Boyar Research "Forgotten Forty" 2026: 40 Overlooked Stocks with Catalysts for Outperformance

Boyar Research’s “Forgotten Forty” represents the firm’s annual flagship report, identifying stocks that have been overlooked by Wall Street analysts and institutional investors yet possess identifiable catalysts for share price appreciation. The 2026 list was developed through over 1,000 hours of research by an analyst team with more than 160 years of combined experience [4]. Jonathan Boyar, President of Boyar Research, presented the findings on Yahoo Finance’s Market Catalysts program alongside host Julie Hyman, discussing the investment thesis behind several highlighted names [1].

The methodology underlying the Forgotten Forty distinguishes itself through its emphasis on catalyst-driven investment ideas. Each stock selected must have a specific, actionable near-term catalyst—ranging from potential merger and acquisition interest to strategic reviews, operational improvements, or industry-specific developments [5]. This approach differs from traditional screening methodologies that might focus solely on valuation metrics or growth rates. The Boyar team prioritizes companies that have been covered in full-length research reports, providing subscribers with deeper analytical context beyond the surface-level screening criteria.

The stocks highlighted in media coverage provide insight into Boyar’s investment philosophy and the types of opportunities the firm identifies.

continues to feature prominently in Boyar’s selections, with the stock appearing on both the 2025 and 2026 lists despite significant market attention and competitive pressures in the autonomous vehicle space. Boyar maintains conviction in UBER’s positioning, citing the company’s potential acquisition of SpotHero, continued growth in its core ride-sharing business, and advancements in autonomous vehicle technology as key catalysts [6][8]. The stock gained +1.59% on January 7, 2026, trading at $86.90 with a market capitalization of $180.56 billion [0]. Recent analyst coverage from Jefferies has recommended buying UBER on weakness related to autonomous vehicle competition concerns, suggesting that market concerns may be overblown [7].

represents the type of overlooked, event-driven opportunity that characterizes the Forgotten Forty. With a market capitalization of $2.47 billion and trading at $39.45, the company has attracted Boyar’s attention due to potential M&A interest in sports assets and insider buying activity reported in December 2025 SEC filings [9]. The Atlanta Braves organization has been actively strengthening its roster, including a $45 million signing of relief pitcher Robert Suarez, suggesting management confidence in the franchise’s competitive prospects [10]. The minimal price movement (+0.04%) on January 7 indicates limited immediate market reaction to the Boyar coverage, potentially representing an opportunity for investors who act on the research.

exemplifies Boyar’s focus on smaller companies undergoing strategic reviews. Trading at $198.37 with a market capitalization of $3.67 billion, the industrial services company has faced pressure that has made it an attractive value opportunity [3]. The strategic review catalyst provides a clear timeframe and potential outcome (sale, restructuring, or strategic redirection) that can unlock value regardless of broader market conditions.

represent newer additions to the 2026 list, with Boyar identifying travel demand recovery as a catalyst for ABNB and healthcare transformation as a driver for CVS. These larger-cap selections demonstrate that the Forgotten Forty is not exclusively focused on small-cap opportunities but rather on overlooked names across the market cap spectrum. ABNB trades at $138.85 with an $85.85 billion market cap, CVS at $80.39 with $102.06 billion, and CRM at $267.67 with $255.89 billion [0][2].

The January 2026 market environment presents a nuanced backdrop for evaluating Boyar’s picks. The S&P 500 trades near all-time highs at 6,955.19 (+0.15%), while the NASDAQ shows strength at 23,712.69 (+0.71%), reflecting continued appetite for large-cap technology exposure [0]. However, the Russell 2000, representing small-cap stocks, has declined 0.50% to 2,572.72, suggesting that the small-cap rally that began earlier in January has lost momentum [0].

This divergence between large-cap strength and small-cap weakness is particularly relevant given Boyar’s allocation to smaller companies. Over 25% of the 2026 list is dedicated to companies with market capitalizations below $10 billion, suggesting that Boyar believes institutional capital may rotate into overlooked small and mid-cap names if small-cap sentiment improves [2]. The timing of this potential rotation represents both an opportunity and a risk for investors considering the Forgotten Forty recommendations.

The concentration of the 2026 Forgotten Forty in sub-$10 billion market cap companies reflects a contrarian stance in an environment where large-cap technology stocks have dominated market performance. Boyar’s research suggests that institutional investors have systematically undercovered smaller companies, creating inefficiencies that can be exploited through fundamental research. The Russell 2000’s weakness in early January 2026 may represent an entry point for investors looking to capitalize on this overlooked segment, provided small-cap fundamentals support a sustained recovery.

The Forgotten Forty methodology specifically targets companies that have been “forgotten” by Wall Street, meaning reduced analyst coverage, limited institutional ownership, and potentially outdated market expectations. This approach requires patience and conviction, as the catalysts identified may take months to materialize and the market may not immediately recognize underlying value. However, historical subscriber interest from hedge funds, family offices, and registered investment advisors suggests that sophisticated investors find value in this research framework [4].

Boyar’s continued inclusion of Uber Technologies in the Forgotten Forty, despite significant autonomous vehicle competition from Tesla and Waymo, demonstrates the importance of looking beyond headline risks to underlying business fundamentals. The company’s potential acquisition of SpotHero would expand its ecosystem into parking services, creating additional revenue streams and competitive moats [8]. Jefferies’ recommendation to buy UBER on autonomous vehicle weakness indicates that sell-side analysts also see value at current levels [7].

The ride-sharing business continues to generate substantial cash flow and benefits from network effects that make it difficult for new competitors to gain meaningful share. While autonomous vehicle developments represent a long-term competitive risk, the timeline for widespread deployment remains uncertain, and UBER’s existing market position provides a substantial buffer against potential disruption.

Several highlighted stocks share a common M&A catalyst, reflecting broader trends in corporate consolidation. Atlanta Braves Holdings could attract interest from larger media or sports conglomerates seeking entertainment assets. UniFirst’s strategic review may result in acquisition interest from private equity or strategic buyers in the industrial services space. This M&A theme provides a clear, binary catalyst that can unlock value regardless of broader market conditions, making these picks attractive for investors seeking event-driven opportunities.

The primary opportunity lies in accessing overlooked small and mid-cap names before institutional capital recognizes their value. The sub-$10 billion allocation in the 2026 list positions investors to benefit from potential small-cap outperformance if macro conditions support a rotation [2]. Additionally, the specific catalysts identified (M&A potential, strategic reviews, operational improvements) provide identifiable events that can drive share price appreciation independent of overall market direction.

The institutional validation represented by hedge fund and family office subscribers lends credibility to the research and suggests that sophisticated capital may already be positioning for the identified opportunities [4]. For individual investors, the Forgotten Forty provides access to research that would otherwise require significant resources to develop independently.

Several risk factors warrant consideration when evaluating the Forgotten Forty recommendations. Execution risk represents the most significant concern, as many identified catalysts depend on factors outside company control—potential acquirers may not materialize, strategic reviews may not produce value-enhancing outcomes, and operational improvements may not materialize as anticipated. The M&A theme is particularly binary, with outcomes that are difficult to predict and timelines that can extend well beyond initial expectations.

Valuation concerns apply to some selections, with CVS Health trading at a P/E ratio of 211.57 that may fully price in anticipated improvements [0]. The autonomous vehicle competitive landscape for UBER represents an ongoing risk that could intensify if Tesla or Waymo achieve meaningful deployment milestones faster than anticipated. Small-cap concentration in the list also implies higher volatility and lower liquidity compared to large-cap alternatives.

The market environment for small-cap stocks remains uncertain, and the Russell 2000’s weakness in early January 2026 could persist if interest rate expectations or economic growth concerns pressure risk assets. Timing the small-cap rotation represents a challenge that cannot be solved through stock selection alone.

The Boyar Research Forgotten Forty 2026 list identifies 40 stocks that have been overlooked by mainstream Wall Street coverage but possess actionable catalysts for outperformance. The list reflects over 1,000 hours of research by an experienced analyst team and includes a significant allocation to companies with market capitalizations below $10 billion [4]. Highlighted names include Uber Technologies, Atlanta Braves Holdings, Airbnb, CVS Health, Salesforce, UniFirst, and Markel, representing diverse sectors and market caps [1][2].

The current market environment shows divergence between large-cap indices near all-time highs and small-cap weakness, potentially creating an entry point for overlooked small and mid-cap names [0]. The research methodology emphasizes catalyst-driven ideas where identifiable events (M&A potential, strategic reviews, operational improvements) can unlock value, providing a framework for evaluating opportunities independent of broader market direction.

Key stocks from the list trade at the following levels as of January 7, 2026: UBER at $86.90 (market cap $180.56B), BATRK at $39.45 (market cap $2.47B), ABNB at $138.85 (market cap $85.85B), CVS at $80.39 (market cap $102.06B), CRM at $267.67 (market cap $255.89B), UNF at $198.37 (market cap $3.67B), and MKL at $2,151.01 (market cap $27.12B) [0]. The complete 40-stock list is available through Boyar Research at a subscription cost of $4,995, with institutional subscribers including hedge funds, family offices, and registered investment advisors [4].