The top analyst stock picks for 2024: Early predictions

As the end of 2023 is drawing (very) near and the new year approaches, select Wall Street analysts have offered several stock picks that would make an excellent purchase in the year to come, at the same time predicting significant upsides for these assets in 2024.

Specifically, the top three stock picks by these experts belong to the so-called ‘Magnificent Seven’ group of assets on the stock market that have all recorded significant results during 2023, with some performing better than others and, therefore, showing more potential for the next 12 months.

#1 Nvidia (NASDAQ: NVDA)

Firstly, as the provider of graphics processing units (GPUs) that account for nearly 90% of all GPUs deployed in highly demanding data centers, Nvidia (NASDAQ: NVDA) might even reach the price of $1,100 in 2024, according to the predictions made and reiterated by Hans Mosesmann of Rosenblatt Securities.

Indeed, riding on the wave of artificial intelligence (AI) hype, the semiconductor giant has advanced 20.18% in the past six months and as much as 241.11% this year, leading its shares towards the current price tag of $488.30 as of press time on December 26.

#2 Microsoft (NASDAQ: MSFT)

Meanwhile, Microsoft (NASDAQ: MSFT) is the pick by analyst Joel Fishbein of Truist Securities, who has recently argued that the technology giant’s stock might hit the price of $600 over the next three years. As he explained in a note on December 13, Microsoft has profited from its generative AI efforts:

“Their early investments in artificial intelligence have positioned them to take a leadership position in what we view as the fastest growing multi-billion-dollar market in technology.”

Presently, the Microsoft stock has been changing hands at the price of $374.58, up 13.99% across the previous six months, and adding up to the more significant increase of 56.35% on its year-to-date (YTD) chart, as per the most recent data.

#3 Amazon (NASDAQ: AMZN)

Finally, the online retail behemoth Amazon (NASDAQ: AMZN) might reach the price threshold of $230 per share, which would indicate an increase of nearly 50% to its amount at press time, according to the forecast made by Redburn Atlantic’s Alex Haissl earlier this year.

As it happens, Amazon’s focus on developing its fast-growing cloud-infrastructure services within Amazon Web Services (AWS) has pushed the price of its stock toward $153.42, an increase of 20.49% across the past six months and a 78.77% gain since the year’s turn.

Conclusion

Overall, the above stocks have demonstrated particular strength in 2023 and might mark 2024 with further massive gains. However, it is important to carry out one’s own research and risk analysis before devoting a significant portion of one’s portfolio to any of them.

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