10 Best Stocks to Invest in 2024 for Smart Investors

In a world where economic growth seems to be hitting the brakes, the hunt for the best stocks to invest in 2024 becomes even more crucial. The global economic landscape is shifting, with interest rates soaring to 23-year highs and consumer debt on the rise. But don’t let that deter you!

Despite the challenges, growth stocks have been shining bright, outperforming their value counterparts in both 2023 and 2024. As the Federal Reserve hints at potential rate cuts, it’s time to look at where you can park your money for the best returns.

Top 10 Best Stocks to Invest in 2024

Let’s dive into some of the best stocks to invest in 2024 that have shown promising growth and are expected to continue their upward trajectory.

Nvidia Corp. (NVDA)

Instagram | investbamboo | Nvidia is a powerhouse that’s wowed Wall Street with its incredible growth for 15 years.

Nvidia isn’t just a tech company; it’s a powerhouse that has amazed Wall Street with its phenomenal growth over the past 15 years. With a whopping 265% year-over-year revenue growth in Q4 and net income soaring by 769%, Nvidia is on fire. Analyst Angelo Zino believes that the sky’s the limit for Nvidia, especially with the surging demand for AI technology and cloud infrastructure.

With a projected 80% revenue growth in fiscal 2025, NVDA is definitely a stock to watch. Currently, CFRA gives it a “buy” rating with a target price of $1,000.

Alphabet Inc. (GOOG, GOOGL)

As the parent company of Google and YouTube, Alphabet is a giant in the online search and advertising realm. With a 13% revenue growth in Q4 and a promising 25% cloud revenue growth, Alphabet is poised for more success.

Analyst Angelo Zino sees a bright future for Alphabet, especially with AI technology enhancements and potential double-digit revenue growth from YouTube in 2024. CFRA rates it a “buy” with a target price of $166.

Meta Platforms Inc. (META)

Formerly known as Facebook, Meta Platforms has reclaimed its growth momentum. With a 24.7% revenue growth in Q4 and improving margins, Meta’s valuation looks attractive.

Analyst Angelo Zino highlights Meta’s growth opportunities in 2024, including innovations in click-to-message ads, Reels, and AI technology. CFRA recommends a “buy” with a target price of $500.

JPMorgan Chase & Co. (JPM)

A financial powerhouse, JPMorgan Chase ranks among the world’s largest institutions. Through strategic acquisitions and consistent financial growth, JPMorgan achieved impressive double-digit revenue gains in 2023.

Industry analyst Kenneth Leon applauds their leadership across multiple business sectors and their outstanding 17% return on equity for the same year. Reflecting this positive outlook, CFRA recommends buying JPMorgan stock with a target price of $190.

Tesla Inc. (TSLA)

Instagram | newsmax | The analyst is bullish on Tesla’s 2024 growth, citing new factories in Texas and Germany.

Tesla, the trailblazer in electric vehicles, might have seen a slowdown with just 3% revenue growth in Q4, but it’s far from over. Analyst Garrett Nelson is optimistic about Tesla’s growth rebound in 2024, especially with new factories in Texas and Germany and the highly anticipated Cybertruck rollout. CFRA recommends a “buy” with a target price of $275.

Mastercard Inc. (MA)

Mastercard, a global leader in payments, reported a solid 13% revenue growth in Q4. Analyst Alexander Yokum sees a promising future for Mastercard as the world moves towards a cashless economy. With digital transactions adding complexity to the payment ecosystem, Mastercard stands to benefit. CFRA gives it a “buy” rating with a target price of $550.

Salesforce Inc. (CRM)

A leader in cloud-based CRM, Salesforce keeps expanding its reach through smart acquisitions like Slack. They impressively achieved 11% revenue growth in Q4, which makes them an attractive investment opportunity.

Analysts are optimistic about Salesforce’s future, citing potential growth in market share and profitability. CFRA recommends Salesforce as a “strong buy” with a target price of $330.

Advanced Micro Devices Inc. (AMD)

AMD’s stock has surged an impressive 4,347% over the past decade. With a 10% revenue growth in Q4 and soaring net income, AMD’s growth prospects remain strong. Analyst Angelo Zino believes that AMD’s next-generation EPYC processor sales could drive revenue growth in 2024. CFRA recommends a “buy” with a target price of $200.

Intuit Inc. (INTU)

Intuit, known for its financial software solutions, reported an 11% revenue growth in Q2. Analyst Janice Quek commends Intuit’s resilience in a challenging economic environment. With plans to expand AI technology and launch full-service features for TurboTax, Intuit looks set for growth. CFRA rates it a “buy” with a target price of $715.

Caterpillar Inc. (CAT)

Instagram | caterpillarinc | Caterpillar, a leader in construction and mining equipment, reported a 3% revenue growth in Q4 and a 13% growth in 2023.

Heavy machinery giant Caterpillar capped off a strong year with a 13% revenue jump in 2023. This follows a solid Q4 performance with a 3% increase. Analyst Jonathan Sakraida predicts continued prosperity for Caterpillar, citing North America’s focus on infrastructure investments. Further bolstering Caterpillar’s outlook, CFRA recommends buying the stock with a target price of $360.

Final Thoughts

The world of investing can be daunting, especially in uncertain economic times. However, with the right knowledge and a well-thought-out strategy, you can navigate the market with confidence. These best stocks to invest in 2024 offer a mix of stability and growth potential, making them worthy contenders for your investment portfolio. Always do your research and consult with financial experts before making any investment decisions. Happy investing!