J.P. Morgan: Three stocks added to November U.S. equity focus list, Boeing among three removed

What changed in the list?

JPMorgan added Howmet Aerospace, Moody’s and Quebecor, all under its growth strategy; it removed Boeing, T-Mobile US and Xenon Pharmaceuticals.
Tenable moved from the growth category to value. The focus list is organized by strategies including growth, income, value and short selling; individual selections may differ from the bank’s fundamental ratings. Each new monthly edition replaces the previous list.

Howmet Aerospace’s management has guided for 12% growth in 2027. JPMorgan believes its engine business is expanding capacity for commercial aviation and industrial gas turbine customers, that growth could continue, and that it has considerable potential for upgrades to 2027 estimates among companies covered by the bank.
Moody’s credit ratings business is expected to account for 54% of 2026 revenue. The bank believes AI capital spending, pending M&A financing and refinancing demand are favorable for securities issuance, and forecasts a compound annual growth rate of 11% in Moody’s earnings per share through 2028.
Quebecor is the bank’s top pick in Canadian communications. JPMorgan expects the company to capture more than 35% of incremental industry growth by 2030, with compound annual growth rates of 7% for wireless service revenue and 5% for EBITDA; growing free cash flow is expected to support cumulative capital returns equivalent to approximately 35% of its current market value.

The timing of Boeing’s cash flow realization has been pushed back, while 777X costs and uncertainty over certification and the pace of production ramp-up remain obstacles. JPMorgan maintained its Overweight rating but no longer considers it a top pick for now.
After T-Mobile US reported third-quarter results, JPMorgan lowered its revenue and EBITDA forecasts for 2027 and beyond, reducing its medium-term growth expectations.
Following a neuropsychiatry clinical update, Xenon’s share price has fallen approximately 37% since 17 September, while the NBI index has risen approximately 2.8% over the same period. The bank remains positive on its medium- to long-term prospects and maintains its Overweight rating, but has less confidence about when the share price will recover to its previous high for the year or reach its December 2027 price target of 82 dollars.

JPMorgan believes investors may pay more attention to lower-valued companies under its coverage that are supported by free cash flow, compared with faster-rising growth stocks. Based on the bank’s fiscal 2028 free cash flow forecasts, Tenable’s enterprise value-to-free-cash-flow ratio is 15.8 times, versus an average of 28.1 times for covered companies.
The bank also expects Tenable’s growth to accelerate next year and notes that it has expanded its margins every quarter since going public. However, the 30 October 2026 closing price in the report’s table was 50.75 dollars, above its December 2027 price target of 41 dollars.