These stocks have a bright future, according to top Wall Street analysts.

Despite the dampening of consumer demand in various sectors, some companies are confident in their ability to achieve solid growth as the economy becomes more challenging.

Analysts on Wall Street can assist investors in identifying stocks that can withstand temporary challenges and provide promising returns in the future.

According to TipRanks, which ranks analysts based on their past performance, here are five stocks that Wall Street's top analysts favor.

Apple

Apple (AAPL) reported its fiscal fourth-quarter results, with earnings exceeding expectations. However, the top line was affected by macroeconomic challenges, resulting in a decline in overall revenue for the fourth consecutive quarter, particularly in iPad and Mac sales.

William Power, a Baird analyst, revised his revenue estimates and price target for AAPL stock. He lowered his revenue estimate from $204 to $186 and raised his EPS estimate from $2.04 to $2.08 due to higher margin guidance.

Apple's Services business remains a crucial component, according to Power. The analyst believes that management's statement regarding the anticipated continuation of strength in the Services business during the holiday quarter and the projected increase in iPhone revenue alleviated some concerns.

Power stated that his $186 target price is 29 times his calendar year 2024 EPS forecast, making AAPL's valuation at the high end of its historical average and at a premium to other technology and consumer staples leaders, indicating strong execution, growing services contribution, continued eco-system benefits, and strong free cash flow.

Among more than 8,600 analysts tracked by TipRanks, Power ranks No. 194. His ratings have been profitable 55% of the time, with each delivering a return of 14.7%, on average. (See Apple Technical Analysis on TipRanks)

Amazon

Wall Street's expectations were surpassed by the solid third-quarter earnings of the e-commerce and cloud computing behemoth, AMZN.

Eric Sheridan, a Goldman Sachs analyst, pointed out that Amazon's Q3 earnings surpassed expectations due to the growth of its e-commerce business, the expansion of its North America unit's profitability, and the continued stability of AWS's revenue growth.

The analyst stated that the company's restructuring initiatives, regionalization of its domestic fulfillment center network, and success at overcoming cost headwinds have contributed to an inflection point in North American e-commerce margins.

Sheridan believes that Amazon is well-positioned to outperform in the future due to the continued growth of e-commerce margins and the expansion of its advertising business. Additionally, AWS can still benefit from the long-tailed opportunities created by the evolving needs of enterprise customers.

Sheridan reiterated his buy rating for AMZN stock and raised the price target from $175 to $190, stating that over a multi-year timeframe, Amazon will achieve a combination of steady revenue growth and expanding profit margins as they generate returns on their long-term investments.

On TipRanks, Sheridan ranks 288th among over 8,600 analysts. His ratings have been successful 57% of the time, with each rating delivering an average return of 10.1%. (Check out Amazon Options Activity on TipRanks).

Microsoft

Another tech giant on this week's list is (MSFT), which recently reported positive fiscal first-quarter results and provided an optimistic second-quarter revenue forecast.

Microsoft's revenue exceeded expectations, thanks to broad strength and substantial growth in the high-margin Windows product line, according to Deutsche Bank analyst Brad Zelnick.

Azure, MSFT's cloud computing platform, experienced a 28% year-over-year revenue growth due to increased GPU capacity and improved per-user services. Additionally, the analyst was impressed with the company's operating discipline, which led to an improvement in the fiscal first quarter's margins.

Zelnick is optimistic about the Microsoft 365 Copilot AI add-on, stating that 40% of Fortune 100 companies have already used the product in pre-release with positive feedback. Although the company predicts that the related revenue from this new launch will increase gradually over time, Zelnick believes that the outlook is likely conservative.

The analyst stated that Microsoft 365 Copilot is the most anticipated new product they have ever seen in the Software industry.

Zelnick increased his price target for MSFT stock from $380 to $395 and maintained a buy rating. He ranks 48th out of over 8,600 analysts on TipRanks. His ratings have been successful 69% of the time, with each rating generating an average return of 15.1%. (Check out Microsoft Hedge Fund Trading Activity on TipRanks).

ServiceNow

Zelnick is optimistic about NOW, a cloud-based software company that helps enterprises automate and manage workflows. The company's third-quarter earnings and revenue exceeded expectations, thanks to the impressive growth in subscription revenues and an aggressive push into generative artificial intelligence.

Zelnick kept a buy rating on NOW stock and raised the price target to $650 from $625 after the Q3 2023 print. The analyst emphasized the 24% year-over-year growth in the current remaining performance obligations, driven by the performance of the U.S. federal vertical. This vertical experienced a more than 75% increase in net new annual contract value and strong early renewals in the quarter.

Zelnick stated that management commentary indicates the Federal opportunity is strong and long-lasting, with agencies aiming to use a single platform that provides comprehensive solutions from start to finish.

The analyst noted that ServiceNow's generative AI offering, Now Assist, and broader AI capabilities were in high demand, with the company reporting a pipeline of 300 customers and four large deals signed at the quarter-end.

ServiceNow is well-positioned to assist customers in adapting to a digital-first world and utilizing generative AI across various enterprise workflows, according to Zelnick. (Check out ServiceNow Insider Trading Activity on TipRanks)

CyberArk Software

This week's last stock is identity security company CYBR, which reported strong third-quarter results earlier this month. Following 38% year-over-year growth in Q3 2023 ARR to $705 million, the company raised its full-year guidance for annual recurring revenue, or ARR.

Gregg Moskowitz, a Mizuho analyst who ranks 151st among more than 8,600 analysts on TipRanks, increased the price target for CYBR stock from $175 to $195 and reaffirmed a buy rating. Additionally, the analyst raised his full-year revenue and earnings estimates based on the company's upgraded guidance.

The analyst recognized the company's enhanced performance in the third quarter, including a significant increase in seven-figure annual contract value transactions and management's observation that customers are increasingly purchasing multiple products. Additionally, the analyst noted the substantial increase in average deal sizes for new logos.

Moskowitz stated that CYBR remains a key beneficiary of an intensified threat environment that has intensified the demand for privileged access and identity and secrets management.

According to TipRanks, Moskowitz's ratings have been profitable 57% of the time, with each delivering an average return of 13.8%. (See CyberArk Financial Statements)