Amgen, Target highlight BofA's new Alpha Surprise screen entrants
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Ten new stocks enter the BofA 'quantamental' Alpha Surprise Model portfolio for March, while 14 stocks drop out.
The list is based on an Alpha Surprise score that "is a 25%/75% weighted combination of the decile scores from two proprietary models, our Dividend Discount Model (the value or 'alpha' portion of the model) and our BofA vs. Consensus Forecast Earnings Surprise Model (the growth or 'surprise' portion of the model)," strategist Savita Subramanian wrote in a note. "A decile rank of 1 is most attractive, and a decile rank of 10 is least attractive."
The portfolio is most overweight Communication Services (NYSEARCA:XLC), Energy (NYSEARCA:XLE) and Financials (NYSEARCA:XLF). It is most underweight Consumer Staples (NYSEARCA:XLP), Info Tech (NYSEARCA:XLK) and Industrials (NYSEARCA:XLI) and holds no Real Estate (NYSEARCA:XLRE) stocks.
The portfolio was down 4% in February on a price return basis, underperforming the S&P 500 (SP500)
(NYSEARCA:SPY). It was down 3.8% on a total return basis, also underperforming on that metric. Overall, it has outperformed the S&P on a price return basis since 2001.
The new entrants are:

Corteva (NYSE:CTVA), Alpha Surprise Score 1.75
Lam Research (NASDAQ:LRCX), 2
Fleetcor Technologies (NYSE:FLT), 2.25
Target (NYSE:TGT), 2.25
Amgen (NASDAQ:AMGN), 2.5
CenterPoint Energy (NYSE:CNP), 2.5
Intercontinental Exchange (NYSE:ICE), 2.5
Southwest Airlines (NYSE:LUV), 2.5
BorgWarner (NYSE:BWA), 2.75
SolarEdge (NASDAQ:SEDG), 2.75

Among the longtime members of the list, T-Mobile (NASDAQ:TMUS) is still on the list after 24 months and is the only stock with a top Alpha Surprise Score of 1. Alphabet (NASDAQ:GOOG)
(NASDAQ:GOOGL) has been on for 53 months and Meta Platforms (NASDAQ:FB) has been on for 23 months.
Leaving the list:

Advance Auto Parts (NYSE:AAP)

Cadence Design Systems (NASDAQ:CDNS)

Chevron (NYSE:CVX)

Cummins (NYSE:CMI)

Dollar Tree (NASDAQ:DLTR)

Duke Realty (NYSE:DRE)

General Motors (NYSE:GM)

Hershey (NYSE:HSY)

Illinois Tool Works (NYSE:ITW)

Lamb Weston (NYSE:LW)

Lumen Technologies (NYSE:LUMN)

Masco (NYSE:MAS)

Regency Centers (NASDAQ:REG)

Trane Technologies (NYSE:TT)


CDNS had the longest tenure on the list of those leaving at four months.
Read the transcript of Target's recent earnings call.