High Growth Tech Stocks to Watch in 2024
Monday, Nov 18, 2024 2:23 am ET
5min read As the technology sector continues to drive market growth, investors are seeking high-growth tech stocks to add to their portfolios. With a focus on innovation, strong fundamentals, and market momentum, we've identified ten tech stocks to watch in 2024. These companies are poised to capitalize on emerging trends and maintain their competitive edge in the ever-evolving tech landscape.
1. Microsoft Corp. (MSFT)
Microsoft, the world's largest software company, is best known for its Windows, Office, and Azure cloud services. Analysts are bullish on Microsoft due to its ongoing transition to a cloud-based business model and opportunities in artificial intelligence technology. Revenue from cloud-based businesses now accounts for more than two-thirds of Microsoft's total revenue, indicating strong growth potential.
CFRA has a "strong buy" rating and $475 price target for MSFT stock, which closed at $427.87 on June 10, 2024.
2. Nvidia Corp. (NVDA)
Nvidia designs and sells high-end graphics and video processing chips used for desktop and gaming personal computers, workstations, and other advanced computing servers and AI engines. Nvidia's year-to-date gain of more than 140% makes it the second-best performer in the entire S&P 500. Analysts anticipate that even after Nvidia's huge gains in the past decade, its expanding total addressable market, edge devices penetration, opportunities in software, and system sales growth suggest the stock still has upside.
CFRA has a "buy" rating and $1,160 price target for NVDA stock, which amounts to $116 after Nvidia performed a 10-for-1 stock split on June 10, 2024. NVDA closed at $121.79 on June 10, 2024.
3. Apple Inc. (AAPL)
Apple produces the iPhone, iPad, Apple Watch, Mac computers, and other personal computing devices. Its Services segment includes the App Store, Apple Music, iCloud, and licensing businesses. Analysts believe that Apple's improving margin profile, impressive ecosystem, growing addressable market, and opportunities to integrate AI technology into its devices suggest Apple is a compelling long-term investment. Apple deserves a premium valuation because it offers a rare combination of aggressive capital returns, stable free cash flow generation, and a history of sound execution.
CFRA has a "buy" rating and $210 price target for AAPL stock, which closed at $193.12 on June 10, 2024.
4. Broadcom Inc. (AVGO)
Broadcom is a diversified global analog semiconductor supplier. Analysts anticipate that Broadcom's networking and switcher businesses and its application-specific integrated circuit (ASIC) sales will benefit from the boom in global AI infrastructure investment. The extension of Broadcom's Apple chip supply deal and its many opportunities in AI make Broadcom's financial outlook extremely attractive. CFRA projects 40% revenue growth in fiscal 2024.
CFRA has a "buy" rating and $1,600 price target for AVGO stock, which closed at $1,440.47 on June 10, 2024.
5. Advanced Micro Devices Inc. (AMD)
Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 3,870% over the past decade. Analysts believe that the ramp of AMD's next-generation EPYC processors and the potential for growth in graphics processing unit sales suggest AMD's stock rally may still have legs. AMD's cash flow has enabled the company to significantly improve its balance sheet, reducing risk for investors. CFRA anticipates that AMD's margins will continue to expand through at least 2025 as the company rolls out new products.
CFRA has a "buy" rating and $160 price target for AMD stock, which closed at $148.15 on June 10, 2024.
6. Qualcomm Inc. (QCOM)
Qualcomm is a leading provider of wireless technology and a major player in the smartphone market. While its stock has underperformed in recent years, analysts believe that Qualcomm's strong position in 5G technology and its growing presence in the Internet of Things (IoT) market suggest the company is well-positioned for future growth. CFRA has a "buy" rating and $200 price target for QCOM stock, which closed at $182.74 on June 10, 2024.
7. Salesforce Inc. (CRM)
Salesforce is a leading customer relationship management (CRM) software provider. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its cloud-based solutions. Analysts anticipate that Salesforce's continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $300 price target for CRM stock, which closed at $275.12 on June 10, 2024.
8. Adobe Inc. (ADBE)
Adobe is a leading provider of digital marketing and creative software solutions. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its cloud-based solutions. Analysts anticipate that Adobe's continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $500 price target for ADBE stock, which closed at $465.74 on June 10, 2024.
9. Applied Materials Inc. (AMAT)
Applied Materials is a leading provider of semiconductor equipment and services. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its advanced manufacturing solutions. Analysts anticipate that Applied Materials' continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $120 price target for AMAT stock, which closed at $112.47 on June 10, 2024.
10. Accenture PLC (ACN)
Accenture is a leading global professional services company, specializing in digital, cloud, and security services. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its advanced solutions. Analysts anticipate that Accenture's continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $350 price target for ACN stock, which closed at $325.12 on June 10, 2024.
In conclusion, these ten high-growth tech stocks offer investors a diverse range of opportunities to capitalize on emerging trends and maintain a competitive edge in the ever-evolving tech landscape. By considering the fundamentals, market momentum, and expert opinions, investors can make informed decisions when selecting tech stocks to watch in 2024.
1. Microsoft Corp. (MSFT)
Microsoft, the world's largest software company, is best known for its Windows, Office, and Azure cloud services. Analysts are bullish on Microsoft due to its ongoing transition to a cloud-based business model and opportunities in artificial intelligence technology. Revenue from cloud-based businesses now accounts for more than two-thirds of Microsoft's total revenue, indicating strong growth potential.
CFRA has a "strong buy" rating and $475 price target for MSFT stock, which closed at $427.87 on June 10, 2024.
2. Nvidia Corp. (NVDA)
Nvidia designs and sells high-end graphics and video processing chips used for desktop and gaming personal computers, workstations, and other advanced computing servers and AI engines. Nvidia's year-to-date gain of more than 140% makes it the second-best performer in the entire S&P 500. Analysts anticipate that even after Nvidia's huge gains in the past decade, its expanding total addressable market, edge devices penetration, opportunities in software, and system sales growth suggest the stock still has upside.
CFRA has a "buy" rating and $1,160 price target for NVDA stock, which amounts to $116 after Nvidia performed a 10-for-1 stock split on June 10, 2024. NVDA closed at $121.79 on June 10, 2024.
3. Apple Inc. (AAPL)
Apple produces the iPhone, iPad, Apple Watch, Mac computers, and other personal computing devices. Its Services segment includes the App Store, Apple Music, iCloud, and licensing businesses. Analysts believe that Apple's improving margin profile, impressive ecosystem, growing addressable market, and opportunities to integrate AI technology into its devices suggest Apple is a compelling long-term investment. Apple deserves a premium valuation because it offers a rare combination of aggressive capital returns, stable free cash flow generation, and a history of sound execution.
CFRA has a "buy" rating and $210 price target for AAPL stock, which closed at $193.12 on June 10, 2024.
4. Broadcom Inc. (AVGO)
Broadcom is a diversified global analog semiconductor supplier. Analysts anticipate that Broadcom's networking and switcher businesses and its application-specific integrated circuit (ASIC) sales will benefit from the boom in global AI infrastructure investment. The extension of Broadcom's Apple chip supply deal and its many opportunities in AI make Broadcom's financial outlook extremely attractive. CFRA projects 40% revenue growth in fiscal 2024.
CFRA has a "buy" rating and $1,600 price target for AVGO stock, which closed at $1,440.47 on June 10, 2024.
5. Advanced Micro Devices Inc. (AMD)
Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 3,870% over the past decade. Analysts believe that the ramp of AMD's next-generation EPYC processors and the potential for growth in graphics processing unit sales suggest AMD's stock rally may still have legs. AMD's cash flow has enabled the company to significantly improve its balance sheet, reducing risk for investors. CFRA anticipates that AMD's margins will continue to expand through at least 2025 as the company rolls out new products.
CFRA has a "buy" rating and $160 price target for AMD stock, which closed at $148.15 on June 10, 2024.
6. Qualcomm Inc. (QCOM)
Qualcomm is a leading provider of wireless technology and a major player in the smartphone market. While its stock has underperformed in recent years, analysts believe that Qualcomm's strong position in 5G technology and its growing presence in the Internet of Things (IoT) market suggest the company is well-positioned for future growth. CFRA has a "buy" rating and $200 price target for QCOM stock, which closed at $182.74 on June 10, 2024.
7. Salesforce Inc. (CRM)
Salesforce is a leading customer relationship management (CRM) software provider. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its cloud-based solutions. Analysts anticipate that Salesforce's continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $300 price target for CRM stock, which closed at $275.12 on June 10, 2024.
8. Adobe Inc. (ADBE)
Adobe is a leading provider of digital marketing and creative software solutions. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its cloud-based solutions. Analysts anticipate that Adobe's continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $500 price target for ADBE stock, which closed at $465.74 on June 10, 2024.
9. Applied Materials Inc. (AMAT)
Applied Materials is a leading provider of semiconductor equipment and services. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its advanced manufacturing solutions. Analysts anticipate that Applied Materials' continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $120 price target for AMAT stock, which closed at $112.47 on June 10, 2024.
10. Accenture PLC (ACN)
Accenture is a leading global professional services company, specializing in digital, cloud, and security services. The company's strong growth in recent years has been driven by its expanding customer base and increasing adoption of its advanced solutions. Analysts anticipate that Accenture's continued focus on innovation and integration will drive further growth in the coming years. CFRA has a "buy" rating and $350 price target for ACN stock, which closed at $325.12 on June 10, 2024.
In conclusion, these ten high-growth tech stocks offer investors a diverse range of opportunities to capitalize on emerging trends and maintain a competitive edge in the ever-evolving tech landscape. By considering the fundamentals, market momentum, and expert opinions, investors can make informed decisions when selecting tech stocks to watch in 2024.
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