The year 2024 gives investors many reasons for optimism. Inflation in the US is declining, as confirmed by the latest data showing a year-on-year decline to 2.4%, just below the Federal Reserve's target. At the same time, the stock market continues its positive trajectory, with the S&P 500 index reaching a new all-time high of 5 859 points, up 23% since the beginning of the year.

For many skeptics who predicted a cooling economy, the results so far are proof that the market, at least as far as stocks are concerned, remains strong. John Stoltzfus, chief investment strategist at Oppenheimer, echoes this optimism, stating: "The closing price of the S&P 500 index suggests that the bull market will continue, supported by economic resilience, business and consumer activity, and there is an opportunity for stocks to rise through the end of the year."

Such a positive outlook remains for specific investment opportunities. Oppenheimer, for example, has targeted several stocks with high growth potential, including some that could deliver gains of up to 740%.

We therefore examined two select titles from Oppenheimer's portfolio that have received strong recommendations from analysts 👇

Rani Therapeutics: An innovative approach to biologics

One of the most interesting examples is Rani Therapeutics $RANI. Biologics that target serious autoimmune, inflammatory and metabolic diseases are currently very popular, but they have their challenges, especially in the area of delivery. Traditionally, biologics have been administered by intravenous infusion, which is unavoidable due to the inability to survive stomach acid.

However, Rani Therapeutics has developed a revolutionary system RaniPillthat allows biologics to be administered orally. This capsule system is able to pass through the stomach and maintain integrity, allowing for efficient absorption of the drug in the intestine. This is a major benefit for patients as the elimination of injections increases convenience and improves adherence to the treatment regimen.

The company is now focused on developing new drugs such as RT-102 for osteoporosis and RT-111 for psoriasis, which are showing promising results from initial clinical trials. It is also working on PG-102an obesity drug to be administered through the RaniPill. Rani plans to initiate clinical trials of these new products in Europe and the US.

Oppenheimer analyst Andreas Argyrides believes Rani has great potential, especially given the growing biologics market, which was worth $516 billion in 2022 and is expected to grow to $856 billion by 2031. He estimates that Rani could generate more than $1 billion in product revenue. He therefore gives this stock a Buy recommendation with a target price above $17, which represents 740% upside potential over the next year.

Ultra Clean Holdings: a key player in the semiconductor market

Another notable investment is Ultra Clean Holdings $UCTT, a technology firm focused on manufacturing tools and services for the semiconductor chip industry. UCTT provides key sub-systems, components, parts and cleaning services that are essential to microchip manufacturing, including cleaning and coating technology for tools used in industries ranging from petrochemical to pharmaceutical.

In the second quarter of 2024, the company disclosed UCTT revenue of $516.1 million, up 22% year-over-year. In addition, the company expects revenue in the range of $490 million to $540 million for the third quarter, above analysts' expectations.

Oppenheimer analyst Edward Yang sees great potential in UCTT, especially given the growing demand for artificial intelligence and related technologies that require increasingly advanced semiconductors. Yang sees Ultra Clean stock as an excellent opportunity for investors looking to get in on the tech boom, with the company having a strong position in chip manufacturing.

Yang gives the stock UCTT a "Buy" recommendation with a target price of $70, implying a potential upside of 76% over the next year. However, some analysts are even more positive, believing in growth of more than 100%.

Disclaimer: You will find a lot of inspiration on Bulios, but stock selection and portfolio construction is up to you, so always do a thorough analysis of your own.

Source: Yahoo Finance.