April 16, 2024

News and Political Commentary

Top Wall Street analysts like these 3 stocks for long-term growth

2 min read

Inflation worries and concerns around the timing of the Federal Reserve’s rate cuts have shaken the market, but attractive stocks are available if you know where to look.

Wall Street analysts are ignoring the short-term noise to focus on picking stocks with strong fundamentals and long-term growth potential. 

Here are three stocks favored by the Street’s top analysts, according to TipRanks, a platform that ranks analysts based on their past performance.

Chipotle Mexican Grill

We start with fast-casual restaurant chain Chipotle Mexican Grill (CMG). The company recently reported better-than-expected fourth-quarter results, as customer traffic at its restaurants maintained its momentum despite ongoing macro pressures.

In reaction to the upbeat results, Baird analyst David Tarantino reiterated a buy rating on CMG stock and boosted the price target to $2,850 from $2,650. The analyst noted the company’s robust transaction momentum in the fourth quarter, driven by factors like better unit-level execution, enhanced menu promotion and robust marketing efforts.

The analyst thinks that these factors can continue to drive healthy sales for CMG in 2024 and beyond, with management focusing on growing average unit volumes to more than $4 million in the long term, compared to $3 million in 2023.

Tarantino noted that CMG aims to ramp up its unit growth to about 10% annually by 2025. He thinks that this pace of unit growth, coupled with mid-single-digit comps, would help the company “sustain scarce top-line growth characteristics for many years to come.”

Tarantino ranks No. 321 among more than 8,700 analysts tracked by TipRanks. His ratings have been profitable 65% of the time, with each delivering an average return of 10.8%. (See CMG Financial Statements on TipRanks)

Meta Platforms

Next up is social media giant Meta Platforms (META). The company’s earnings per share more than tripled in the fourth quarter of 2023 and bolstered investor sentiment for the stock. Moreover, Meta announced…



2024-02-18 09:37:00

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