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Top Wall Street analysts back stocks like Lyft and Square amid vaccine hopes

TipRanks analyst ranking service pinpoints Wall Street’s best-performing stocks, like Square and Lyft

Air travelers walk toward a Lyft pickup area at Los Angeles International Airport (LAX) on August 20, 2020 in Los Angeles, California. Mario Tama | Getty Images

The Democrats have gained control of the White House, and Wall Street appears to be on board. Although President-elect Biden will have to grapple with the ongoing coronavirus pandemic and the economic fallout, stocks have rallied in the days following the election. On the back of fading uncertainty, the S&P 500 notched its best post-election week performance in at least four decades. On top of this, impressive data from a Phase 3 trial evaluating Pfizer’s experimental coronavirus vaccine has boosted the markets. “The much-awaited results from Pfizer that its COVID-19 vaccine has an efficacy rate greater than 90 percent is a positive event that will allow society to gradually normalize during 2021,” Goldman Sachs analysts wrote in a note to clients. Still, a vaccine has yet to be approved, and with many questions related to the pandemic continuing to linger, navigating the current economic climate isn’t easy. Following the latest stock recommendations from analysts with a proven track record of success is one way to find compelling investment opportunities. TipRanks analyst forecasting service tracks analyst ratings to determine the Street’s best-performing analysts, or the analysts with the highest success rate and average return per rating. Here are the best-performing analysts’ five favorite stocks right now:

Square

Five-star analyst Mayank Tandon, of Needham, lifted his price target for Square on November 6, with the figure increasing from $190 to $230 (25% upside potential), following its strong Q3 earnings release. Along with the price target update, the analyst reiterated a Buy rating. In the quarter, Square saw net revenue of $3.03 billion, reflecting a 140% year-over-year jump and surpassing the Street’s $2.04 billion call. This result was driven by an influx of low margin bitcoin revenue. Gross…

Maya Sasson, Tipranks.com

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