Raymond James is steering investors toward opportunities outside the artificial intelligence boom.
In its latest note to clients, the firm highlighted stocks it believes are positioned for strong gains in 2026.
Rather than chasing the AI-driven momentum that has dominated large-cap valuations, analysts emphasised companies in delivery, dining, and financial services.
The strategy reflects a broader view that smaller and mid-sized equities, trading at historically normal levels, may outperform as economic stimulus takes hold and scepticism grows around the sustainability of massive AI spending.
Among the names singled out were DoorDash, Shake Shack, and Intercontinental Exchange.
DoorDash Inc (NASDAQ: DASH)
Delivery platform DoorDash earned a prominent spot on Raymond James’ list – thanks to its expansion ambitions and recent acquisition activity.
Executives have committed several hundred million dollars to new initiatives aimed at broadening the app’s services, a move designed to keep pace in a fiercely competitive market.
The October purchase of Deliveroo adds international scale and potential synergies.
Analyst Josh Beck acknowledged near-term margin pressure but argued that the company’s strategy should pay off.
We expect margin headwinds to be temporary and believe acquisition synergies (Deliveroo), rising advertising attach rate … and eventual autonomous delivery robot rollout should lead to an upward revision in estimates.
Raymond James currently has a $325 price target on DASH shares, indicating another 40% upside from here.
Shake Shack Inc (NYSE: SHAK)
Fast-casual chain Shake Shack was another standout, with analysts pointing to its valuation as a compelling entry point.
After a sharp pullback in 2025, SHAK shares are trading at the low end of their historical enterprise multiple range.
Analyst Brian Vaccaro sees room for recovery, citing catalysts that could drive comparable sales growth and margin expansion.
“While it has made substantial progress, we believe significant catalysts remain to drive comp outperformance and margin gains over the next few years,” he explained.
The company’s focus on high-return unit growth and operational improvements supports a bullish outlook.
Raymond James’ strong buy rating on Shake Shack stock comes with a price target of $150, suggesting potential upside of nearly 80% from here.
Intercontinental Exchange Inc (NYSE: ICE)
Global exchange operator Intercontinental Exchange rounds out the trio, with analysts highlighting both cyclical and secular growth drivers.
The firm’s energy futures business continues to expand, while diversification across data services and mortgage technology provides additional momentum.
Analyst Patrick O’Shaughnessy pointed to a recovery in mortgage origination as a key tailwind.
“We believe ICE’s strong secular growth drivers will be paired with a cyclical recovery in mortgage origination activity that will boost the transactional revenue component of ICE’s Mortgage Technology segment,” he wrote.
ICE’s capital-light model is expected to accelerate growth, with Raymond James analyst expecting Intercontinental Exchange stock to hit $210 over the next 120 months.
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