Uber, Eli Lilly and 9 other stocks are added to BofA’s Top Picks list by Investing.com

Investing.com — Bank of America updated its “US 1” list of top stock picks, disclosing in a note Thursday that it added 11 names in August amid market volatility.

The adjustments reflect changes in economic conditions, including lower interest rates and expectations for a Federal Reserve rate cut, which prompted BofA analysts to reassess their stock picks.

“The USA 1 Committee did a number of roster changes in August. It is worth noting that while the Committee believes these new stocks fit the current investment context, stocks are added and removed from the US 1 list due to their individual attributes,” BofA explained.

Among the new additions are Uber Technologies (NYSE: ), Eli Lilly (NYSE: ) and Chipotle Mexican Grill (NYSE: ) (CMG), all seen as promising investments in a changing market.

BofA analysts singled out Uber as “one of the fastest top- and bottom-line producers in the Internet sector,” backed by strong traction in its new verticals and growing market share. They expect Uber to generate more than $10 billion in free cash flow by 2026.

Eli Lilly, a major player in the healthcare sector, was chosen for its strong competitive position in the growing obesity market.

BofA expects the company’s expansion into areas such as sleep apnea and liver disease to ensure continued growth. Despite its higher rating, the bank believes Lilly’s earnings will outperform its peers.

“Chipotle’s Growth Chamber“ was another draw, with the restaurant chain maintaining the industry’s highest margins despite a slowing consumer environment.

Other names on the list include defense contractor Northrop Grumman (NYSE: ) and real estate investment trust Mid-America Apartment (NYSE: ) Communities (MAA), which BofA believes are well positioned for the current market environment. American Healthcare REIT (AHR), Duolingo (DUOL), McCormick & Co (NYSE:), NVR Inc . (NYSE: ), RenaissanceRe (NYSE: ) and RTX Corp ( RTX ) were the other names added to the list in August.

These stocks were selected based on their individual strengths, reflecting Bank of America’s belief that they can thrive despite economic uncertainty.