Top Wall Street analysts are getting more positive about these stocks

Top Wall Street analysts are getting more positive about these stocks

Web Desk
June 5, 2022

Top Wall Street analysts are getting more positive about these stocks

Inflation has taken a toll on many sectors in different ways.
Five stocks were recently recommended by TipRanks’ top-performing analysts.
During the first half of 2014, Workday’s stock lost nearly 41% of its value.

A relief rally in the latter week of May put our worries at ease (or rather, a bear market rally). Nonetheless, no matter how hard investors attempted to buy the dip and sustain the rally, inflation remained in the back of their minds.

If harsher times are ahead in the form of a slower economy, rising above current fears and being invested in the appropriate stocks may be a good thing to help tide over near-term waves while securing your long-term wealth portfolio.

It makes sense to keep an eye on what Wall Street’s top experts are saying to better understand how stocks are behaving in these difficult times and how they are projected to perform in the future.

Let’s take a look at five stocks recently recommended by TipRanks’ highest-performing analysts.

Workday

Inflation has taken a toll on many sectors in different ways. According to Workday’s (WDAY) most recent quarterly report on May 27, it was delaying transaction closes. Despite providing a great quarter and a slightly higher sales projection for the upcoming fiscal year, Workday was hit with a slew of decreased price targets from multiple analysts.

As a result of the uncertain economy, this financial and human resources software solutions provider’s backlog is growing. However, management is sure that none of the transactions will be invalidated.

Workday has not been immune to this year’s broader tech sell-off. During the first half of the year, the stock lost nearly 41% of its value. (See TipRanks’ Workday stock chart.)

Nonetheless, management’s comments during the first-quarter results call indicate sustained demand and high levels of involvement. Furthermore, the corporation emphasized that it has adequate resources to properly handle economic downturns, as evidenced by the recessions of 2008 and 2020.

Encouraged by the company’s long-term prospects, Zelnick maintained his buy rating but reduced his price objective to $225 from $340, citing increased expenses of business acquisitions as Workday expands abroad and tough competition.

Zelnick noted how quietly Workday has been driving customer growth over the last two years, especially during the early days of Covid-19. Furthermore, the analyst is optimistic about the company’s business activities in May, which show excellent client renewal patterns. Also noteworthy was the constant rise in headcount even during labor shortages.

Zelnick, who is ranked 82nd out of over 8,000 analysts tracked by TipRanks, has been successful in 70% of his ratings and has delivered an average return of 17.4% on each of his recommended companies.