Investors looking for long-term growth prospects may be interested in e-commerce and cloud computing giant Amazon (AMZN). Mizuho analyst James Lee recently reiterated a buy rating on AMZN stock with a price target of $230. Lee is optimistic about the revenue growth of Amazon’s cloud computing unit, Amazon Web Services (AWS), predicting an acceleration in 2024. According to a quarterly AWS customer survey conducted by Mizuho, there are signs of an increasing sales cycle as AWS customers are seeking more executive business center meetings. The survey also indicated a faster pace in ending on-premise data center contracts, suggesting a rapid migration of workloads to the cloud. Lee’s rankings on TipRanks place him at No. 428 out of more than 8,700 analysts, with a success rate of 59% and an average return of 11.5%.
Acushnet Holdings (GOLF), a golf products manufacturer, has shown promising growth potential. Tigress Financial analyst Ivan Feinseth reaffirmed a buy rating on GOLF stock and increased the price target to $74 from $68. The company experienced a 4.9% year-over-year growth in net sales in 2023, driven by increased sales volumes of golf balls, clubs, and gear under the Titleist brand. Feinseth noted the positive trends in the golf industry, with new players entering the sport and a rise in rounds played. Acushnet’s strong brand equity, driven by leading product lines like FootJoy and Titleist, contributes to its premium market valuation. The company has also been enhancing shareholder returns through dividend hikes and share repurchases. Feinseth holds the 243rd position among TipRanks analysts, with a success rate of 61% and an average return of 12.4%.
Another stock favored by analysts for long-term growth is BJ’s Wholesale Club (BJ). Goldman Sachs analyst Kate McShane upgraded BJ stock to buy from hold and raised the price target to $87 from $81. McShane anticipates strong revenue growth driven by increased market share and improving industry trends. With the grocery category accounting for a significant portion of BJ’s merchandise sales, McShane expects better revenue prospects as the company sees volume growth in the grocery business and enhanced customer engagement in general merchandise. McShane also foresees benefits from potential increases in membership fees, given BJ’s large membership base and impressive renewal rate. Ultimately, BJ is seen as an attractive club model with significant growth potential in new club openings. McShane ranks at No. 959 among TipRanks analysts, with a success rate of 62% and an average return of 5.1%.
These three stocks – Amazon, Acushnet Holdings, and BJ’s Wholesale Club – have caught the attention of top Wall Street analysts for their long-term growth prospects. Each company has unique strengths and market positions that position them well for future success. Investors may want to consider these stocks as part of a diversified portfolio aimed at long-term growth and stability.