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Buy alert: 2 tech stocks with ‘strong buy’ ratings for June 2024

Buy alert: 2 tech stocks with ‘strong buy’ ratings for June 2024
Aneena Alex

Technology stocks are highly attractive to investors due to their potential for significant growth and innovation. Leading tech companies drive advancements in artificial intelligence (AI), cloud computing, and digital transformation, revolutionizing many industries. 

This focus on future technology positions them well for continued growth, particularly as the reliance on technology increases. While tech stocks can be volatile in the short term, they have historically proven to be strong long-term investments. 

Smaller tech companies with lower valuations can offer even greater upside for investors seeking potentially undervalued opportunities.

Several tech stocks have received “strong buy” ratings from Wall Street analysts, highlighting their promising outlooks. Finbold has identified two such stocks to invest in June 2024.

CrowdStrike Holdings (NASDAQ: CRWD)

As a leader in AI-native cybersecurity since launching its Falcon platform in 2013, CrowdStrike Holdings (NASDAQ: CRWD) has recorded one of the most impressive stock market rises in the last 12 months, surging 160.91%. This cybersecurity company earned its place in the S&P 500 after its market cap rose from $61.31 billion to $92.99 billion.

In Q1 FY2025, CrowdStrike added $212 million in net new Annual Recurring Revenue (ARR), reaching a total ARR of $3.65 billion, up 33% year-over-year. Free cash flow surged by 42%, and its operating margin improved by 5%, reaching 22% on $199 million in operating income. 

Valuation metrics further support its potential, with a trailing P/E ratio of 722.60, a forward P/E of 94.54, and a PEG ratio of 1.34, indicating fair value given its growth prospects. The enterprise value to EBITDA ratio is 240.32, highlighting high return potential.

CrowdStrike’s growth was primarily driven by its success in newer product categories, such as SIEM, identity, and cloud security. 

With 65% of its customers using five or more of its modules, and 62 of the Fortune 100 companies being clients, CrowdStrike is well-positioned for continued growth. 

Wall Street’s CRWD stock 12-month price target. Source: TipRanks

Analysts are optimistic, with 31 rating it a “Strong Buy” and an average price target of $399.96, representing an upside from the current price of $386.90. 


Amazon (NASDAQ: AMZN) has evolved from an e-commerce pioneer into a technology giant, leveraging AI to optimize its business model. This transformation has propelled Amazon’s stock price up by over 20% this year, reaching a record high in May.

Amazon’s robust financial performance is a key indicator of its growth potential. In Q1 2024, the company reported a 216% year-over-year increase in earnings per share (EPS) to $0.98, with sales up 13% to $143.3 billion. Amazon Web Services (AWS), its cloud computing division, saw a 17% revenue increase to $25 billion, reinforcing its role as a critical profit driver.

Strategic investments in AI and cloud services have fortified Amazon’s market position. The $4 billion investment in AI startup Anthropic and the development of generative AI services through AWS are expected to accelerate growth. These initiatives place Amazon at the forefront of technological innovation and infrastructure modernization.

Valuation metrics further underscore Amazon’s appeal. The trailing P/E ratio stands at 317.90, with a forward P/E of 41.78, reflecting high growth expectations. The PEG ratio of 1.19 indicates the stock is reasonably valued given its growth prospects. Additionally, the enterprise value to EBITDA ratio of 20.94 highlights Amazon’s potential for high returns.

Wall Street’s AMZN stock 12-month price target. Source: TipRanks

Analyst consensus strongly supports Amazon as a top investment. All 42 analysts covering the stock rate it as a “Strong Buy,” with an average price target of $221.30, suggesting a potential upside of 17.43% from the current price of $188.46. 

Despite facing regulatory challenges, Amazon’s strategic focus on AI and cloud services, coupled with its impressive financial performance, makes it a compelling buy. The company’s dominant market position, significant growth prospects, and strong analyst endorsements position it well for continued success.

With their strong financial performance and strategic investments in AI and cloud services, these stocks offer promising upside potential. However, investors should remain cautious and conduct thorough research, considering the inherent volatility and potential risks associated with tech stocks.

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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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