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Out on Wall Street, stocks are taking a breather from this month’s rally. Despite encouraging updates on a potential coronavirus vaccine, disappointing unemployment data and a spike in coronavirus cases have spooked investors.
Not helping investor sentiment, New York City Mayor Bill de Blasio announced that schools would return to remote learning to mitigate the virus’ spread.
“The market has really been in a celebratory mode since Election Day and rode through it again last week. I think the idea now is people are beginning to consider taking some profits ahead of expectations that taxes related to capital gains could rise in 2021. I also think there’s the consideration of the transition in COVID to post-COVID… Even with the resurgence, all the vaccine news tells us [is] there is a post-COVID ahead,” Oppenheimer’s Chief Investment Strategist John Stoltzfus noted.
As plenty of question marks remain going forward, spotting stocks poised to outperform the broader market isn’t easy. One approach is to take a cue from the analysts with a proven track record of success. TipRanks analyst forecasting service attempts to pinpoint Wall Street’s best-performing analysts. These are the analysts with the highest success rate and average return per rating.
Here are the best-performing analysts’ five favorite stocks right now: