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With that in mind, here are three stocks that the Street’s top pros love, according to TipRanks, a platform that ranks analysts based on past performance.
Amazon
First, let’s start with e-commerce and cloud computing giant Amazon (AMZN). Despite the difficult macro environment, the company achieved solid revenue improvement in the first nine months of 2023, supported by cost control measures.
RBC Capital analyst Brad Erickson recently said Amazon is one of his favorite ideas in the internet space for 2024. The analyst reaffirmed his Buy rating on AMZN stock, setting his price target at $180.
Ericsson expects growth in the company’s Amazon Web Services business to reaccelerate significantly in 2024, following last year’s optimization of customer spending. Additionally, he expects the company’s 2024 earnings before interest and taxes to be higher due to stronger performance in the retail business than in the cloud division.
The analyst is also optimistic about AMZN’s advertising business, predicting solid growth driven by multiple partnerships and Prime Video advertising.
Finally, regarding the generative artificial intelligence opportunity and AMZN’s Bedrock platform for building AI applications, Ericsson said, “As Bedrock builds partnerships and gains further traction, We hope to gain “share” in the GenAI narrative battle between the two companies.”
Mr. Erickson is ranked #175 out of over 8,600 analysts tracked by TipRanks. His rating is that he is profitable 55% of the time, and the average return on each is 19.6%. (See his Amazon hedge fund trading activity on TipRanks)
door dash
Delivery platform DoorDash (dash) is this week’s next pick. The company achieved excellent results last year due to strong execution, expense discipline, and growth investments.
On January 9, BMO Capital analyst Brian Pitts initiated coverage on DASH with a buy rating and a price target of $120, calling the company “a beneficiary of long-term categorical and consumer tailwinds.” ” he called.
Analysts believe DoorDash is a category leader with a huge and expanding market opportunity around the world. Specifically, analysts estimate that the company’s total addressable market is $2.2 trillion in the United States and $2.5 trillion in Europe. This is a significant increase from the total TAM of $600 billion during the 2020 initial public offering.
Pitts noted that DoorDash’s year-over-year growth in orders in the U.S. market accelerated in the third quarter of 2023 across restaurant and non-restaurant categories. He highlighted that new vertical growth also accelerated in the third quarter. Additionally, analysts said the company has already achieved positive adjusted EBITDA and is on track to generate GAAP profitability.
Pitts holds 117th Ranked among over 8,600 analysts tracked by TipRanks. His rating is that he is successful 77% of the time, and the average return for each is his 20.1%. (See his DoorDash technical analysis on TipRanks)
Nvidia
Finally moved to semiconductor giant Nvidia (NVDA). The stock generated impressive returns last year due to strong demand for the company’s graphics processing units in generative AI.
JPMorgan analyst Harlan Sarr reaffirmed his buy rating on NVDA stock following a presentation by Kimberly Powell, vice president of NVIDIA Healthcare, at JPMorgan’s 42nd Annual Healthcare Conference. . Sur’s price target is $650.
The analyst highlighted that the healthcare sector has already generated more than $1 billion in revenue in FY24, two to three years ahead of the target period. This growth was driven by the increasing computational demands of AI in drug discovery, genomics, patient diagnostics, and robotics. He believes the healthcare business is unique in being among the top three areas of the company’s data center division.
“NVIDIA’s ability to drive high-speed computing solutions through HPC [high performance computing] and AI/DL [deep learning] The platform continues to represent a significant revenue opportunity for the company,” said Sur.
The analyst pointed to the company’s optimism about huge new opportunities in computer-aided drug discovery and BioNeMo, Nvidia’s generative AI platform for drug discovery, which is currently in beta stage. He expects Nvidia’s competitive position in the healthcare industry to be strengthened by his recent partnership with Amgen (AMGN) and clinical-stage technology company Recursion Pharmaceuticals (RXRX).
Sur is ranked #75 out of over 8,600 analysts tracked by TipRanks. His rating is that he is profitable 67% of the time, and the average return on each is 19.9%. (See his Nvidia insider trading activity on TipRanks)
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