Jefferies is “poised to pounce” on several global stocks as it looks ahead to the new year, giving three stocks more than 60% upside potential. The European stocks, which are among its “top picks for 2024,” include companies with strong cash flows and attractive risk-reward ratios, the investment bank’s analysts wrote in a Dec. 7 equity research note. Prudential British insurer Prudential is among Jefferies’ top picks. It highlighted its “remarkable rebound in sales in Hong Kong following the border reopening.” “We expect growth moment to continue in 2024. In particular, we expect pent-up demand from the period of pandemic restrictions to be replaced by structural cross border sales flow, driven by the need for Chinese consumers to diversify their asset and currency exposures,” Jefferies’ analysts wrote. They are also expecting the insurer’s sales across Southeast Asia to grow on the back of an “emerging Islamic middle class in Malaysia” and the restructuring of its Indonesian business. PRU-GB YTD mountain Year-to-date shares in Prudential Year-to-date, shares in Prudential were down around 22% to £879.80 ($1,117.44) on Dec. 14. Jefferies has a buy call on the stock at a target price of £1,800, giving it 105% potential upside. Standard Chartered Standard Chartered is another one of Jefferies’ top picks. The investment bank expects it to “show good revenue momentum in 2024.” It’s also set to benefit from “secular forces in wealth management” and a rise in loan demand, among other things, the analysts wrote. STAN-GB YTD mountain Year-to-date shares in Standard Chartered Year-to-date, shares were up around 3.5% to £644.20. Jefferies has a buy call on the stock at a target price of £1,100, giving it over 70% potential upside. Soitec In the semiconductor sector, Jefferies is bullish on Soitec , a French semiconductor materials supplier. “We view Soitec as one of the best ways to play the Silicon Carbide theme via its upcoming SmartSiC wafers set to ramp up in 2025. Given the 25% increase in dies per wafer which SmartSiC can offer, we see plenty of scope for Soitec to quickly become a leader in the SiC wafer market,” the analysts said. Silicon carbide is used in the production of electronic components and ceramics and the melting of glass and non-ferrous metals. Soitec’s SmartSiC wafers are powered by silicon carbide for better energy and carbon usage. In the near term, however, the analysts said they “expect the market to increasingly ‘buy the cut’ and re-rate Soitec shares through 2024,” given that the company’s guidance for the 2024 financial year has been lowered. It added that its 2026 guidance is likely to be cut too. SOI-FR YTD mountain Year-to-date shares in Soitec Year-to-date, shares in Soitec were up around 9% to 166.50 euros ($181.54). Jefferies has a buy call at a target price of 270 euros, giving it around 62% potential upside. — CNBC’s Michael Bloom contributed to this report.