Wall Street’s top analysts bet on these stocks as economic uncertainty increases

Apple CEO Tim Cook presents the new iPhone 14 at an Apple event at their headquarters in Cupertino, California
TradeGM Analysis date_range September 19th, 2022

Given unmanageable inflation and a declining economy, the market outlook is getting more and more unpredictable.

Stocks lost money on Friday. After a severe sell-off on Tuesday in which the Dow Jones Industrial Average lost more than 1,200 points, they ultimately failed to recover.

Given unsustainable inflation and a declining economy, the market outlook is getting more and more unpredictable.

Stocks lost money on Friday. After a severe sell-off on Tuesday in which the Dow Jones Industrial Average lost more than 1,200 points, they ultimately failed to recover.

Given this context, investors must choose their investments while looking past the current market turbulence. To that end, TipRanks, a website that rates analysts based on their success history, has listed five equities recommended by top Wall Street gurus.

There is no need to introduce Apple (AAPL).

The iPhone manufacturer has been defying all expectations and advancing with exciting product introductions. The business conducted its major fall event on September 7, during which it unveiled the eagerly anticipated iPhone 14 series, Apple Watches, and AirPods.

White expressed concern that the perilous macro environment would cause customers to postpone making a new smartphone purchase. However, the fact that the business did not raise the cost of the iPhone 14 cellphones gave him hope.

White points out that Apple’s price-to-earnings ratio at the moment is higher than it has been in recent years. However, the analyst was optimistic when considering the long-term business strategy, noting that Apple’s robust services sector has built a strong foundation of consumer confidence.

The analyst, who is ranked 470th out of roughly 8,000 analysts followed by TipRanks, gave the shares of Apple (AAPL) a buy recommendation with a $174 price target.

In the past, White has had a 57% success rate with his predictions, with average returns of 11% for each prediction.

EQT Corporation

The EQT Corporation is expanding as a result of the rising demand for natural gas as an energy source (EQT). It goes without saying that this year’s skyrocketing oil and gas prices have also sent EQT on a wild trip.

The business just signed a contract to buy shale producer Tug Hill. Following the news, Scott Hanold of RBC Capital Markets restated his buy recommendation on EQT stock and raised his price target by $2 to $57. Hanold justified his optimism by saying that the deal “checks those boxes.” “Management’s recent comments during its 2Q22 conference call highlighted that acquisitions need to be more compelling than buying its own stock back and also additive to asset quality, including reducing the corporate break-even point,” said Hanold.

Devon Energy

The top market analysts choose Devon Energy (DVN), a different operator in oil and natural gas exploration and production. Most of the company’s business is being driven by its advantageous geographic location. Devon Energy’s primary operational regions are the wealthy Delaware, Eagle Ford, Anadarko, Powder River, and Williston basins.

The business joined forces with Delfin Midstream to produce liquefied natural gas (LNG) earlier this month. The contract entails an agreement between the two parties for a long-term liquefication capacity in Delfin’s first floating LNG vessel of 1 million tonnes per annum, with the option of adding another 1Mtpa in the first project or in subsequent vessels.

Following the announcement, Mizuho Securities analyst Vincent Lovaglio expressed optimism about the deal’s prospects and reiterated his firm’s buy recommendation with a $91 price objective. “Investment downstream in liquefaction can connect otherwise price-disadvantaged Permian natural gas to premium global markets, using surplus free cash flow today to convert a molecule previously seen of as a possible liability into an asset,” the analyst believes. (See TipRanks for Devon Energy Dividend Date & History.)

Additionally, the agreement might increase Devon’s yearly payout by about 30%. On TipRanks, Lovaglio is ranked first out of approximately 8,000 experts. Notably, 91% of his predictions have come true, with an average return of 46.2% on each prediction.Apple

Broadcom

Manufacturer of semiconductor components Broadcom (AVGO) has recently concentrated on exploiting strategic acquisitions as well as internal growth to add high-margin software to its product line. Analysts were therefore interested in Broadcom’s $61 billion acquisition of VMware, a maker of virtualization software.

Vijay Rakesh, a Mizuho analyst, was one of many optimistic about the transaction. He noted the company’s focus on higher margin growth and stated, “With VMware, we believe AVGO might follow a path similar to Symantec-CA where it preserved critical core assets and exited some low volume high touch sectors. (View TipRanks’ Broadcom Stock Investors page)

According to the analyst, the acquisition will have a major impact on Broadcom’s earnings per share. The analyst reiterated a buy recommendation on the stock and forecasted a price target for the company’s shares of $793.

Rakesh is certain that Broadcom has the ability to unlock value due to its dominant market position across a number of industries, operating leverage, and emphasis on acquisitions that increase its margins.

Rakesh, who is ranked 128th out of almost 8,000 analysts on TipRanks, has received positive ratings in 57% of his ratings. Additionally, each of his ratings has produced an average return of 20.2%

Nvidia

Chip giant Nvidia is another of Vijay Rakesh’s best picks for this season (NVDA). Due to U.S. prohibitions on the selling of high-performance AI processors in China, the business was recently in the news for estimating a $400 million impact to third-quarter revenue.

Rakesh reiterated his previous strong position on Nvidia and reiterated a buy recommendation on the stock with a price target of $225 after interacting with top Nvidia personnel. Rakesh expressed optimism over the company’s premium Hopper architecture, which is proceeding normally despite the embargo. This is as a result of the majority of the development team being American. (See TipRanks’ Nvidia Stock Chart, Price History & Graphs)

With the amended 8-K providing for supply chain freedom through Hong Kong and China, we anticipate the Hopper ramp will not be impacted by the export ban, according to Rakesh, who sees this loophole to be a huge respite for the company.

Additionally, Nvidia supports more than 90% of all AI workloads in the world of data centers. A significant macrorisk-resistant secular growth potential for the corporation is likely to come from AI.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.42% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. X