK
Industrials: CAT, DE, ETN, GE, GEV, NOC, PWR, TT, UNP
Information Technology: AAPL, AMD, ANET, AVGO, CDNS, KLAC, MSFT, MSTR, NVDA, PLTR
Materials: APD, PKG, PPG
Utilities: VST

Part II: 62 SMID Core Ideas: Updated list is below

SMID Core Ideas are small and mid-cap stocks that appear in multiple of our investment strategies.

We believe SMID Core List could benefit from the multiple themes and secular tailwinds.

The Current SMID Core List as of 3/23/2026 is as follows:

Communication Services: RDDT, SATS, TIGO
Consumer Discretionary: DPZ, H, IBP, SGI, SN
Consumer Staples: BG, ELF
Energy: CCJ, DINO, DTM, UUUU, WFRD
Financials: ALLY, EWBC, GLXY, SOFI, WAL
Health Care: EXEL, HALO, UHS, UTHR
Industrials: ARRY, AVAV, AWI, BE, BWXT, CARR, CRS, CW, DCI, DY, ENS, FIX, HII, IESC, ITT, KTOS, MLI, NXT, QXO, RKLB, STRL, VMI, WTS
Information Technology: FN, IONQ, LSCC, LITE, MDB, NBIS, ON, P, PATH, RIOT, SANM
Materials: ALB, MP, RGLD
Utilities: TLN

Key Incoming Data April:

~~4/1 8:30 AM ET: Feb Retail Sales~~ Tame
~~4/1 9:45 AM ET: Mar F S&P Global Manufacturing PMI~~ Tame
~~4/1 10:00 AM ET: Mar ISM Manufacturing PMI~~ Tame
~~4/2 8:30 AM ET: Feb Trade Balance~~ Tame
~~4/3 8:30 AM ET: Mar Non-farm Payrolls~~ Hot
~~4/3 9:45 AM ET: Mar F S&P Global Services PMI~~ Tame
~~4/6 10:00 AM ET: Mar ISM Services PMI~~ Tame
~~4/7 8:30 AM ET: Feb P Durable Goods Orders MoM~~ Tame
~~4/7 11:00 AM ET: Mar NYFed 1yr Inf Exp~~ Tame
~~4/8 2:00 PM ET: Mar FOMC Meeting Minutes~~ Tame
~~4/9 8:30 AM ET: 4Q T GDP QoQ~~ Tame
~~4/9 8:30 AM ET: Feb Core PCE MoM~~ Tame
~~4/10 8:30 AM ET: Mar Core CPI MoM~~ Tame
~~4/10 10:00 AM ET: Feb F Durable Goods Orders MoM~~ Tame
~~4/10 10:00 AM ET: Apr P U. Mich. 1yr Inf Exp~~ Hot
~~4/13 10:00 AM ET: Mar Existing Home Sales~~ Tame
~~4/14 6:00 AM ET: Mar Small Business Optimism Survey~~ Tame
~~4/14 8:30 AM ET: Mar Core PPI MoM~~ Tame
~~4/15 8:30 AM ET: Apr Empire Manufacturing Survey~~ Tame
~~4/15 10:00 AM ET: Apr NAHB Housing Market Index~~ Tame
~~4/15 2:00 PM ET: Fed Releases Beige Book~~ Tame
~~4/15 4:00 PM ET: Feb Net TIC Flows~~ Tame
~~4/16 8:30 AM ET: Apr Philly Fed Business Outlook~~ Tame
~~4/21 8:30 AM ET: Mar Retail Sales~~ Tame
4/23 8:30 AM ET: Mar Chicago Fed Nat Activity Index
4/23 9:45 AM ET: Apr P S&P Global Services PMI
4/23 9:45 AM ET: Apr P S&P Global Manufacturing PMI
4/23 11:00 AM ET: Apr Kansas City Fed Manufacturing Survey
4/24 10:00 AM ET: Apr F U. Mich. 1yr Inf Exp
4/27 10:30 AM ET: Apr Dallas Fed Manuf. Activity Survey
4/28 9:00 AM ET: Feb S&P Cotality CS 20-City MoM SA
4/28 10:00 AM ET: Apr Conference Board Consumer Confidence
4/28 10:00 AM ET: Apr Richmond Fed Manufacturing Survey
4/29 8:30 AM ET: Mar P Durable Goods Orders MoM
4/29 2:00 PM ET: Apr FOMC Decision
4/30 8:30 AM ET: 1Q A GDP QoQ
4/30 8:30 AM ET: 1Q ECI QoQ
4/30 8:30 AM ET: Mar Core PCE MoM

Economic Data Performance Tracker 2026:

Economic Data Performance Tracker 2025:

Economic Data Performance Tracker 2024:

Economic Data Performance Tracker 2023:

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Tom Lee, CFA, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect his personal views, which have not been influenced by considerations of the firm’s business or client relationships. Neither I, nor a member of my household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is/are the subject of this research report. There is a possibility that we will from time to time have long or short positions in, and buy or sell, the securities or derivatives, if any, referred to in this research.

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