When it comes to long-term growth prospects, e-commerce and cloud computing giant Amazon (AMZN) is a top pick by Wall Street analysts. Despite a hotter-than-expected consumer inflation reading that spooked investors, many analysts remain bullish on the stock. Mizuho analyst James Lee, for example, reiterated a buy rating on AMZN stock with a price target of $230. Lee’s optimism stems from the expected acceleration of revenue in Amazon’s cloud computing unit, Amazon Web Services (AWS), by 2024. According to Mizuho’s quarterly AWS customer survey, there are clear signs of an accelerating sales cycle, indicating a faster migration of workloads into the cloud. Lee’s ranking among analysts by TipRanks is 428 out of more than 8,700, with successful ratings delivering an average return of 11.5%.
Acushnet Holdings (GOLF)
Another stock favored for its long-term growth potential is golf products maker Acushnet Holdings (GOLF). The company saw net sales of $2.4 billion in 2023, reflecting a 4.9% year-over-year growth fueled by sales volumes of golf balls, clubs, and gear under the Titleist brand. Tigress Financial analyst Ivan Feinseth reaffirmed a buy rating on GOLF stock and raised the price target to $74. Feinseth expects the company to benefit from new players entering the sport, increased rounds played, and product launches. With the golf industry experiencing a surge in the number of new golfers and total rounds played, Acushnet’s strong brand equity and shareholder returns through dividends and share repurchases make it an attractive investment. Feinseth’s ranking among analysts by TipRanks is 243 out of more than 8,700, with profitable ratings delivering an average return of 12.4%.
BJ’s Wholesale Club (BJ)
BJ’s Wholesale Club (BJ), a membership-only warehouse club chain, is also on the radar of top Wall Street analysts for its long-term growth potential. Goldman Sachs analyst Kate McShane upgraded BJ stock to buy from hold and increased the price target to $87. McShane expects the company to benefit from increased market share and improving industry trends, particularly in the grocery category. With a membership base of over 7 million accounts and a strong renewal rate, BJ is poised for revenue growth driven by the grocery business and enhanced customer engagement in the general merchandise category. McShane’s ranking among analysts by TipRanks is 959 out of more than 8,700, with profitable ratings delivering an average return of 5.1%.
Investors looking for buying opportunities with long-term growth in mind may want to consider Amazon, Acushnet Holdings, and BJ’s Wholesale Club. These top stock picks are backed by strong fundamentals, favorable industry trends, and the expertise of top Wall Street analysts. While short-term market fluctuations may occur, having a long-term perspective can help investors navigate through uncertainties and capitalize on the growth potential of these companies. Always do your own research and consult with a financial advisor before making investment decisions based on analyst recommendations.