2 Monster Growth Stocks Oppenheimer Likes for the Long Haul

Wall Street is heading into the new week with plenty to feel good about. The S&P 500 closed Friday at an all-time high and is now up about 13% in 2026, while the Nasdaq sits just below its own record after gaining nearly 15% year-to-date. Better yet, those gains are being backed by an earnings season that has delivered far more hits than misses.

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With 88% of S&P 500 companies having reported second-quarter results, FactSet data shows that 86% have beaten earnings expectations and 76% have topped revenue estimates. Meanwhile, blended earnings growth has reached 50.4% year-over-year. If that figure holds through the end of reporting season, it would mark the strongest quarter for S&P 500 earnings growth since Q2 2021.

Of course, record highs do not mean the road ahead will be perfectly smooth. Questions surrounding interest rates, inflation, geopolitical developments, and day-to-day market volatility remain very much alive. The bigger question is whether those concerns are enough to derail a market still supported by strong corporate fundamentals.

Oppenheimer's chief investment strategist John Stoltzfus certainly has a view, writing, "The outlook appears to look 'a heck of a lot better than worse' to us, notwithstanding plenty of noise throughout recent weeks raising levels of volatility in the stock, bond, and commodity markets… The day-to-day action in the markets continues to often run contrary to positive fundamentals (both economic and corporate) that remain resilient in offsetting challenges and concerns that have in our view served to give bears, skeptics, and nervous investors opportunity to take some profits without FOMO on some days in what appears to us to be a secular bull market with legs to continue to climb the proverbial wall of worry."

That confidence in the broader market extends to Oppenheimer's stock picks. Some of the firm's top-rated analysts have singled out two "monster growth" stocks they believe still have more room to run. And the "monster" label is well earned: both stocks have already surged more than 240% this year. So, let's turn to the TipRanks platform to take a closer look at these Oppenheimer picks and see why the firm believes their huge runs could have further to go.

Backblaze (BLZE)

First on Oppenheimer's radar screen is Backblaze, a data storage company that specializes in high-performance cloud object storage, with a growing focus on AI workloads. Backblaze's product lines include a wide range of storage options designed around AI and neocloud platform requirements. The company has found great success in the field this year – the expansion of AI and the introduction of new tech such as agentic AI have both put a premium on cloud use, which in turn puts a premium on cloud storage options.

Specifically, Backblaze offers storage solutions for AI, active media, applications, systems backups and archives, data migrations, and even ransomware resilience. Backblaze's object storage is purpose-built to meet the needs of AI and high-end data-intensive workloads. The company is an independent cloud, and serves more than 500,000 clients – and they in turn use the technology to reach hundreds of millions of end users in some 175 countries worldwide.

The company has benefitted from the overall AI growth, and the number of large clients supporting over $50,000 in annual recurring revenue (ARR) grew by 57% in the past year, per the firm's own 2Q26 report. Over that same time, the ARR from these large customers grew by 67%. The expanding ARR, and the expanding number of large clients, have contributed to Backblaze's momentum. Backblaze's current total ARR stands at $177.3 million, as of 2Q26.

The company's overall performance, according to those same 2Q26 results, showed strong gains. Revenue, at $42.7 million, was up 18% year-over-year and beat the forecast by $2.78 million. Within the revenue total, the B2 Cloud Storage segment generated $26.6 million, and was up 34% from the second quarter of 2025. The company's non-GAAP net income was up in Q2, rising from 1 cent per share in 2Q25 to 8 cents per share in the current report.

The company's links to the rapidly expanding AI sector have brought their own reward. Shares in Backblaze are up 304% so far this year.

For Ittai Kidron, one of Oppenheimer's 5-star analysts, the key here is that Backblaze is well positioned to benefit as its AI opportunity continues to expand, even if getting there requires significant spending in the near term.

"We're bullish on the strong B2 traction and see Backblaze's neocloud and broader AI opportunity building over the next several years. This requires heavy near-term investment, but we're confident in management's ability to maintain cost diligence and careful watch of cash requirements. Longer-term, we're increasingly positive on Backblaze's direct sales/GTM transformation, which can further propel enterprise engagement," Kidron noted.

That "bullish" view comes with an Outperform (i.e., Buy) rating and a $25 price target, pointing to about 33% upside from the current share price. (To watch Kidron's track record, click here)

The rest of Wall Street is largely on the same page. Of the 7 analysts who have weighed in on Backblaze stock, 6 recommend buying the stock and just 1 stays on the sidelines, giving it a Strong Buy consensus rating. At $18.82 per share, the $22.83 average price target points to about 21% upside over the next 12 months. (See BLZE stock forecast)