This Analyst With 85% Accuracy Rate Sees Around 16% Upside In Amazon.com - Here Are 5 Stock Picks For May From Wall Street's Most Accurate Analysts

U.S. stocks closed lower on Wednesday. The Dow Jones recorded losses for May, while the Nasdaq added 5.8% last month.

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: Zachary Fadem

• Analyst Firm: Wells Fargo
• Ratings Accuracy: 87%
• Latest Rating: Maintained an Equal-Weight rating on Best Buy Co., Inc. BBY and cut the price target from $80 to $75 on May 26, 2023. Fadem sees around 3% upside in the company’s stock.
• Recent News: Best Buy reported better-than-expected first-quarter earnings results and reaffirmed FY24 guidance.

Analyst: Mark Kelley

• Analyst Firm: Stifel
• Ratings Accuracy: 87%
• Latest Rating: Reinstated a Hold rating with a price target of $28 on Clear Secure, Inc. YOU on May 26, 2023. This analyst sees around 13% upside in the stock.
• Recent News: Clear Secure reported better-than-expected first-quarter results.

Analyst: Chris Caso

• Analyst Firm: Raymond James
• Ratings Accuracy: 86%
• Latest Rating: Maintained a Strong Buy rating on NVIDIA Corporation NVDA and boosted the price target from $290 to $450 on May 25, 2023. This analyst expects around 19% gain in the company’s stock.
• Recent News: NVIDIA reported better-than-expected first-quarter results and issued strong guidance.

Analyst: William Power

• Analyst Firm: Baird
• Ratings Accuracy: 86%
• Latest Rating: Maintained an Outperform rating on MongoDB, Inc. MDB and raised the price target from $230 to $290 on May 31, 2023. Power sees the stock dropping around 1%.
• Recent News: MongoDB and Alibaba Cloud reported a four-year extension to their strategic global partnership that has seen significant growth since being announced in 2019.

Analyst: Mark Shmulik

• Analyst Firm: Bernstein
• Ratings Accuracy: 85%
• Latest Rating: Maintained an Outperform rating on Amazon.com, Inc. AMZN and raised the price target from $125 to $140 on May 31, 2023. This analyst sees around 16% growth in the stock.
• Recent News: Amazon.com agreed to pay $30.8 million in settlements with the Federal Trade Commission over allegations of spying on customers through Ring doorbell cameras and violating children’s privacy rights with Alexa recordings.

Read More: Top 5 Tech And Telecom Stocks That Are Flying - And May Collapse