Analyst Focus List: U.S. Equity Thematic Research

J.P. Morgan's North America Equity Research team publishes the monthly U.S. Equity Analyst Focus List, in which equity analysts share their top ideas aligned with four investment strategies: growth, income, value and short ideas. This month's additions are American Express (AXP), Danaher (DHR), Liberty Energy Inc (LBRT), Macerich (MAC) and Thermo Fisher Scientific (TMO). The Analyst Focus List is not a model portfolio; the monthly publication is a complete refresh that replaces previous editions. Ideas can be added or removed mid-month, with analysts publishing the rationale for all mid-month changes, and stocks may be removed if a valuation target has been largely or wholly achieved or the original rationale is deemed no longer valid. Selection rationales combine valuation, earnings growth, industry catalysts and capital returns—for example, American Express offers ROE in the low/mid-30s and mid-teens EPS growth, Liberty Energy benefits from a structurally tight behind-the-meter power