The major indices achieved impressive performance in November 2023, with the S&P 500 (SPX) rising by about 9% and registering its best monthly performance since July 2022. Along with the surge in broader market indices, a few Wall Street analysts surpassed their peers with their stock-picking abilities and delivered notable returns through their recommendations. TipRanks recognized the 10 best analysts of August 2023 for identifying the best investment opportunities.
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But before we move ahead, it is important to highlight that we used TipRanks’ Expert Center tool to find analysts with a high success rate. The ranking reflects analysts’ ability to generate returns through their recommendations. TipRanks’ algorithms calculate the statistical significance of each rating, the average return, and the analysts’ overall success rate.
With this background, let’s look at the Top 10 analysts of 2023.
#1. Gerard Cassidy – RBC Capital
Topping the list is Gerard Cassidy, with an impressive overall success rate of 67%. Notably, his most remarkable rating has been on Wells Fargo & Company (NYSE:WFC), a banking and financial services provider. His Sell recommendation on WFC stock, spanning from February 13, 2020, to March 13, 2020, yielded a return of 35.8%.
#2. William Wallace – Raymond James
William Wallace bags the second spot on the list. The analyst has a 56% overall success rate. The analyst’s best recommendation has been Live Oak Bancshares (NYSE:LOB), a bank holding company. The analysts’ Buy call on LOB stock generated a stellar 44.9% return between October 7, 2021, and November 7, 2021.
#3. Nicole Deblase – Deutsche Bank
Nicole Deblase is placed third on the list. The analyst has a 65% overall success rate. Deblase’s best recommendation has been on Vertiv Holdings (NYSE:VRT), a provider of equipment and services for data centers. The analysts’ Buy call on VRT stock generated a stellar 61.1% return between July 13, 2022, and August 13, 2022.
#4. Ken Usdin – Jefferies
Ken Usdin holds the fourth position on the list and has a success rate of 63%. Usdin’s top recommendation is Western Alliance Bancorporation (NYSE:WAL), a bank holding company. The analyst generated a profit of 37.3% through his Buy recommendation on WAL stock from July 11, 2023, to August 11, 2023.
#5. Michael E. Hoffman – Stifel Nicolaus
Michael E. Hoffman is in fifth place and has a success rate of 64%. His best recommendation is Vertex Energy (NASDAQ:VTNR), an energy company specializing in producing renewable and conventional fuels. The analyst delivered a whopping return of 368.8% from the Buy call on Vertex Energy from May 13, 2021, to June 13, 2021.
#6. Bose George – KBW
KBW analyst Bose George ranks sixth on the list. George has a 66% success rate. His best rating has been on Mr. Cooper Group Inc. (NASDAQ:COOP), a company that delivers a variety of servicing and lending products. His Buy rating on the stock between July 7, 2020, and August 7, 2020, generated an impressive return of 55.3%.
#7. Luke Davis – RBC Capital
RBC Capital analyst Luke Davis is seventh on this list, with a success rate of 60%. Davis’ best call has been a Buy on the shares of a Canadian oil and gas company, TORC Oil & Gas. The recommendation generated a return of 76.2% from November 6, 2020, to December 6, 2020.
#8. Mark Lipacis – Jefferies
Taking the eighth position is Mark Lipacis. The analyst has a 60% overall success rate. His top recommendation was for the semiconductor company Skywater Technology (NASDAQ:SKYT). Through his Buy call on SKYT stock, Lipacis generated a solid return of 52.8% from May 16, 2021, to June 16, 2021.
#9. Nitin Kumar, CFA – Mizuho Securities
Securing the ninth position is Mizuho Securities analyst Nitin Kumar, who boasts an impressive success rate of 64%. His most outstanding rating has been on EQT Corp. (NYSE:EQT), a natural gas producer. His Buy recommendation on EQT stock during the period from March 14, 2022, to April 14, 2022, produced a return of 66.6%.
#10. Quinn Bolton – Needham
Quinn Bolton holds the tenth spot on the list with a 57% success rate. Bolton’s top recommendation has been for Rigetti Computing Inc. (NASDAQ:RGTI), a developer of quantum integrated circuits. The buy recommendation generated a return of 171.1% from May 12, 2023, to June 12, 2023.
Ending Note
By following Top Analysts’ ratings, investors can potentially enhance their portfolio’s profitability as they have a track record of generating significant returns from their recommendations in the past. We will be back soon with the Top 10 Analysts list for December 2023.
