Top Wall Street Analysts Believe These Are The Hottest Stocks Right Now
The best-performing Wall Street analysts believe these stocks are the best buys during the coronavirus crisis, according to CNBC.
Even with record unemployment, coronavirus cases surging, and tensions with China, the markets are continuing to rally. Analysts that performed well in the first half of the year believe these 5 stocks are what investors should be buying right now.
Five-star Oppenheimer analyst Rupesh Parikh called Costco a 'Top Pick' on July 8, after the company's ‘monster global June delivery.’ Furthermore, he increased his price target to $355, representing a 12 percent upside potential.
On July 8, #5 ranked RBC Capital analyst Alex Zukin reiterated his buy rating with a $38 price target for Slack Technologies. This move followed the acquisition of modern business directory Rimeto by Slack. Zukin believes that “Rimeto provides a powerful cultural tool that can help strengthen employees to each other, their work, and their company… and will add significant contextual data to Slack’s offering.” He continued stating, "we believe data is the key factor behind the acquisition – employee data, specifically.” “Slack as not just a communication platform, but also a source of employee data that can be embedded into other applications.”
- GenMark Technologies
Canaccord Genuity's Max Masucci believes that GenMark has more room to run after surging 290 percent year-to-date. His price target increased to $20, following a Q2 updated stating that revenues beat expectations by over 28 percent.“GNMK is firing on all cylinders and rising to the challenge of a global pandemic, and we expect near-term catalysts to translate into long-term growth opportunities” cheered Masucci on July 8. He believes that the duration of GNMK’s coronavirus testing opportunity is underestimated, and expects “COVID-driven instrument placements to seed the market for product launches and menu expansion beyond the global pandemic.”
Rosenblatt Securities analyst Kevin Cassidy increased his price target for Synaptics from $66 to $73, following the company's $250 million acquisition of Broadcom's wireless Internet of Things business. “We are upgrading SYNA to Buy from Neutral based on our estimated $0.45 - $0.55 accretion to our FY21 non-GAAP EPS estimates that the Broadcom wireless IoT connectivity business can provide” he wrote on July 7.
- AGNI Homeservices
On July 7, Wells Fargo analyst Brian Fitzgerald raised his price target to $18 from $11, citing improving customer demand outlook. “We also view some continuing slack in the pro market as a positive for ANGI, likely, in our view, to drive a “goldilocks” scenario that should help drive strong service provider engagement with the platform and improving service request match rates” he wrote.