Sunday, 21 January 2024

Top Wall Street analysts pick these stocks for solid returns

 Worries persist over prolonged elevated interest rates despite stocks reaching new highs.

Analysts remain bullish on stocks with attractive long-term growth prospects.

TipRanks lists three stocks favored by top analysts: Amazon, DoorDash, and Nvidia.

RBC Capital analyst Brad Erickson reaffirms a buy rating on Amazon (AMZN) with a $180 price target, expecting growth in Amazon Web Services and robust advertising business.

DoorDash (DASH) receives a buy rating and $120 price target from BMO Capital analyst Brian Pitz, citing strong execution and significant market opportunities.

 DoorDash's total addressable market estimated at $2.2 trillion in the U.S. and $2.5 trillion in Europe.

Nvidia (NVDA) earns a buy rating from JPMorgan analyst Harlan Sur, with a $650 price target, driven by the health-care vertical's impressive revenue growth.

Nvidia's health-care business exceeds $1 billion in revenue in FY24, fueled by AI in drug discovery, genomics, diagnostics, and robotics.

Nvidia's generative AI platform for drug discovery, BioNeMo, advances into the beta phase.

Analysts emphasize the competitive positioning of Nvidia in health care, citing partnerships with Amgen and Recursion Pharmaceuticals.