JPMorgan Picks American Express, Thermo Fisher, and Liberty Energy for October Growth

JPMorgan Chase has updated its top stock recommendations for October, adding five new picks to its Overweight-rated list. The additions reflect a shift beyond the semiconductor trade that dominated much of 2026, with a focus on consumer finance, life sciences, and energy infrastructure.

Three standout picks include American Express (AXP), Thermo Fisher Scientific (TMO), and Liberty Energy (LBRT). American Express, categorized as a Value selection, has seen its stock decline by roughly 18% to 19% this year. Analyst Richard Shane argues that the pullback presents an opportunity, highlighting the company's consistent profitability and its practice of repurchasing about 3% of outstanding shares annually. This strategy, combined with a regular dividend, provides shareholders with two channels for cash returns.

Thermo Fisher Scientific, a Growth pick, has climbed more than 25% over the past three months. Analyst Casey Woodring sees further upside, pointing to a new partnership with the Mayo Clinic for earlier disease detection and government efforts to bring drug manufacturing back to the United States. The company's expanding role in AI-powered laboratory instruments also supports its growth potential.

Liberty Energy, another Growth pick, is tied to the artificial intelligence buildout. The company helps oil and gas producers drill wells and has developed a second business selling compact power systems for on-site electricity generation. Analyst Arun Jayaram expects electricity shortages to persist into 2030, positioning Liberty as a key player in power infrastructure. The stock has gained about 52% over the past 12 months.