Wall Street doesn’t always get it right.
In fact, it’s always good practice to take analyst opinions with a golf ball-sized grain of salt. That said, Wall Street firms with solid track records can be a useful source of buy ideas.
Let’s take a look at three stocks on the bullish list of Oppenheimer analyst Brian Schwartz — currently, the No. 1 ranked Wall Street analyst (out of 7,641 experts) according to TipRanks.
One of these stocks could very well be your next big wealth-maker.
Leading off our list is cloud-computing software specialist Salesforce, which Oppenheimer reiterated its outperform rating on late last month.
Along with the bullish stance, Schwartz raised his price target on the stock from $265 to $290, representing 10% worth of upside from current levels.
In a note to investors, Schwartz said the stock is worth owning because of Saleforce’s large market opportunity, leadership position, and predictability.
Schwartz also applauded Saleforce’s decision to acquire communication software specialist Slack Technologies for $27.7 billion. Wall Street largely down-thumbed the decision, but Schwartz argues, “The deal is pricey but supports CRM’s long-term growth ambition.”
With the stock off about 4% over the past week, now might be a good time to bet on that ambition using a free investing app.
Next up, we have e-commerce platform giant Shopify, which Schwartz maintains as an outperform with a price target of $1,700 per share. In other words, the analyst still sees upside of about 14% from where Shopify currently trades.
In a note to investors earlier this year, Schwartz wrote that the company is a significant part of a “very large and accelerating market.” He also highlighted the company’s still massive international growth opportunities as the pandemic continues to fuel e-commerce.
In the company’s most recent quarter, earnings clocked in at $879 million as total revenue spiked 57% over the year-ago period to $1.1 billion.
Shopify shares have traded sluggishly in recent weeks and are down 4% over the past few days, giving contrarian tech investors something to think about.
Rounding out our list is cloud-based technologist Sprinklr, which Schwartz recently initiated with an outperform rating. Along with the bullish call, Schwartz planted a price target on the stock of $29, representing significant upside of 65% from current levels.
In a note to investors, Schwartz expressed confidence in Sprinklr’s long-term growth potential, mentioning the company’s leadership position in experience management, increasingly important real-time solutions, and strong internal returns on investment.
Schwartz also highlighted Sprinklr’s pedigree and experienced management team as reasons to be bullish about the company’s ability to compete against cloud computing giants like Salesforce, Microsoft, and Oracle.
Sprinklr shares are down 15% since their IPO earlier this summer, suggesting that the stock could have plenty of room to run for the rest of 2021.
Go down a different path
There you have it: three Oppenheimer-approved stocks worth checking out.
Even if you don’t agree with Oppenheimer’s Schwartz on these specific stock picks, you should still look to implement the time-tested strategy of investing in attractive assets at discounted prices.
One asset that billionaire Bill Gates is partial to is investing in U.S. farmland.
In fact, Gates is America’s biggest owner of farmland and for good reason: Over the years, agriculture has been shown to offer higher risk-adjusted returns than both stocks and real estate.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.