Top Wall Street analysts are confident about the potential behind these 3 stocks

The stock market is in a rough patch as of late while investors grapple with macro pressures, upcoming elections and geopolitical tensions.

However, investors and their portfolios can hold up in the tumult – if they're able to ignore the short-term noise and choose stocks with attractive return prospects over the long term.

In this regard, the ratings of top Wall Street analysts and their investment theses can provide useful insights and help us make the right decisions.

Bearing that in mind, here are three stocks favored by the Street's top pros, according to TipRanks, a platform that ranks analysts based on their past performance.

Membership-only warehouse chain Costco Wholesale (COST) is this week's first pick. The company recently reported its June sales and announced an increase in its membership fee. Costco is increasing the annual fee for its "Gold Star" membership by $5 to $65, effective Sept. 1. Moreover, the fee for the premium "Executive Membership" will now cost $130, up from $120.

Reacting to Costco's first membership hike since June 2017, Jefferies analyst Corey Tarlowe reiterated a buy rating on COST stock and boosted the price target to $1,050 from $860, saying the stock remains a top pick. The analyst thinks the membership hike is a favorable catalyst for the stock and the company's earnings.

Tarlowe noted that in the past, Costco has hiked its membership fees every 5.5 years, on average. However, this time, the retailer increased the fee after a seven-year gap. He thinks that the timing of the fee hike is good, given the consistent membership health the company is experiencing and strong June numbers.

"Historically, COST has not experienced a significant impact on membership trends when fees are increased, so