October marked the third consecutive month of decline in two major indices: the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX). DJIA and SPX declined by 1.3% and 2.1%, respectively, during the month. Despite the broader market downturn, some Wall Street analysts outperformed their peers by providing standout stock recommendations. TipRanks acknowledged the Top 10 Analysts in October 2023 for capturing the best investment opportunities.
It is important to highlight that TipRanks ranks analysts based on their ability to generate returns with stock ratings and price targets. TipRanks’ algorithms calculated the average return and statistical significance of each rating, as well as the analysts’ overall success rate.
Here is a look at October’s Top 10 Analysts on TipRanks’ Expert Center, whose ratings were most successful last month.
#1. Gerard Cassidy – RBC Capital
Topping the list is Gerard Cassidy, with an impressive overall success rate of 66%. 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, 2021, yielded a return of 35.8%.
#2. Nitin Kumar, CFA – Mizuho Securities
Securing the second 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%.
#3. William Wallace – Raymond James
William Wallace bags the third spot on the list. The analyst has a 67% 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.
#4. Ken Usdin – Jefferies
Ken Usdin holds the fourth position on the list and has a success rate of 62%. 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. Nicole Deblase – Deutsche Bank
Nicole Deblase is placed fifth on the list. The analyst has a 64% 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.
#6. Luke Davis – RBC Capital
RBC Capital analyst Luke Davis is sixth on this list, with a success rate of 64%. 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.
#7. Michael E. Hoffman – Stifel Nicolaus
Michael E. Hoffman is in seventh place and has a success rate of 63%. 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.
#8. Dan Payne – National Bank
National Bank analyst Dan Payne ranks eighth on the list. Payne has a 62% success rate. His best rating has been on TORC Oil & Gas. His Buy rating on the stock between April 23, 2020, and May 23, 2020, generated an impressive return of 75%.
#9. John Freeman – Raymond James
John Freeman holds the ninth spot on the list with a 57% success rate. Freeman’s top recommendation has been for Vital Energy, Inc. (NYSE:VTLE), an energy company. The buy recommendation generated a return of 75.7% from November 5, 2020, to December 5, 2020.
#10. Mark Lipacis – Jefferies
Taking the tenth 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.
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 November 2023.
