The upcoming year of 2024 is already looking promising with inflation cooling and the economy improving.
Expect another push to encourage electric vehicle adoption, a higher demand for renewable sources of energy, and artificial intelligence becoming an integral part of our lives. This year has been more favorable for stocks as compared to 2022, and you can still buy a few top stocks to enjoy a solid 2024.
The current uncertainties about interest rates and possibilities of recession have led to a drop in some of the best growth stocks. Now is the time to grab them. Several companies in the industry have the potential to generate millionaire maker returns. In a vast sea of stocks, seven millionaire maker growth stocks can help you retire early.
Microsoft (MSFT)
One of the biggest tech companies of all time, Microsoft (NASDAQ:MSFT) has been known to beat the market with its returns. The company has a diversified business which makes it highly stable during uncertain times. Investing heavily in AI, it’s set to unveil a new AI chip “Athena”, expected to launch next month.
Trading at $331 today, the stock is up 38% year to date (YTD). Oppenheimer analyst Timothy Horan has given it a price target of $410 with an outperform rating. MSFT is leading the AI race and plans to integrate it into all areas of business.
Further, its Azure cloud computing segment generates significant revenue for the company. Microsoft has enjoyed being at the center of all the hype surrounding AI. Momentum will continue next year.
PepsiCo (PEP)
PepsiCo (NASDAQ:PEP) is one of the best retirement stocks to own.
The company recently announced the Q3, beating expectations. Revenue rang in at $23.45 billion, with EPS standing at $2.25. Despite a drop in volume, the company saw strong revenue and profit. Its net income was a smooth $3.09 billion, and the net sales enjoyed a 6.7% rise.
The company raised projections after the results, making it the third consecutive quarter that the company hiked the forecast. It now expects earnings per share growth of 13% instead of the prior 12%.
In the coming year, PepsiCo expects organic revenue growth at the higher end of 4% and 6%. Trading at $158, the stock looks undervalued and is down 14% in the past six months. Its dividend yield of 3.08% adds sweetness to the stock.
Alphabet (GOOG) (GOOGL)
One stock to buy and hold forever is Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL).
The tech company has been moving rapidly in the AI field in an effort to make big strides to beat its rivals. Q1 revenue saw only a3% year-over-year (YOY) growth while the Q2 saw a 7% YOY growth.
The company still dominates the market with Google Search, reporting impressive numbers in Cloud revenue. Already, it’s integrating AI in its search with a diverse portfolio. That serves to further help maintain a balance when the economy is in turmoil.
The stock is up 55% YTD and is exchanging hands for $138 right now. Optics appear cheap considering the long-term potential. Now is a great time to add this stock to your portfolio since this is one company that will never go out of business.
Apple (APPL)
Another trillion-dollar company, Apple (NASDAQ:AAPL) is a hot favorite of users across the globe. The company sets itself apart from its rivals with high customer loyalty. Apple users don’t easily switch to another device no matter how high the company prices its products. Apple users are loyal and willing to pay whatever the cost.
Recently, the company launched a new iPhone, hoping to revive product sales in the coming quarter. Also, the bright spot is the services segment which generated $21.2 billion in revenue. Apple remains a hot favorite of Wall Street Analysts which is trading at $180 today.
The highly reliable company has outperformed the market in the past. Its consistent growth and market dominance mean it is the one for your retirement portfolio. A loyal customer base, a strong brand, and a successful ecosystem make Apple the powerhouse that it is today.
Visa (V)
Visa (NYSE:V) could join the trillion-dollar club soon. The sooner you add it to your portfolio, the higher your chances of enjoying significant gains.
The company is benefitting from the transition towards digital money with steadily growing market share. Trading at $236 today, this blue-chip stock is up 14% YTD. Any weakness is a chance to grab the stock.
Reporting strong financials in recent quarters, Visa has managed to beat the market returns. As the economy normalizes, consumer spending will increase, benefitting V stock.
Finally, the company has raised dividends for 14 years consistently and enjoys a dividend yield of 0.76%. For retirement investors, this stock brings passive income and capital appreciation. The third quarter results could take the stock to new highs.
Amazon (AMZN)
The top e-commerce giant Amazon (NASDAQ:AMZN) is also making big moves in the AI sector. The company has already been using AI for several years and gaining big with Amazon Web Services (AWS). It’s generated a revenue of $22.1 billion in the recent quarter, making itself an industry leader.
Amazon is growing its customer base through Prime delivery and Prime Video services. The upcoming holiday season could benefit the company. We could see a higher revenue in the final quarter of the year.
Trading at $132 today, this stock looks highly undervalued. Easily, it could soar higher once it reports the quarterly results. However, it is up 54% YTD but still lower than the 52-week high of $145. AWS is not the only reason to own the stock. The company is dominating globally and can rise to new heights in the coming years.
Meta Platforms (META)
Meta Platforms’ (NASDAQ:META) has burned lots of cash on its dream project Metaverse but still remains a stock worth your consideration. Already, the company has reported two consecutive quarters of improved performance. This has renewed investor confidence. Advertising has always remained a cash cow for the company but it saw a drop in 2022. It did take some aggressive measures which helped the business bounce back.
In the recent quarter, the company saw a 12% advertising revenue growth and an even higher engagement activity on all the platforms it owns. The worst may be over for Meta but if it can manage to handle the cash burn well, it will generate significant investor gains. It has growth opportunities for many years to come, with a stable and highly reliable business. META is trading at $324 today, ready to hit a new 52-week high.
On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
