William Blair updates conviction list: Oracle in, Meta out and more

[Technology background image, graph, displaying analytical data about stock trading.]
Donny DBM

William Blair added Oracle (ORCL [https://seekingalpha.com/symbol/ORCL]), American Express (AXP [https://seekingalpha.com/symbol/AXP]), Ecolab (ECL [https://seekingalpha.com/symbol/ECL]), Comfort Systems USA (FIX [https://seekingalpha.com/symbol/FIX]), Boot Barn (BOOT [https://seekingalpha.com/symbol/BOOT]), LifeStance Health (LFST [https://seekingalpha.com/symbol/LFST]), Genmab (GMAB [https://seekingalpha.com/symbol/GMAB]), Silence Therapeutics (SLN [https://seekingalpha.com/symbol/SLN]), Tyra Biosciences (TYRA [https://seekingalpha.com/symbol/TYRA]), Arxis (ARXS [https://seekingalpha.com/symbol/ARXS]), Novanta (NOVT [https://seekingalpha.com/symbol/NOVT]), Dynatrace (DT [https://seekingalpha.com/symbol/DT]), Everpure (P [https://seekingalpha.com/symbol/P]) and ServiceTitan (TTAN [https://seekingalpha.com/symbol/TTAN]) to its July Analyst Conviction List.

The firm said Oracle is emerging as a major beneficiary of the AI infrastructure buildout, with hyperscale cloud commitments driving record remaining performance obligations and stronger revenue visibility. Dynatrace was added on expectations for net-new ARR acceleration, AI-driven observability demand, strong margins and buybacks, while ServiceTitan was highlighted for durable growth and profitability improvement.

American Express was added as William Blair sees multiple levers for midteens EPS growth, younger customer retention and upside from its experiential and dining focus. Ecolab was added on expected margin expansion from pricing and potential organic growth acceleration as acquisitions are folded into the base.

Comfort Systems was added on data center demand, with the firm pointing to the company’s position in Texas and potential backlog upside. Boot Barn was added as valuation and fashion-risk concerns appear more fully reflected, while LifeStance was added for growth in behavioral health and its hybrid in-clinic and virtual model.

In biotech, Genmab was added ahead of multiple second-half clinical readouts, while Silence Therapeutics and Tyra Biosciences were added ahead of expected trial catalysts.

Removed stocks included Chewy (CHWY [https://seekingalpha.com/symbol/CHWY]), SharkNinja (SN [https://seekingalpha.com/symbol/SN]), Chime (CHYM [https://seekingalpha.com/symbol/CHYM]), Flywire (FLYW [https://seekingalpha.com/symbol/FLYW]), LPL Financial (LPLA [https://seekingalpha.com/symbol/LPLA]), Palomar (PLMR [https://seekingalpha.com/symbol/PLMR]), Exponent (EXPO [https://seekingalpha.com/symbol/EXPO]), GFL Environmental (GFL [https://seekingalpha.com/symbol/GFL]), Encompass Health (EHC [https://seekingalpha.com/symbol/EHC]), Waystar (WAY [https://seekingalpha.com/symbol/WAY]), Insmed (INSM [https://seekingalpha.com/symbol/INSM]), LENZ Therapeutics (LENZ [https://seekingalpha.com/symbol/LENZ]), Ocular Therapeutix (OCUL [https://seekingalpha.com/symbol/OCUL]), Curtiss-Wright (CW [https://seekingalpha.com/symbol/CW]), Mayville Engineering (MEC [https://seekingalpha.com/symbol/MEC]), Standex (SXI [https://seekingalpha.com/symbol/SXI]), Arista Networks (ANET [https://seekingalpha.com/symbol/ANET]), Guidewire (GWRE [https://seekingalpha.com/symbol/GWRE]), JLL (JLL [https://seekingalpha.com/symbol/JLL]), Meta Platforms (META [https://seekingalpha.com/symbol/META]), Procore (PCOR [https://seekingalpha.com/symbol/PCOR]) and Rubrik (RBRK [https://seekingalpha.com/symbol/RBRK]), all through automatic six-month removals.

Axsome Therapeutics (AXSM [https://seekingalpha.com/symbol/AXSM]) was removed after FDA approval for Auvelity in Alzheimer’s disease agitation and a roughly 48% gain since its April addition. Rollins (ROL [https://seekingalpha.com/symbol/ROL]) was removed as near-term growth and margin trends looked less clear, despite William Blair keeping its longer-term thesis intact.

Here is the full list with returns relative to the S&P 500 (SPY [https://seekingalpha.com/symbol/SPY]) (IVV [https://seekingalpha.com/symbol/IVV]) (VOO [https://seekingalpha.com/symbol/VOO]):

CONSUMER

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Carvana Co. (CVNA [https://seekingalpha.com/symbol/CVNA])
1.5%

Ross Stores, Inc. (ROST [https://seekingalpha.com/symbol/ROST])
-16.6%

Somnigroup International Inc. (SGI [https://seekingalpha.com/symbol/SGI])
-0.7%

CAVA Group, Inc. (CAVA [https://seekingalpha.com/symbol/CAVA])
-13.9%

Boot Barn Holdings, Inc. (BOOT [https://seekingalpha.com/symbol/BOOT])
0.0%

Click to enlarge

ENERGY AND POWER TECHNOLOGIES

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Comfort Systems USA, Inc. (FIX [https://seekingalpha.com/symbol/FIX])
0.0%

Devon Energy Corporation (DVN [https://seekingalpha.com/symbol/DVN])
-23.6%

NioCorp Developments Ltd. (NB [https://seekingalpha.com/symbol/NB])
-18.1%

Click to enlarge

FINANCIAL SERVICES AND TECHNOLOGY

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

American Express Company (AXP [https://seekingalpha.com/symbol/AXP])
0.0%

The Charles Schwab Corporation (SCHW [https://seekingalpha.com/symbol/SCHW])
-12.1%

Affirm Holdings, Inc. (AFRM [https://seekingalpha.com/symbol/AFRM])
27.2%

Jack Henry & Associates, Inc. (JKHY [https://seekingalpha.com/symbol/JKHY])
-24.2%

Ethos Technologies Inc. (LIFE [https://seekingalpha.com/symbol/LIFE])
-3.0%

Click to enlarge

GLOBAL SERVICES

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Ecolab Inc. (ECL [https://seekingalpha.com/symbol/ECL])
0.0%

Casella Waste Systems, Inc. (CWST [https://seekingalpha.com/symbol/CWST])
-4.9%

CBIZ, Inc. (CBZ [https://seekingalpha.com/symbol/CBZ])
-26.6%

Click to enlarge

HEALTHCARE

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Repligen Corporation (RGEN [https://seekingalpha.com/symbol/RGEN])
32.0%

iRhythm Technologies, Inc. (IRTC [https://seekingalpha.com/symbol/IRTC])
-31.2%

LifeStance Health Group, Inc. (LFST [https://seekingalpha.com/symbol/LFST])
0.0%

Click to enlarge

BIOTECHNOLOGY

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Genmab A/S (GMAB [https://seekingalpha.com/symbol/GMAB])
0.0%

Telix Pharmaceuticals Limited (TLX [https://seekingalpha.com/symbol/TLX])
5.6%

Tyra Biosciences, Inc. (TYRA [https://seekingalpha.com/symbol/TYRA])
0.0%

Silence Therapeutics plc (SLN [https://seekingalpha.com/symbol/SLN])
0.0%

Click to enlarge

INDUSTRIALS

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Fastenal Company (FAST [https://seekingalpha.com/symbol/FAST])
9.7%

Arxis, Inc. (ARXS [https://seekingalpha.com/symbol/ARXS])
0.0%

Karman Holdings Inc. (KRMN [https://seekingalpha.com/symbol/KRMN])
-52.4%

Novanta Inc. (NOVT [https://seekingalpha.com/symbol/NOVT])
0.0%

Click to enlarge

TECHNOLOGY, MEDIA, AND COMMUNICATIONS

COMPANY (TICKER)
RELATIVE RETURN TO S&P 500

Amazon.com, Inc. (AMZN [https://seekingalpha.com/symbol/AMZN])
-7.9%

Oracle Corporation (ORCL [https://seekingalpha.com/symbol/ORCL])
0.0%

Cloudflare, Inc. (NET [https://seekingalpha.com/symbol/NET])
2.5%

Credo Technology Group Holding Ltd (CRDO [https://seekingalpha.com/symbol/CRDO])
109.0%

Twilio Inc. (TWLO [https://seekingalpha.com/symbol/TWLO])
49.1%

Everpure, Inc. (P [https://seekingalpha.com/symbol/P])
0.0%

Dynatrace, Inc. (DT [https://seekingalpha.com/symbol/DT])
0.0%

ServiceTitan, Inc. (TTAN [https://seekingalpha.com/symbol/TTAN])
0.0%

Agilysys, Inc. (AGYS [https://seekingalpha.com/symbol/AGYS])
27.5%

Click to enlarge

MORE ON SPDR S&P 500 ETF TRUST, INVESCO QQQ TRUST

* Median Household Income In May 2026 [https://seekingalpha.com/article/4919141-median-household-income-may-2026]
* What I'm Watching In July: Rate Hikes, Testimony, And AI Volatility [https://seekingalpha.com/article/4919075-what-im-watching-in-july-rate-hikes-testimony-and-ai-volatility]
* Which Companies Will Actually Win From AI? [https://seekingalpha.com/article/4919069-which-companies-will-actually-win-from-ai]
* These latest Oppenheimer picks earn the highest Quant ratings [https://seekingalpha.com/news/4608861-these-latest-oppenheimer-picks-earn-the-highest-quant-ratings]
* Hedge funds dump tech stocks at fastest pace on record – Goldman [https://seekingalpha.com/news/4608744-hedge-funds-dump-tech-stocks-at-fastest-pace-on-record-goldman]