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In the world of stock market investing, Wall Street analysts play a crucial role in providing insights and recommendations to investors. However, not all analysts and their stock picks prove to be successful. With the diverse opinions and ratings provided by analysts, it becomes challenging for investors to determine whom to trust.
Thankfully, TipRanks, a platform that tracks analyst performance, offers a valuable tool for evaluating analysts’ stock picks. By analyzing the overall performance of over 8,000 analysts and ranking them based on their success rates and average returns, TipRanks provides a comprehensive view of their expertise.
In this article, we will explore the recent stock picks from the top eight highest-ranked Wall Street analysts of the past decade, giving investors an insight into their performance and potential investment opportunities.
1. Green Impact Partners Inc. (GIPIF)
Dan Payne, a respected analyst from National Bank, is ranked fourth among the top analysts in the TipRanks database. Payne has an impressive success rate of 66% on his stock ratings, and his 232 stock picks have achieved an average return of 56.7%. Payne focuses on Canadian stocks and has expressed a positive outlook on Green Impact Partners, a clean energy company. Payne’s bullish coverage of Green Impact began in August 2022. In 2023, Green Impact shares have already risen by 32.7%. Payne recommends buying GIPIF stock and has set a target price of $11.08. On June 5, GIPIF stock closed at $5.64.
2. Nvidia Corp. (NVDA)
Jefferies analyst Mark Lipacis has an excellent reputation for picking stocks. He is ranked as the number one analyst out of over 8,000 analysts in the TipRanks database. Lipacis has been successful in rating stocks with a 73% accuracy rate, and his 498 stock picks have delivered an average return of 30.3%. One of his recent stock picks is Nvidia, a company that makes semiconductors. On May 24, Lipacis expressed his positive opinion on Nvidia again, and since then, the stock has already gone up by more than 28%. Lipacis recommends buying Nvidia shares and has set a target price of $472. On June 6, Nvidia stock closed at $386.80.
3. Eagle Materials Inc. (EXP)
Raymond James analyst Patrick Brown is one of the top analysts in the TipRanks database over the past decade. With a success rate of 76% in 502 stock picks, Brown has shown his expertise. His stock picks have also delivered an impressive average return of 18.1%. One of Brown’s recent stock picks is Eagle Materials, a company that produces construction materials like cement and wallboard for various types of construction projects. Since August 2022, when Brown expressed his positive view on Eagle Materials, the company’s shares have outperformed the S&P 500 by more than 23%. Brown recommends buying EXP stock and has set a target price of $176. On June 6, EXP stock closed at $166.37.
4. Broadcom Inc. (AVGO)
Deutsche Bank analyst Ross Seymore, a top Wall Street analyst, has recently recommended investing in Broadcom, a semiconductor company. Seymore has an impressive success rate of 77% in his 362 stock picks, and his ratings have delivered an average return of 24.8%. Since November 2018, Seymore has maintained a positive outlook on Broadcom. The stock has significantly outperformed the S&P 500, showing a remarkable 190% increase since his initial recommendation. In May, Broadcom announced a significant partnership with Apple Inc. (AAPL) to manufacture 5G device components in the United States. Seymore recommends buying AVGO stock with a target price of $870. On June 6, AVGO stock closed at $790.00.
5. Marvell Technology Inc. (MRVL)
Marvell Technology, a semiconductor company, is a recent stock pick recommended by Oppenheimer analyst Rick Schafer, who is ranked sixth among Wall Street analysts on TipRanks. Schafer has achieved a 73% success rate in his 499 stock picks, generating an average return of 22.6%. Schafer has held a positive outlook on Marvell since May 2017, and since then, the stock has outperformed the broader S&P 500 by almost 185% since his initial endorsement. Recently, Marvell stock experienced a significant surge of over 40% within a week as investors showed strong confidence in artificial intelligence chips. Schafer recommends buying MRVL stock with a target price of $70. On June 6, MRVL stock closed at $59.12.
6. Credo Technology Group Holding Ltd. (CRDO)
Quinn Bolton, an analyst from Needham, has proven his stock-picking skills with an impressive success rate of 71% on his ratings. Even more remarkable is the average return of 37.5% on his 496 stock picks. One of Bolton’s recent stock picks is Credo Technology, a company focused on high-speed connectivity. Bolton expressed his positive view on Credo Technology on February 21, 2022, and has reaffirmed it eight times since then. However, during that period, Credo shares have declined by 12%. Despite the underperformance, Bolton remains optimistic about Credo and reiterated his positive coverage on May 31. Bolton recommends buying CRDO stock with a target price of $17. On June 6, CRDO stock closed at $15.75.
7. Daseke Inc. (DSKE)
Jason Seidl, an analyst from TD Cowen, holds a high rank in the TipRanks database. He has made 495 stock picks, out of which an impressive 366 have resulted in positive returns over a one-year period. This success rate stands at 74%. Seidl’s average return on his stock picks is 25.4%. One of Seidl’s recent stock picks is Daseke, a company that specializes in transportation and logistics services. Although Daseke shares have experienced a 20% decline in the past year, Seidl views this as an opportunity to buy. Since August 2018, Seidl has consistently held a positive outlook on the stock. Seidl recommends buying DSKE stock and has set a target price of $12. On June 6, DSKE stock closed at $6.87.
8. Dollar Tree Inc. (DLTR)
Scot Ciccarelli, an analyst from Truist Financial, is ranked fifth among TipRanks’ top-performing analysts. With a success rate of 72%, Ciccarelli has made 493 stock picks that have delivered an average return of 19.7%. Over the past five years, shares of discount retailer Dollar Tree have risen by nearly 60%. Ciccarelli has held a positive view on the stock since 2018. However, Dollar Tree recently reported lower-than-expected earnings and reduced its full-year guidance, resulting in a decline in its stock price. This presents a potential opportunity for investors to consider buying. Ciccarelli recommends buying DLTR stock with a target price of $156. On June 6, DLTR stock closed at $131.49.
In conclusion, exploring the stock picks of the top-ranked Wall Street analysts provides valuable insights into the market and potential investment opportunities. By following the performance and recommendations of these analysts, investors can enhance their decision-making process. However, it’s important to note that investing in the stock market carries inherent risks, and past performance is not indicative of future results. It is always recommended to conduct thorough research, consult with a financial advisor, and consider one’s own risk tolerance before making any investment decisions. If you found this article informative, be sure to check out our other articles for more insights into the world of finance and investing. Remember, knowledge is power when it comes to navigating the dynamic landscape of the stock market.