Recent times have seen turmoil in the stock market as investors grapple with various challenges such as macro pressures, upcoming elections, and geopolitical tensions.
Despite the uncertainties, investors can navigate through this period of volatility by focusing on the long-term prospects of companies rather than getting swayed by short-term fluctuations.
One way to find potential investment opportunities is by looking at the insights shared by top Wall Street analysts and their investment recommendations.
Here are three stocks that have caught the attention of the leading analysts on Wall Street, according to TipRanks, a platform that evaluates analysts based on their past performance.
Costco Wholesale
Costco Wholesale (COST), the membership-only warehouse chain, is the first pick for this week. The company recently raised its membership fees and reported solid June sales.
Analyst Corey Tarlowe from Jefferies, reacting to the fee hike, reiterated a buy rating on COST stock and increased the price target to $1,050. He believes that the membership fee increase could be a positive catalyst for Costco’s stock and earnings.
Tarlowe highlighted the potential impact of the fee increase on sales and earnings, estimating a significant boost to the company’s earnings per share over the next two years.
Ranked at No. 321 among more than 8,900 analysts on TipRanks, Tarlowe has a success rate of 67% and an average return of 18.8%. (Check out Costco Dividends on TipRanks)
MongoDB
MongoDB (MDB), the database software company, faced a stock dip after issuing weak guidance for the second quarter and revising its full-year outlook downward in May.
Analyst Ivan Feinseth from Tigress Financial lowered the price target on MDB stock but maintained a buy rating, viewing the stock sell-off as an attractive buying opportunity.
Feinseth is optimistic about MongoDB’s growth prospects, especially in the developer community, and highlighted the momentum behind its Atlas DBaaS product.
He also emphasized the company’s AI integration in its offerings and its expansion into various industry verticals, pointing to the superiority and cost advantages of MDB’s DBaaS platform.
Ranked at No. 191 on TipRanks, Feinseth boasts a success rate of 62% and an average return of 13.6%. (Explore MongoDB Stock Buybacks on TipRanks)
Nvidia
Nvidia (NVDA), the semiconductor giant, is the third pick for this week. The increasing demand for its advanced graphics processing units driven by the generative AI wave has fueled the stock’s impressive performance this year.
Analyst Toshiya Hari from Goldman Sachs, after a meeting with Nvidia’s CFO, reiterated a buy rating on the stock with a price target of $135. He is bullish on Nvidia’s sustained innovation and dominance in AI-related technologies.
Hari is confident about Nvidia’s position in the market, citing factors like a large customer base and efficient supply chain management. He expects significant revenue contribution from Nvidia’s next-gen AI graphics processor Blackwell in the coming quarters.
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