Analysts love these top-performing stocks and expect them to jump further in 2024
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Markets in the U.S. and elsewhere have had a strong run this year. The S & P 500 is up around 24% year-to-date, and the MSCI World index has jumped around 22%. And there could be more room for investors to remain bullish in the year ahead, with the U.S. Federal Reserve indicating three rate cuts in 2024. CNBC Pro screened for stocks that have beaten the S & P 500 and MSCI World indexes so far this year — and that analysts have given more upside for the next 12 months. The screen used these criteria: Up 25% or more for stocks in the S & P 500, and up 23% or more for the MSCI World index. At least half of analysts rate the stock a buy. Consensus price targets offering upside of at least 15%. The following stocks in the S & P 500 showed up. Only two Big Tech stocks appeared: Amazon and Nvidia . The Magnificent Seven – which these two are part of – have soared this year on the artificial intelligence buzz and more. But analysts have given Nvidia and Amazon more upside – 36.4% and 16.3%, respectively, and buy ratings of more than 80%. That’s after they soared over 230% and 80%, respectively. Nvidia also stood out for having the highest potential upside at 36.4%, according to FactSet. These stocks in the MSCI World index showed up. Super Micro Computer , an artificial intelligence play, has rocketed about 270% this year — even more than Nvidia. The U.S. company manufactures computers and sells them to companies which use them as servers for websites, data storage and applications like AI algorithms. Analysts gave it another 20% upside and a 63% buy rating. Global stocks that appeared include Japan’s Sony and Toyota Motor , with analysts giving them more than 20% upside each. — CNBC’s Kif Leswing contributed to this report.
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