Consumers are still spending, but they're under pressure. These stocks still have room to run

Seemingly undefeatable U.S. consumers have been propping up the broader economy and staving off near-term fears of a neck-deep recession, but moving forward, their shifting preferences bode well for value and experiences. Persistent inflationary pressures have led to depressed levels of consumer spending all year, according to Bank of America. But there's a mixed picture.

Teen apparel retailer American Eagle Outfitters could also be a strong pick in the near term, the analyst said. Gap, Urban Outfitters and American Eagle have seen their share prices soar this year — gaining nearly more than 24%, 50% and 33%, respectively. Some analysts see an opportunity to pick up shares of battered-down retail stocks.

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