All the Wall Street firms that we follow here at 24/7 Wall St. keep a list for their institutional and high-net-worth retail clients of high-conviction stock picks. These are generally the ones they not only like on a longer term basis but stocks that usually have solid upside to the assigned target price. With the fourth-quarter earnings reporting season underway, many firms on Wall Street have tweaked their lists to account for potential changes for the rest of the first quarter and the balance of 2023.
Raymond James analysts who contribute to the firm’s well-respected Analysts’ Current Favorites list of stocks to buy have to provide one of the stocks in their coverage space for inclusion in the list. Hence, it is considered the favorite choice.
We screened the list looking for companies that are not overextended or overbought and also pay solid and dependable dividends to shareholders. We found seven that look like very good ideas for growth and income investors looking to reset portfolios for the rest of the year. While these stocks have Raymond James’s highest Strong Buy rating, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.
APA
This company was long considered an industry leader when it was known as Apache, and the stock is perhaps offering one of the best entry points in the sector. APA Corp. (NYSE: APA) explores for and produces oil and gas properties. It has operations in the United States, Egypt and the United Kingdom, as well as has exploration activities offshore Suriname. It also operates gathering, processing and transmission assets in West Texas, as well as holds ownership in four Permian-to-Gulf Coast pipelines.
APA is one of the largest U.S. exploration and production companies, with 2.3 billion barrels of oil equivalent of proven reserves (63% liquids). It is an explorer, acquirer and exploiter, and a fiscally conservative company that has grown its reserves and production consistently via acquisitions and organic projects.
Shareholders receive a 2.20% dividend. The Raymond James price target for APA stock is $68, and the consensus target is just $54.48. The closing share price on Tuesday was $44.06.
CubeSmart
This self-storage real estate investment trust (REIT) makes a return to the Analysts Current Favorites list. CubeSmart (NASDAQ: CUBE) is a self-administered, self-managed REIT. Its self-storage properties are designed to offer affordable, easily accessible and secure storage space for residential and commercial customers. According to the Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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