Benzinga - by Avi Kapoor, Benzinga Staff Writer.
U.S. stocks closed higher on Thursday, with the Nasdaq Composite settling at an all-time high level. The tech-heavy Nasdaq gained around 6.12%, while the S&P 500 added 5.17% in February. The Dow, meanwhile, rose 2.22%, recording gains for four straight months.
Wall Street analysts make new stock picks on a daily basis. Unfortunately for investors, not all analysts have particularly impressive track records at predicting market movements. Even when it comes to one single stock, analyst ratings and price targets can vary widely, leaving investors confused about which analyst's opinion to trust.
Benzinga's Analyst Ratings API is a collection of the highest-quality stock ratings curated by the Benzinga news desk via direct partnerships with major sell-side banks. Benzinga displays overnight ratings changes on a daily basis three hours prior to the U.S. equity market opening. Data specialists at investment dashboard provider Toggle.ai recently uncovered that the analyst insights Benzinga Pro subscribers and Benzinga readers regularly receive can successfully be used as trading indicators to outperform the stock market.
Top Analyst Picks: Fortunately, any Benzinga reader can access the latest analyst ratings on the Analyst Stock Ratings page. One of the ways traders can sort through Benzinga's extensive database of analyst ratings is by analyst accuracy. Here's a look at the most recent stock picks from each of the five most accurate Wall Street analysts, according to Benzinga Analyst Stock Ratings.
Analyst: Josh Siegler
- Analyst Firm: Cantor Fitzgerald
- Ratings Accuracy: 89%
- Latest Rating: Maintained an Overweight rating on Riot Platforms, Inc. (NASDAQ: RIOT) and raised the price target from $19 to $20 on Feb. 28, 2024. This analyst sees around 41% upside in the stock.
- Recent News: On Feb. 26, Riot entered into sales agreement dated Aug. 9, 2023 with sales agents under which it may offer and sell from time to time shares of common stock having an aggregate initial offering price of up to $750,000,000 through sales agent.
- Analyst Firm: Truist Securities
- Ratings Accuracy: 88%
- Latest Rating: Maintained a Buy rating on Trex Company, Inc. (NYSE: TREX) and boosted the price target from $70 to $120 on Feb. 27, 2024. This analyst sees around 31% upside in the stock.
- Recent News: On Feb. 26, Trex reported better-than-expected fourth-quarter financial results..
- Analyst Firm: Baird
- Ratings Accuracy: 88%
- Latest Rating: Maintained an Outperform rating on Okta, Inc. (NASDAQ: OKTA) and increased the price target from $90 to $108 on Feb. 29, 2024. This analyst sees around 1% upside in the stock.
- Recent News: On Feb. 28, Okta reported better-than-expected fourth-quarter financial results and issued strong guidance for FY25.
- Analyst Firm: Wedbush
- Ratings Accuracy: 85%
- Latest Rating: Maintained a Neutral rating on Snowflake Inc. (NYSE: SNOW) and raised the price target from $144 to $210 on Feb. 28, 2024. This analyst sees around 12% surge in the stock.
- Recent News: On Feb. 28, Snowflake said fourth-quarter revenue increased 32% year-over-year to $774.7 million, which beat the consensus estimate of $759.1 million. The company also announced that CEO Frank Slootman has decided to retire from his role as CEO, but will continue to serve as chairman of the board.
- Analyst Firm: BMO Capital
- Ratings Accuracy: 85%
- Latest Rating: Maintained an Outperform rating on Domino's Pizza, Inc. (NYSE: DPZ) and raised the price target from $475 to $535 on Feb. 27, 2024. This analyst sees more than 19% upside in the stock.
- Recent News: On Feb. 26, Domino’s Pizza reported better-than-expected fourth-quarter earnings.
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