To The Moon

Hi Tigers,

The $S&P 500(.SPX)$ is rebalanced every quarter, always after the close on the third Friday of March, June, September and December.

The Q4 list will be released around 5 December 2025.

To qualify for the $S&P 500(.SPX)$ a company must:

• Command a multi-billion-dollar float-market-cap (threshold drifts with the index);

• Post four straight quarters of positive GAAP earnings;

• Trade with ample liquidity and a sizable public float;

• Be U.S.-incorporated and listed on NYSE or Nasdaq;

• Represent its sector to keep the index’s industry balance.

As of the 29 Oct close, the stocks added to the index in Q1-Q3 are mostly sitting on solid gains:

Fresh chatter says 11 names are on the December watch-list, and several carry double-digit upside based on Street targets.

Looking at the rumored candidates, which one do you think checks every box? Let’s dig into the fundamentals…

1. $Cheniere(LNG)$

Core Business: Houston-based energy infrastructure company focused on liquefied natural gas (LNG). It owns and operates U.S. liquefaction and export terminals (e.g., Sabine Pass in Louisiana and Corpus Christi in Texas). It handles gas procurement, liquefaction, vessel chartering, and LNG delivery to global markets.

Analyst price targets imply an average upside of 24.39 % to $268.68 from the last close of $216.

2. $Vertiv Holdings LLC(VRT)$

Core Business: A global company that designs, manufactures, and services critical digital-infrastructure technologies (power, cooling, racks, etc.) for data centers, communication networks and commercial/industrial environments. Its operations span Americas, Asia-Pacific, EMEA and it emphasises providing continuous, optimized infrastructure for evolving digital workloads.

Analyst price targets imply an average upside of -1.02% to $188.63 from the last close of $190.57.

3. $Veeva(VEEV)$

Core Business: Cloud-software company serving the global life sciences industry. It offers industry-specific cloud platforms, data and consulting services to support R&D, quality, regulatory, commercial and other functions.Founded in 2007, headquartered in Pleasanton, California, and focuses on regulated industries.

Analyst price targets imply an average upside of 8.87% to $317.2 from the last close of $291.35.

4.$Carvana Co.(CVNA)$

Core Business: U.S. e-commerce platform for buying and selling used cars. Provides online search and purchase, financing, delivery, trade‐ins, and an integrated logistics network. Founded in 2012, based in Tempe, Arizona.

Analyst price targets imply an average upside of 15.25 % to $417.43 from the last close of $362.2.

5.$Heico(HEI)$

Core Business: Technology-driven company specializing in aerospace, defense, industrial and electronics markets. Designs, manufactures and distributes components and systems including aftermarket aircraft parts. Headquartered in Hollywood, Florida; founded in 1957.

Analyst price targets imply an average upside of 11.21 % to $347.59 from the last close of $312.55.

6. $Ares Management LP(ARES)$

Core Business: Global alternative investment manager offering solutions across credit, private equity, infrastructure and real estate. Operates in North America, Europe and Asia, with large assets under management and diversified investment strategies.

Analyst price targets imply an average upside of 22.16 % to $184.38 from the last close of $150.93

7. $LPL Financial Holdings Inc(LPLA)$

Core Business: Provides brokerage, investment advisory services, and technology platform support for financial advisors and institutions in the U.S. Focuses on an advisor-centric model and supports a wide network of independent advisors and RIAs.

Analyst price targets imply an average upside of 20.94 % to $414.93 from the last close of $343.10

8. $First Citizens BancShares(FCNCA)$

Core Business: Holding company for First-Citizens Bank & Trust Company. Provides retail and commercial banking services in the U.S. through its banking subsidiary. Recognized as a major U.S. banking institution with substantial assets.

Analyst price targets imply an average upside of 22.51 % to $2151.15 from the last close of $1755.94 .

9. $Markel(MKL)$

Core Business: A diversified financial holding company with a core specialty insurance business and investment operations. It underwrites niche insurance products and holds a portfolio of varied subsidiary businesses. Founded in 1930, headquartered in Richmond, Virginia.

Analyst price targets imply an average upside of 12.99 % to $2076.75 from the last close of $1837.96.

10. $Toast, Inc.(TOST)$

Core Business: Cloud-based technology platform built for the restaurant industry. Offers an integrated suite including point-of-sale (POS), payments, digital ordering, delivery, team/operations management and loyalty solutions. Serves restaurants in the U.S., Ireland, India, and internationally.

Analyst price targets imply an average upside of 29.85 % to $48.62 from the last close of $37.44.

11. $SoFi Technologies Inc.(SOFI)$

Core Business: Fintech company originally focused on student-loan refinancing but has expanded to a broad suite of financial services including personal & auto loans, mortgages, investing, banking and more. Founded in 2011, headquartered in San Francisco, California.

Analyst price targets imply an average upside of -26.23 % to $23.36 from the last close of $31.66.

Risk Disclosure: This analysis is based on public market data and historical patterns, and does not constitute investment advice. Investors should make decisions based on their own risk tolerance.

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