Even as companies face labor shortages and inflationary pressures, markets are rising to all-time highs. Still, investors have to adopt a long-term approach when choosing stocks.
According to TipRanks, a platform to track best-performing stock pickers, leading Wall Street investors have identified the following stocks as long-term winners.
Here’s how top analysts predict the stocks to perform as we approach year-end.
1. Nio (NIO)
Nio’s recent third-quarter reports don’t exactly bear clear results, which most investors might find troubling. The automobile manufacturer is currently in a fix owing to its companywide manufacturing restructuring and supply chain constraints.
Though it delivered way ahead of revenue estimates, Nio’s fourth quarter came out more conservative than expected. However, Mizuho Securities‘ Vijay Rakesh believes the company’s issues will only affect its performance in the near term.
Mentioning that the EV market in China is expanding to the point of an “inflection in adoption”, Rakesh remains of the opinion that the stock’s future looks bright over the long term. With a price target of $67, the analyst rated the stock a buy.
The automaker’s expansion project has recently brought it to Norway, strengthening its arrival in a new target market beyond China’s borders. Entry into Europe was a key milestone for Nio, and the US introduction is now next on the list.
With his ratings bearing an average return rate of 53.7% and success rate of 79%, Rakesh ranks No.30 out of over 7,000 analysts, claims TipRanks.
2. Datadog (DDOG)
Since enterprise-level business infrastructure is now shifting to the cloud, its management and security fall to companies like Datadog. Needham & Co‘s Jack Andrews comments that not only has DDOG witnessed an impressive boost since its 2019 IPO but, its third-quarter was also extraordinarily strong. He also rated the stock a buy with a bullishly increased price goal from $173 to $236.
The analyst believes that DDOG is performing well on its current offerings and is retaining customers and converting them to its multiple products.
As a result of its rapid product innovation, customers continue to order more of its services. Though they are still known to be in their early phases, the subsequent growth following commercialization will speak for itself.
With his ratings bearing an average return rate of 53.8% and success rate of 73%, Andrews ranks No.80 out of over 7,000 analysts, claims TipRanks.
Other stocks to keep an eye on include Zynga (ZNGA) recommended by Wells Fargo‘s Brian Fitzgerald, Snap One (SNPO) recommended by Jefferies’ Stephen Volkmann, and monday.com (MNDY) recommended by William & Blair Company‘s Bhavan Suri.