The dawn of 2024 brings a wave of optimism for the stock market, fueled by recent positive macroeconomic developments.
The AI-led rally in 2023 has not only reinvigorated Big Tech giants but has propelled some stocks to unprecedented heights. Wall Street, buoyed by resurging confidence, consequently witnessed analysts issuing bullish coverages on these tech behemoths. Furthermore, the Federal Reserve’s confirmation of a dovish pivot, announcing plans to cut rates after a 22-year high, added an extra layer of optimism.
As we step into the new year, we delve into the individual stocks garnering the highest number of ‘Buy’ recommendations, deciphering which companies are poised to ride the momentum from last year into 2024.
Picks for you
AMZN tops the list; META, MSFT also among Wall Street’s favorites
As highlighted by uINVST founder and CEO Gurgavin Chandoke, numerous mega-cap stocks received dozens of ‘Buy’ suggestions from analysts for 2024.
Sitting on top of that list is e-commerce and cloud giant Amazon (NASDAQ: AMZN), with as many as 68 bullish calls, Chandoke revealed in his December 30 post. Facebook owner Meta Plaftorms (NASDAQ: META) is at a close second, with 66 ‘Buy’ recommendations, while Microsoft (NASDAQ: MSFT) has 60, rounding up the top three.
Nvidia (NASDAQ: NVDA), the standout S&P 500 performer in 2023, has been rated as a ‘Buy’ by 59 analysts, despite its 240% surge last year. Meanwhile, Google owner Alphabet (NASDAQ: GOOGL) sits at 56, securing its spot within the top 5 stocks.
Other well-known names that attracted significant bullishness on Wall Street include Uber Technologies (NYSE: UBER), CrowdStrike (NASDAQ: CRWD), Salesforce (NYSE: CRM), and AMD (NASDAQ: AMD). The number of ‘Buy’ ratings for these stocks are 50, 45, 41, and 40, respectively.
Alongside them, the likes of Walmart (NYSE: WMT), Netflix (NASDAQ: NFLX), and ServiceNow (NYSE: NOW) are also high up on the list.
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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.
