The world’s aging population is an under-appreciated trend that will help push several stocks higher, according to Mizuho. The oldest cohort will represent an increasingly larger part of the total population as people live longer and fertility rates decline. That will have a big impact on the economy and on companies that serve their needs. An analysis by Mizuho found that spending by American consumers 75 years old and older will nearly double in the next five years. Aggregate spending will increase to $1.6 trillion by 2030 and $2.2 trillion in 2035, from $900 billion now, the analysis showed. What older consumers spend their money on differs from the average consumer, with a higher portion of their income going to things like health care and renting, due to senior housing, a team of analysts at Mizuho said in a note Sunday. The firm sorted through stocks to determine which are poised to be net winners, and came up with a list that representing their top picks. Here are seven of those names. Encompass Health With an aging population comes increased health-care costs. Among the beneficiaries are inpatient rehabilitation centers, as the next generation of seniors has more comorbidities than earlier generations, analyst Ann Hynes said. When patients are healthy enough to be discharged from the hospital but require more care, they move into these types of facilities. Encompass Health , which owns and operates inpatient rehab centers, is “well positioned to benefit from the silver wave, as the company specializes in medically complex seniors (average patient age is 72) and will see its[total addressable market] grow directly with the senior population,” Hynes wrote. EHC YTD mountain Encompass Health in 2025 She has a $105 price target on the stock, which suggests 6% upside from Wednesday’s close. She cited the company’s strong fundamentals, which she believes will drive lomg-term, sustainable growth. Glaukos Among the beneficiaries of an older population are medical technology companies that focus on glaucoma, analyst Anthony Petrone wrote. The prevalence of glaucoma, a disease that damages an eye’s optic nerve, is expected to increase by 58% among those aged 80 and older by 2035, he said. Petrone’s top stock pick is Glaukos , which focuses on glaucoma treatment, including implants to relieve eye pressure. The firm estimates the total addressable market for glaucoma implants in the United States will go from $1.2 billion in 2025 to $1.9 billion in 2035. That’s supported by a $930 million incremental tailwind from the aging population, he said. “We see GKOS (Outperform) as best positioned to benefit from this mega-trend due its leading positioning in minimally-invasive stents (MIGS) and disruptive iDose combo drug-delivery solution,” Petrone said. His $200 price target implies the stock will nearly double (98% upside) from Wednesday’s close. Home Depot Seniors prefer to stay in their home, or age in place , for as long as possible. Yet they tend to own older homes, which should drive increased home improvement spending, said analyst David Bellinger. His top pick is Home Depot . “A rapidly aging housing stock coupled with a shift towards services should represent an ongoing positive for home-related maintenance demand and repairs,” he said. About 65% of homes in the U.S. will be at least 40 years old by 2048, up from the current 53% suggested by U.S. Census Bureau data, Bellinger noted. HD YTD mountain Home Depot Renovation can also be sparked by the transfer of homes to children and the sale of homes to younger generations, he added. He has a $450 price target on Home Depot, implying 27% upside from Wednesday’s close. Welltower, Ventas As Americans age and are unable to live at home, they’ll turn to senior housing . That should result in a strong tailwind for demand and pricing power over the next decade, said analyst Vikram Malhotra. Real estate investment trusts Welltower and Ventas are the “clear winners,” he said. “We slightly favor WELL given their larger scale and better operational execution. Additionally, the strong balance sheet and attractive cost of capital could further accelerate the [funds from operations] growth,” Malhotra said. The analyst raised his price target on Welltower to $170 per share from $141, and his target on Ventas to $75 from $68. The former suggests 14% upside from Wednesday’s close, while the latter implies 11% upside. DoorDash As Americans become less mobile, they’ll likely turn more to online conveniences, said analyst James Lee. His top pick in the industry is food delivery company DoorDash . His $222 price target suggests shares could move 16% higher compared with Wednesday’s close. “Data from our industry checks suggests that U.S. consumers between 30-60 usage of delivery services are 3x that of > 60 consumers,” Lee said. “A rapidly aging population coupled with increasing physical need for convenience services across mobility and delivery should represent an ongoing positive for related needs across mobility, food delivery and grocery.” Simply Good Foods Mizuho sees an under-appreciated opportunity for growth in the active nutrition category. Simply Good Foods , known for its protein bars and read-to-drink shakes under the Atkins, Quest and OWYN brands, is positioned to benefit in part due to the familiarity of consumers with the Atkins diet, said analyst John Baumgartner. Mizuho’s survey work shows that only 30% of consumers aged 60 and above are regular buyers of protein nutrition products. In Wall Street parlance, that means the cohort is underpenetrated . By comparison, 60% of 45- to 60-year olds buy protein products. SMPL YTD mountain Simply Good Foods “We believe this gap can be narrowed by retaining consumers in the category for longer, through age-specific products and marketing, that target age-related muscle wasting and nutritional deficiencies met through easy-to-consume nutritional beverages,” Baumgartner wrote. He has a $45 price target on Simply Good Foods, which would represent some 35% upside from Wednesday’s close.