With the market back at a record, top analysts of Wall street think these stocks can go even higher

Stocks are once again at record high levels — with the S&P 500 now up over 21% on a one-year basis. That’s following Federal Reserve Chair Jerome Powell’s more-relaxed inflation targeting strategy, impressive second quarter earnings and encouraging Washington-Beijing trade talk progress.

And while there are now a staggering 24 million cases of coronavirus worldwide, the approval of Abbott’s 15-minute Covid-19 test does provide further reopening optimism. However the knock-on effect is that upside potential is looking increasingly limited.

How much further can the rally take us? To find stocks poised to outperform, it’s worth focusing on those companies that can deliver strong growth in expanding markets. Here we look at six stocks that do just that — and what’s more, all these stocks have received bullish calls from the Street’s top analysts over the last week.

In fact, three of these stocks have just received a new Street-high price target. TipRanks analyst forecasting service attempts to pinpoint Wall Street’s best-performing analysts — so investors can follow analysts that tend to get it right. These are the analysts with the highest success rate and average return measured on a one-year basis — factoring in the number of ratings made by each analyst.

Online sports betting company DraftKings has just received the thumbs up from five-star Northland Securities analyst Greg Gibas. He reiterated his buy rating with a $50 price target after Illinois reinstated remote registration —helping DraftKings capture early market share in the state.

“This positive development comes a few weeks ahead of the NFL season kickoff, a time when many operators will likely ramp up promotional and marketing activity. We therefore believe this is one of the best weeks for this announcement to happen” the analyst cheered.

Gibas sees multiple tailwinds for 2H20 including pent-up consumer demand due to the lack of 1H20 sporting events, and the pandemic’s impact on consumers spending more time at home. That’s alongside a heavy 2H20 sports calendar, with the NBA, NHL, and MLB holding regular season and playoff games, the NFL season, and five golf and tennis majors.

“The company’s premier brand reputation, asset-light business model with vertical integration, cross-sell potential on its established user base, technology infrastructure, and unique/ sustainable differentiation makes DraftKings a compelling long-term pure-play investment” Gibas told investors on August 25.

Thanks to his strong stock picking skills, the Northland analyst is currently tracking a 73% success rate and stellar 43.7% average return per rating. Wedbush’s Daniel Ives has just boosted his Apple stock price forecast from $515 to a Street-high $600- and established a new bull case price target of $700. This is way ahead of the average analyst price target of $445.

Driving this bullish sentiment is the upcoming iPhone 12 ‘supercycle’. According to Ives, Apple has a “once in a decade” opportunity over the next 12 to 18 months with roughly 350 million of 950 million iPhones worldwide ready for an upgrade.

“Taking a step back we believe iPhone 12 represents the most significant product cycle for Cook & Co. since iPhone 6 in 2014 and will be another defining chapter in the Apple growth story looking ahead despite a softer consumer spending environment in our opinion” Ives wrote on August 26.

He believes many analysts are underestimating the massive pent-up demand around this supercycle for Apple, telling investors this remains the key opportunity for bulls heading into 2021.

“We maintain our Outperform rating with Apple being our favorite name to play the 5G theme and strongly believe a further re-rating of Apple’s stock is on the horizon as Cupertino heads into this transformational iPhone product cycle” the analyst concludes. With an 18.2% average return per rating, Ives comes in at #165 out of over 6,900 analysts tracked by TipRanks.

With the market back at a record, top analysts of Wall street think these stocks can go even higher via @MasterMindUpdate
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