Wall Street analysts predict these stocks will provide strong returns.

Despite stocks reaching new heights, concerns about prolonged high interest rates persist among investors.

Analysts remain focused on the bigger picture and are bullish on stocks that offer attractive long-term growth prospects. Investors can weigh the recommendations of Wall Street's top analysts as they pick out the best names to add to their portfolios.

According to TipRanks, which ranks analysts based on their past performance, the Street's top pros favor these three stocks.

Amazon

Despite a challenging macro environment, Amazon, a leading e-commerce and cloud computing company, reported strong earnings growth for the first nine months of 2023, thanks to its cost-saving strategies.

In 2024, RBC Capital analyst Brad Erickson named Amazon one of his top picks in the internet industry. He maintained a buy rating on AMZN stock with a price target of $180.

In 2024, Erickson anticipates a significant re-acceleration in the growth of the company's Amazon Web Services business, resulting from optimized spending by clients in the previous year. Furthermore, he predicts that the company's 2024 earnings before interest and taxes will exceed expectations, primarily due to a stronger performance by the retail business rather than the cloud unit.

The analyst is optimistic about AMZN's advertising business and predicts it will experience significant growth due to various partnerships and Prime video ads.

Erickson stated that AMZN's Bedrock platform for building AI applications is expected to gain "share" in the GenAI narrative battle as it builds partnerships and gains more traction.

Among more than 8,600 analysts tracked by TipRanks, Erickson ranks No. 175. His ratings have been profitable 55% of the time, with each delivering an average return of 19.6%. (See Amazon Hedge Funds Trading Activity on TipRanks)

DoorDash

Last year, DASH delivered impressive results due to its strong execution, expense discipline, and growth investments.

On January 9th, BMO Capital analyst Brian Pitz began covering DASH with a buy rating and a price target of $120, stating that the company would benefit from both categorical and consumer secular tailwinds.

The analyst believes that DoorDash is a leading company in the food delivery industry with a significant and expanding market opportunity worldwide. Specifically, the analyst predicts that the total addressable market for DoorDash in the U.S. is $2.2 trillion and in Europe is $2.5 trillion. This represents a substantial increase from the initial TAM of $600 billion when the company went public in 2020.

In the third quarter of 2023, DoorDash's U.S. marketplace orders grew at a faster rate than the previous year, both in the restaurant and non-restaurant categories. Additionally, the company experienced accelerated growth in new verticals during this period. Notably, DoorDash is currently delivering positive adjusted EBITDA and is on track to achieve GAAP profitability.

Pitz ranks 117th among more than 8,600 analysts on TipRanks, with a successful rating rate of 77% and an average return of 20.1% for each rating. (See DoorDash Technical Analysis on TipRanks)

Nvidia

Last year, the semiconductor giant (NVDA) experienced stellar returns due to the high demand for its graphics processing units in generative AI.

JPMorgan analyst Harlan Sur maintained a buy rating on NVDA stock after Nvidia's vice president of health care, Kimberly Powell, presented at the JPMorgan 42nd annual health-care conference. Sur's price target for the stock is $650.

The analyst pointed out that the health-care vertical has surpassed $1 billion in revenue in FY24, two to three years ahead of the planned timeframe. This growth was driven by the increasing computational demand for AI in drug discovery, genomics, patient diagnostics, and robotics. He believes that the health-care business is one of the top three verticals in the company's data center segment.

Sur stated that NVIDIA's capacity to accelerate computational solutions through its HPC and AI/DL platforms continues to generate substantial revenue opportunities for the company.

The analyst observed that the company is optimistic about the growing opportunity in computer-aided drug discovery and the increasing demand for BioNeMo, Nvidia's AI platform for drug discovery, which is now in the beta phase. He predicts that Nvidia's competitive position in the healthcare industry will be strengthened by its recent partnerships with (AMGN) and (RXRX).

Among more than 8,600 analysts tracked by TipRanks, Sur ranks No. 75. His ratings have been profitable 67% of the time, with each delivering an average return of 19.9%. (See Nvidia Insider Trading Activity on TipRanks)