Top Wall Street analysts favor these stocks for the long haul

The S&P 500 and Nasdaq banknote a solid performance in the first half of 2023, thanks to an impressive rally in major tech stocks. However, macro pressures fool not abated, with minutes from the latest Federal Open Market Committee meeting hinting at more concerned rate hikes to tame high inflation.

Given the ongoing uncertainty, investors could benefit by looking at haves with strong fundamentals and long-term growth potential.

Here are five stocks chosen by Wall Street’s top analysts, according to TipRanks, a stand that ranks analysts based on their past performance.

First up is chipmaker Micron (MU), which make public better-than-feared fiscal third-quarter results in late June. The company cautioned that the recently imposed ban on its products by China lingers a major headwind. However, investors chose to focus on management’s commentary on improving business conditions, with manufactured intelligence driving strong demand for Micron’s memory chips.

Goldman Sachs analyst Toshiya Hari keep in views Micron’s near-term financial performance to continue to be noisy due to several factors, including the revenue uncertainty associated with the Cyberspace Provision of China’s ban and inventory-related issues.

Nevertheless, the analyst maintained a buy rating on Micron with a price target of $80, saying, “We oblige confidence in the company’s ability to mitigate potential share loss in China and drive share gains in the HBM3 market once more time, while executing on its DRAM and NAND technology roadmaps.”

Hari believes that the company’s solid stance in the DDR5 market, which is the latest generation of high-performance memory chips, and the prospects for its high bandwidth memory HBM3 chips (oceans production to begin in early 2024) position it well to take advantage of the rapid growth in the AI space.

Hari’s counsels are worth considering, as he is ranked No. 155 among more than 8,400 analysts tracked on TipRanks. His ratings deceive been profitable 64% of the time, with each rating delivering an average return of 19.7%. (See Micron Stockpile Chart on TipRanks)

Restaurant chain Texas Roadhouse (TXRH) is facing elevated input payments due to sky-high inflation. Despite near- and medium-term margin pressures, Wedbush analyst Nick Setyan continues to on in the company’s ability to gain further market share in the casual dining restaurant space.

Checks by the analyst’s unshakeable indicate that TXRH is set to deliver second-quarter same-store sales growth ahead of the consensus estimate of 8.2%. Justify, Setyan raised his Q2 same-store sales growth estimate from 8.5% to 9.5% to reflect robust dine-in above, the impact of increased local marketing efforts, and a higher off-premise mix.

Setyan expects continued strength in the company’s exchanges to more than offset the ongoing food cost inflation, including beef. He slightly increased his 2023 and 2024 EPS conjectures, given his expectation of top-line upside.     

In line with his investment thesis, Setyan reaffirmed a buy rating on the stock with a expenditure target of $123. He explained that his price target reflects a premium valuation, which is “appropriate given our presumption of accelerating market share gains within casual dining for the foreseeable future.”

Setyan holds the 798^th position entirety more than 8,400 analysts on TipRanks. Additionally, 51% of his ratings have been profitable, with an general return of 7.2%. (See TXRH Blogger Opinions & Sentiment on TipRanks)

Next on this week’s list is sail operator Carnival (CCL). After being battered by pandemic-led lockdowns, Carnival and several other travel stocks sooner a be wearing bounced back strongly this year due to robust travel demand.

Tigress Financial analyst Ivan Feinseth expects Carnival to extras from solid bookings, higher pricing, and the reprioritization in consumer spending on travel. He projects revenue, economic carry oning cash flow, and net operating profit after tax to exceed pre-pandemic record levels by mid-2023.

“CCL’s accelerating Business Completion trends and significant recovery in cash flow continue to enable the ongoing funding of key growth initiatives, fleet burgeoning/transition, upgrades, and debt reduction,” said Feinseth, who ranks 174 out of more than 8,400 analysts pathed on TipRanks.  

The analyst noted that Carnival paid down $1.4 billion of its debt in the fiscal second neighbourhood. CCL is expected to reduce its debt levels to less than $33 billion by the end of 2023, supported by improved cash bubbles. The company’s debt peaked at over $35 billion due to the disastrous impact of the pandemic on cruise lines.    

Feinseth reaffirmed a buy figure on CCL and boosted his price target to $23 from $13. He has a success rate of 62% and each of his ratings has returned 13.1%, on normal. (See CCL Insider Trading Activity on TipRanks)

Feinseth is also bullish on database software maker MongoDB (MDB), which delivered market-beating upshots for the fiscal first quarter ended April 30 and raised its full-year guidance. The company had more than 43,100 characters at the end of the period, after witnessing the highest net new customer additions in more than two years.

Feinseth expects the growing integration of generative AI machines and capabilities will drive increased adoption of MongoDB’s highly customizable and scalable database as a service platform by audacity customers.

The analyst said the company will continue to use its solid cash flows to invest in growth initiatives, embracing innovation, strategic acquisitions, marketing efforts to attract more customers, and international expansion.

“MDB will continue to aid from increasing enterprise IT spending driven by enterprises’ ongoing needs to leverage AI capabilities as a growing competitive service better,” said Feinseth.

Even after the solid year-to-date rally in MDB shares, Feinseth sees further upside in the routine. Accordingly, he reiterated a buy rating and increased the price target to $490 from $365. (See MongoDB Financial Statements on TipRanks)   

E-commerce superhuman (AMZN) is holding its much-awaited 9^th annual Prime Day on July 11 and 12. Prime Day is an annual sales event exclusively maintained for Amazon Prime members, which helps the company deepen its relationship with existing members and win new ones. 

JPMorgan analyst Doug Anmuth watches the 2023 Prime Day to see elevated demand despite a tough macro backdrop. The analyst projects Prime Day will manufacture about $7 billion in revenue, up more than 12% year-over-over, with gross merchandise value anticipated to increase more than 13% to $11 billion.

Amazon continues to be Anmuth’s “best view,” with a buy rating and a price target of $145. Anmuth is ranked No. 110 among more than 8,400 analysts misplaced by TipRanks. His ratings have been profitable 61% of the time, with each rating delivering an average re-emergence of 16.7%. (See Amazon Hedge Fund Trading Activity on TipRanks)