Here are 3 stocks chosen by the best Wall Street experts according to TipRanks, a platform that ranks analysts based on their past performance.
The chip giant, which is under pressure due to the slump in the computer games market. Its revenue and profit fell in fiscal Q4 compared to 2022 but it still managed to beat Wall Street expectations thanks to year-on-year revenue growth. Its revenue is expected to rise 28% this year, thanks to higher spending in artificial intelligence.
After recent results, analysts are calling Nvidia a favourite and a recommended buy. They raised their target price for the stock to $300 from the original $275. They are currently trading at $242.28.
Ross Stores (ROST)
In the fourth quarter of fiscal 2022, the company achieved very good results as the value-for-money offering continued to attract new customers. Its earnings are expected to return to double-digit growth this year thanks to higher operating margins, accelerated new store openings and a share buyback program. The target is set at $125, and analysts are recommending to buy. It is currently trading at $102.30.
Kontoor Brands (KTB)
A consumer goods company and owner of the iconic Wrangler and Lee brands. It reaped great success in Q4 2022, which has created a strong outlook for this year.
Analysts say demand for the Wrangler and Lee brands is getting better. The company’s sales growth is expected to be positive in Q2 and accelerate over time. A buy rating is recommended and the target price per share is raised to $60 from $53. The stock is currently trading at $50.23.