The major indices cooled a little in August after trending higher over the past several months. The S&P 500 (SPX) and the Nasdaq 100 Index (NDX) closed 1.77% and 1.62% lower in August, respectively. Even though the broader markets witnessed a decline, 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.
But before we move ahead, it is important to highlight that we used the TipRanks’ Experts Center tool to find analysts with a high success rate. The ranking reflects analysts’ ability to generate returns through their recommendations. TipRanks analyzes every recommendation made by Wall Street analysts. Our algorithms then 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.
Top 10 Analysts of August 2023
#1. Gerard Cassidy – RBC Capital
Gerard Cassidy tops the list. Cassidy has an overall success rate of 59%. To date, his best rating has been on Fifth Third Bancorp (NASDAQ:FITB), a banking and financial services company. His buy call on FITB stock from April 8, 2020, to April 8, 2021, generated a solid return of 138.9%.
#2. Ken Usdin – Jefferies
Ken Usdin is second on this list and has a success rate of 62%. Usdin’s top recommendation is Customers Bancorp (NYSE:CUBI), a bank holding company. The analyst generated a profit of 246.2% through his buy recommendation on CUBI stock from January 7, 2021, to January 7, 2022.
#3. Nitin Kumar, CFA – Mizuho Securities
Mizuho Securities analyst Nitin Kumar ranks No. 3 on the list. Kumar has a success rate of 78%. His best rating has been on Antero Resources (NYSE:AR), a natural gas producer. His Buy rating on AR stock between August 23, 2021, and August 23, 2022, generated a stellar return of 245.50%.
#4. Nicole Deblase – Deutsche Bank
Nicole Deblase bags the fourth spot on the list. The analyst has a 58% overall success rate. Deblase’s best recommendation has been on Symbotic (NASDAQ:SYM), an automation technology leader. The analysts’ buy call on SYM stock generated a stellar 288% return from November 22, 2022, until date.
#5. Michael E. Hoffman – Stifel Nicolaus
Fifth-place analyst Michael E. Hoffman has a success rate of 60%. 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 714.1% from the buy call on Vertex Energy from May 13, 2021, to May 13, 2022.
#6. Mark Lipacis – Jefferies
Taking the sixth position is Mark Lipacis. The analyst has a 73% overall success rate. His top recommendation was for the chip giant Nvidia (NASDAQ:NVDA). Through his buy call on NVDA stock, Lipacis generated a solid return of 374.8% from February 8, 2016, to February 8, 2017.
#7. Luke Davis – RBC Capital
RBC Capital analyst Luke Davis is seventh on this list, with a success rate of 64%. Davis’ best call has been a buy on the shares of Tamarack Valley Energy (TSE:TVE), a Canadian oil and gas company. The recommendation generated a return of 357.4% from October 16, 2020 to October 16, 2021.
#8. Quinn Bolton – Needham
In the eighth position is Quinn Bolton of Needham. Bolton has an overall success rate of 71%. Bolton’s top recommendation is ACM Research (NASDAQ:ACMR), a semiconductor equipment manufacturing company. His buy recommendation earned him a 608.4% return between August 19, 2019, and August 19, 2020.
#9. Stephanie Moore – Jefferies
Stephanie Moore ranks ninth on the list. The analyst has a 64% success rate. Moore’s top recommendation has been for ArcBest (NASDAQ:ARCB), a transportation company. The buy recommendation generated a return of 235.6% from March 23, 2020, to March 23, 2021.
#10. Mark Devries – Barclays
Mark Devries has the 10th spot on the list, with a success rate of 61%. Devries’ best call has been a buy on shares of AerCap Holdings (NYSE:AER), an aviation leasing company. The recommendation generated a return of 251.2% from March 17, 2020, to March 17, 2021.
Bottom Line
Investors could follow top analysts’ views and leverage TipRanks’ Expert Center tool to make informed investment decisions. We will return soon with the top 10 analysts for September.
