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Wall Street Analysts Like These Three Stocks for Their Growth Prospects

April 14, 2024
minute read

Last week, investors were rattled by a consumer inflation report that surpassed expectations, contributing to market jitters. However, amidst this volatility, adopting a long-term investment perspective might reveal potential buying opportunities.

Prominent analysts on Wall Street are identifying their top stock picks based on long-term growth potential. Here are three stocks favored by leading analysts, as per TipRanks, a platform ranking analysts according to their historical performance.

AmazonThe first pick for this week is Amazon (AMZN), the e-commerce and cloud computing behemoth. Ahead of the company's quarterly earnings announcement, several analysts have reiterated their bullish outlook on the stock.

Mizuho analyst James Lee has maintained a buy rating on AMZN with a price target of $230. Lee is cautiously optimistic about the growth trajectory of Amazon Web Services (AWS), the company's cloud computing division, foreseeing an acceleration in revenue for 2024. He views AMZN as the top pick for his firm.

Based on a recent quarterly survey conducted by Mizuho with a prominent AWS partner, Lee noted encouraging trends. There are indications of a quicker sales cycle, evidenced by increased demand for executive business center meetings among AWS customers. Additionally, clients are transitioning away from on-premise data centers at an accelerated pace, signaling a rapid migration of workloads to the cloud.

Lee, ranked 428th among over 8,700 analysts by TipRanks, boasts a success rate of 59% with an average return of 11.5% per recommendation.

Acushnet HoldingsMoving to the golf industry, Acushnet Holdings (GOLF) has garnered attention. The company achieved net sales of $2.4 billion in 2023, representing a 4.9% year-over-year increase, driven by heightened demand for golf balls, clubs, and gear under the Titleist brand.

Tigress Financial analyst Ivan Feinseth has reaffirmed a buy rating on GOLF with a raised price target of $74, up from $68. Feinseth anticipates continued growth for the company fueled by the influx of new golfers, an uptick in rounds played, and ongoing product launches across its flagship brands.

Feinseth emphasizes the enduring appeal of Acushnet's strong brand equity, particularly with brands like FootJoy and Titleist, which command premium market valuations. Additionally, Acushnet's commitment to shareholder returns through dividend increases and share repurchases further bolsters its investment appeal.

Ranked 243rd among TipRanks analysts, Feinseth boasts a success rate of 61% with an average return of 12.4% per recommendation.

BJ's Wholesale ClubLastly, BJ's Wholesale Club (BJ), a membership-only warehouse retailer, has caught the eye of analysts. Goldman Sachs analyst Kate McShane upgraded BJ to a buy rating from hold, raising the price target to $87 from $81. McShane anticipates robust revenue growth driven by market share gains and favorable industry trends.

McShane underscores BJ's dominance in the grocery category, which constitutes 86% of its merchandise sales in fiscal 2023. She expects a positive revenue outlook fueled by increased volume growth in the grocery segment and enhanced customer engagement in general merchandise.

Furthermore, McShane anticipates benefits from BJ's strategic initiatives, including assortment refreshes and membership fee increases. With a membership base exceeding 7 million accounts and a remarkable renewal rate of 90% in fiscal 2023, BJ's is poised for sustained market share expansion.

Ranked 959th among TipRanks analysts, McShane boasts a success rate of 62% with an average return of 5.1% per recommendation.

In conclusion, despite short-term market uncertainties, these three stocks offer promising long-term investment opportunities, backed by favorable industry dynamics and robust growth prospects.

John Liu
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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