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

U.S. stocks settled higher on Friday, with the S&P 500 gaining 2.3% during August to record its fourth consecutive winning month. The Dow rose around 1.8%, while the Nasdaq Composite recorded a 0.7% gain for the period.

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: Leo Mariani

• Analyst Firm: Roth MKM
• Ratings Accuracy: 88%
• Latest Rating: Initiated coverage on Antero Resources Corporation AR with a Buy rating and a price target of $32 on Aug. 27. This analyst sees around 19% upside in the stock.
• Recent News: On July 31, Antero Resources posted a wider-than-expected quarterly loss.

Analyst: Richard Davis

• Analyst Firm: Canaccord Genuity
• Ratings Accuracy: 88%
• Latest Rating: Maintained a Hold rating on Okta, Inc. OKTA and cut the price target from $95 to $90 on Aug. 29. This analyst sees around 14% upside in the stock.
• Recent News: On Aug. 28, Okta reported quarterly earnings of 72 cents per share, which beat the analyst consensus estimate of 61 cents per share.

Analyst: Zachary Fadem

• Analyst Firm: Wells Fargo
• Ratings Accuracy: 87%
• Latest Rating: Maintained an Equal-Weight rating on Best Buy Co., Inc. BBY and raised the price target from $80 to $95 on Aug. 30. This analyst sees around 5% downside in the stock.
• Recent News: On Aug. 29, Best Buy reported better-than-expected second-quarter financial results raised its FY25 earnings guidance.

Analyst: William Stein

• Analyst Firm: Truist Securities
• Ratings Accuracy: 87%
• Latest Rating: Maintained a Buy rating on NVIDIA Corporation NVDA and boosted the price target from $145 to $148 on Aug. 29. This analyst sees more than 24% gain in the stock.
• Recent News: On Aug. 28, Nvidia reported better-than-expected earnings and sales results for its second quarter.

Analyst: Doug Anmuth

• Analyst Firm: JP Morgan
• Ratings Accuracy: 85%
• Latest Rating: Maintained an Overweight rating on Chewy, Inc. CHWY and raised the price target from $28 to $33 on Aug. 29. This analyst sees around 16% upside in the stock.
• Recent News: On Aug. 28, Chewy reported better-than-expected second-quarter 2024 results and reaffirmed annual guidance.

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