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Wall Street analysts unveiled a slew of must-own stocks this week even as bank and macroeconomic worries permeate the market. While some investors might be distracted by the ongoing financial turmoil, analysts say there are plenty of quality buying opportunities. CNBC Pro combed through the top Wall Street research to find stocks to buy in a tough macro environment. They include: TrueCar, Apple, Progressive, Academy Sports and Prosperity Bancshares. Apple Morgan Stanley is doubling down on Apple shares. The firm said in a note that it’s even more bullish on the stock after hosting its recent annual technology, media and telecom conference. “We see 5 underappreciated catalysts that can drive a re-rating over the next 12 months, cementing Apple as our Top Pick with new $180 PT,” said analysts led by Michelle Weaver and Erik Woodring. They cited Apple’s “reaccelerating iPhone and Services growth, record gross margins (we see the greatest inflection in F1H24), two new product launches, and the potential introduction of an iPhone subscription program.” To be sure, the near-term macro backdrop looks rough as consumers pullback spending in areas like electronics, the firm said. But, patient investors will be rewarded, they said. “Relative to the rest of our large cap Hardware coverage, no other company has as many important catalysts, similar upside vs. Consensus estimates, or commensurate upside to our price target as Apple,” they went on to say. Apple shares are up almost 20% since the start of the year. However, over the past year, shares are down down about 3%. Prosperity Bancshares Investment firm DA Davidson upgraded the regional bank to buy from hold earlier this week. The firm says Prosperity is being unfairly punished in the wake of the Silicon Valley Bank collapse. Shares are down about 16% this month. Analyst Peter Winter said issues arising from Silicon and others are “idiosyncratic” and “have no bearing on PB.” “PB has a long-standing credit culture of conservative underwriting, and being very risk adverse through cycles,” he said. It also has a robust balance sheet and “plenty of upside over [the] next 12 to 24 months,” according to the firm. Winter also called the Houston-based bank a “flight to quality name.” “Given the increased risks of a deeper recession, PB is a great defensive stock given its low risk balance sheet, strong deposit franchise, and peer leading capital ratios,” he wrote. Progressive The auto insurer has major upside,…
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