With the holiday season set to start in earnest in less than a week and a brand new year just around the corner, many investors are looking to strengthen their stock market position for 2024.
While the previous years have been marked by hardships, downturns, high inflation, and high interest rates, recent months have brought significant rallies for both the stock and cryptocurrency markets.
With this cautious optimism in mind, Finbold decided to look for some promising stocks likely to offer a strong performance to investors in 2024.
Picks for you
Nvidia (NASDAQ: NVDA)
Throughout 2023, Nvidia (NASDAQ: NVDA) has been offering mostly steady growth to investors, largely driven by its dominance in the semiconductor industry and a leading position in the design and manufacturing of high-end chips crucial for artificial intelligence (AI) technology.
In fact, one of the larger recent surges in its stock price was driven by the introduction of a new high-end AI chip – H200 – scheduled to ship in 2024.
A U.S. government decision on new restrictions on exports to China somewhat dampened investor confidence. However, as Finbold recently reported, Nvidia is in talks with the Biden administration on possible loosening of restrictions that would allow the semiconductor giant to continue shipping to China – albeit Sans the most advanced models.
Since the start of the year, NVDA is up an impressive 241.53%. Zooming into the last 30 days, Nvidia is slightly down – 3.01% – but has again been gaining ground on the latest full trading day – Friday – in which it rose 1.12% to $488.90.
First Solar (NASDAQ: FSLR)
With green energy remaining at the forefront of necessary advancement for the 21st century, companies focused on creating the hardware and infrastructure are likely to perform in 2024.
In this industry, First Solar (NASDAQ: FSLR), an American firm best known as a manufacturer of solar panels, is perhaps the best positioned and remains among the top picks of many analysts.
The data seeking to forecast FSLR’s performance in the next 12 days that was compiled by the website TipRanks reveals that most experts consider the green energy company a buy, with some believing it may rise as high as $275 before 2024 is out. The average estimate of $232.79 also represents a significant upside of 38.02% compared to the current value.
First Solar has had a volatile year throughout 2023, experiencing significant uptrends as well as significant downtrends. Still, it has managed to rise 15.57% since January 1, 2023, and its recent performance suggests that the company is currently rallying. In the last 30 days, it is up 5.89%, and its latest closing price on Friday, December 15, was $168.67.
Tesla (NASDAQ: TSLA)
Considering that 2023 is widely regarded as a troubled year for the electric vehicle (EV) industry, the fact that Tesla (NASDAQ: TSLA) has managed to pull off rather strong growth gives, in its own right, reasons for optimism.
The EV maker is, additionally, well positioned for a strong 2024 and likely a strong 2025. Not only has it finally rolled out its highly-anticipated cybertruck and has a vast number of preorders already logged for the truck, but its Berlin gigafactory is poised to start delivering a new and relatively cheap – estimated to cost €25,000 ($27,000) – model.
Additionally, as Finbold previously reported, Tesla is negotiating the possibility of lowering tariffs and opening a new gigafactory in India, which could, by 2025, unlock a nearly untapped market with approximately 1 billion potential customers.
Since January 1, 2023, Tesla’s stock rose an impressive 134.51%. The launch of the cybertruck on November 30 was somewhat rocky and led to a slight decline, but Elon Musk’s EV maker has mostly been on the rise since then and is up 7.60% in the last 30 days. At the latest close on Friday, TSLA stood at $253.50.
Walmart (NYSE: WMT)
The retail giant Walmart (NYSE: WMT) repeatedly made headlines in 2023 for reaching an all-time high after an all-time high in 2023. Still, sailing hasn’t been entirely smooth for the retail giant as its shares dropped suddenly by more than 6% after it unveiled its most recent earnings report in mid-November.
Given that the decline was caused by a cautious outlook offered by the company and not by lackluster performance – indeed, the firm managed to beat most forecasts with its quarterly results – there is reason to believe it will perform well in the coming months.
Additionally, the approaching holiday season is likely to see the retailer’s revenue rise and has often historically led to at least modest stock market rallies. Finally, due to its focus on offering prices as low as it can, Walmart is well-positioned to profit no matter what 2024 brings.
Most Wall Street analysts also appear to concur and consider Walmart a buy with a target price for the next 12 months going as high as $210, according to data compiled by TipRanks. Even the average estimate of $180.79 represents nearly a 20% upside from its latest closing price of 152.74%.
Take-Two Interactive (NASDAQ: TTWO)
Take-Two Interactive (NASDAQ: TTWO), one of the most prominent publishers in the video game industry, finds itself in an interesting position in late 2023. The company recently officially announced the new installment in its critically acclaimed and commercially successful Grand Theft Auto (GTA) franchise – GTA VI.
The announcements were marked by significant enthusiasm – investors, gamers, and pundits – leaks, and high levels of market volatility. Indeed, while the company has logged impressive growth in 2023 – 55.37% – various news events have led to significant stock market shocks and sharp declines.
All-in-all, the lead-up to GTA VI is likely to lead to significant stock market action pertaining to TTWO – though the trend is likely to mostly be bullish as historically, GTA launches tend to either send Take-Two interactive shares surging or confirm an already-existing uptrend.
The only major deviation from this pattern occurred when GTA IV launched, as the rally it caused was very short-lived – though it is important to note that the game launched during the 2007-2009 financial crisis.
During the latest full trading day – Friday, December 15 – TTWO was mostly declining and ended the day 2.25% in the red at $160.20.
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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.
