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.

$Amazon (AMZN.US)$ 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.