Lately, the financial market has been volatile due to macroeconomic challenges, upcoming elections, and global uncertainties faced by investors.
During such uncertain times, investors can navigate through market fluctuations by focusing on the long-term potential of companies rather than reacting to short-term changes.
One way to identify potential investment opportunities is by analyzing insights shared by top analysts from Wall Street and their investment recommendations.
Below are three stocks that have captured the attention of renowned Wall Street analysts, as per TipRanks, a platform that evaluates analysts based on their past performance.
Costco Wholesale
Costco Wholesale (COST), the members-only retail giant, is the first pick for this period. The company recently raised its membership fees and reported robust June sales figures.
Analyst Corey Tarlowe from Jefferies, in response to the fee hike, reiterated a bullish outlook on COST stock and raised the price target to $1,050. He believes that the fee increase could act as a catalyst for Costco’s stock and financial performance.
Tarlowe highlighted the potential impact of the higher fees on sales and earnings, foreseeing a significant rise in the company’s earnings per share in the next two years.
Ranking at No. 321 out of 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 software company specializing in databases, saw a drop in its stock price following weak second-quarter projections and a downward revision of its annual forecast in May.
Analyst Ivan Feinseth from Tigress Financial reduced the target price for MDB shares but maintained a positive outlook, viewing the stock decline as a buying opportunity.
Feinseth is optimistic about MongoDB’s future expansion, particularly in the developer community, and highlighted the growth potential of its Atlas DBaaS service.
He also emphasized the incorporation of AI by the company in its solutions and its expansion into various industry verticals, highlighting the efficiency and competitive pricing of MDB’s DBaaS offering.
Ranked at No. 191 on TipRanks, Feinseth holds a success rate of 62% and an average return of 13.6%. (Explore MongoDB Stock Buybacks on TipRanks)
Nvidia
Nvidia (NVDA), the prominent semiconductor giant, is the third choice for this period. The increasing demand for its advanced graphics processing units, driven by the evolving AI trend, has led to the stock’s outstanding performance this year.
Analyst Toshiya Hari from Goldman Sachs, after a dialogue with Nvidia’s CFO, maintained a positive outlook on the stock with a target price of $135. He is bullish on Nvidia’s continuous innovation and dominance in AI-related technologies.
Hari has confidence in Nvidia’s strong market position, citing factors such as a broad customer base and efficient supply chain management. He predicts a substantial revenue contribution from Nvidia’s upcoming AI graphics processor Blackwell in the coming quarters.
Image Source: JRdes / Shutterstock
