Does "Mag 7" Still Have More Room to Run? Analysts Remain Bullish with Some Predicting Nvidia Could Double in 2024
While 2024 may not shine as brightly for top tech stocks as the past, analysts suggest that certain stars from last year's rally could maintain their upward momentum. The group known as the "Magnificent Seven" saw remarkable market performance last year, with each member's stock climbing at least 49%. Standouts included $NVIDIA (NVDA.US)$, with a more than threefold increase, and $Tesla (TSLA.US)$, whose stocks more than doubled.
Looking ahead to 2024, few investors anticipate a repeat of such dramatic gains, yet the general sentiment towards the group's growth prospects remains positive. After evaluating the Magnificent Seven, CNBC Pro identified which companies are favored by analysts based on average ratings and consensus price targets.
Nvidia emerges as the analysts' darling for 2024, hailed as the gem of the artificial intelligence sector. FactSet data reveals that nearly 78% of analysts rate Nvidia as a buy, with expectations of approximately a 38% increase in share price over the next 12 months, based on the mean price target.
$Amazon (AMZN.US)$ boasts an even higher proportion of buy ratings at nearly 85%, with analysts predicting close to a 26% rise. The e-commerce titan, which saw its stock soar over 80% in 2023, is hailed by multiple analysts as a top choice for 2024. Their confidence is bolstered by the company’s promising web services, burgeoning advertising business, and consistent e-commerce growth—further enhanced by its advancing generative AI initiatives. Analysts also point to Amazon's potential for increased advertising revenue this year, propelled by major events such as the Paris Olympics and the U.S. presidential election.
Source: CNBC
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lightfoot : What scares me, is the field of play is focused on Mag7. Dangerous for long term investing. There need to be more strong companies with low price to earnings and building inventories hopefully to cover demand. We need more investing and we need to cut capital gain taxes . We need more investors and the SEC needs to step up compliance. Give the little guy a chance to have a piece of America. Make room.
김명준 : A to 1000?