SPECIAL REPORT The Top 7 Stocks for 2024

Last Call: 3 Growth Stocks to Buy Before New Year’s Eve

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  • Invest in a trio of growth stocks to buy poised for pre-2024 prosperity.
  • Alphabet’s (GOOG, GOOGL): Alphabet’s 11% increase in top-line growth and 42% jump in net income present a compelling ‘buy the dip’.
  • Meta Platforms (META): Meta impresses with a significant increase in ad impressions and user engagement, underlining its strength.
  • Danaher (DHR): Danaher’s strategic pivot to specialize in life science tools and services positions it for a strong rebound.
Growth Stocks To Buy - Last Call: 3 Growth Stocks to Buy Before New Year’s Eve

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In the shifting sands of the current stock market, discerning investors continue to navigate a labyrinth of uncertainties. Yet, the allure of long-term growth stocks remains undiminished. Amidst the cautionary tales, a trio of growth stocks to buy continue to stand out, boasting robust fundamentals and a promising long-term trajectory.

These companies shine with resilience, poised to outperform their peers as the market finds its footing. Investors who delve into these powerful opportunities are likely to find that the current market correction could potentially fade into a footnote against the backdrop of their portfolio’s growth. For those who act judiciously, this pre-2024 period presents a golden window to secure stakes in top-tier growth stocks.

Alphabet (GOOG, GOOGL)

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Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) third quarter earnings paint a picture of robust health.

With an 11% bump in top-line growth to nearly $77 billion, it defies the broader market’s headwinds. The company’s ad revenue, which represents almost 80% of Google’s income, notched up by 9%.

Despite a deceleration in Google Cloud’s growth to 22% from last year’s impressive 38%, Alphabet’s net income jumped by an impressive 42% year over year (YOY), settling at roughly $20 billion. This leap underscores the firm’s ability to harness its core AI investments, nestled within its ‘other bets’ category, potentially fueling its future cash flows.

However, Alphabet’s shares dipped 11% post-earnings on the back of its relatively underwhelming cloud computing figures. Yet, this pullback may be more of a blip than a trend. This drawdown is a prime ‘buy the dip’ moment to load up on this resilient tech behemoth.

Meta Platforms (META)

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Meta Platforms (NASDAQ:META) has emerged from the third quarter with a flourish. Boasting a 23% YOY sales leap to $34.15 billion, it also had a remarkable 164% surge in income to $11.5 billion. This performance points to a company that’s not just surviving but thriving, with META stock up over 80% year to date (YTD).

Novel innovations such as generative AI tools and the monetization of features like Reels have added new layers to its already illustrious growth story. Moreover, the company’s AI-driven ad-targeting software has become sharper. The technology attunes to user preferences, thus becoming a more potent tool for advertisers to reach their audiences efficiently.

Meta’s strategic pivot is paying dividends, by shifting resources from virtual reality (VR) and metaverse projects to AI. The company has not only enhanced its Llama 2 language model but also refined its AI-powered content discovery. The result is a healthy climb in Facebook’s monthly user count and a 31% spike in ad impressions. Meta’s forward momentum continues to position the company at the forefront of strategy and innovation.

Danaher (DHR)

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Danaher (NYSE:DHR) is a true stalwart in the healthcare sector, which isn’t immune to the sector’s current headwinds.

The post-pandemic destocking wave has effectively dragged down both sales and profits. Unfortunately, the company’s significant 12% revenue stream from China faces the brunt of geopolitical tensions.

Yet, Danaher is no stranger to strategic pivots. The company’s recent move to spin off Veralto, its water and product quality business, is a shrewd step towards becoming more agile and streamlined.

The conglomerate’s evolution is marked by a shift from a broad-based industrial player to a specialized entity. By divesting multiple divisions, Danaher has honed its expertise in life science tools and services. Now, it’s poised to capitalize on the burgeoning bioprocessing sector.

Moreover, with analysts projecting a 15% AGR for the bioprocessing sphere, Danaher’s strategic positioning couldn’t have been more opportune. The company’s transformation into a leaner, more specialized player is a proactive response to the current market challenges, setting the stage for a massive rebound. Also, the stock is down 17% YTD and is remarkably profitable, offering tremendous value for investors.

On the date of publication, Muslim Farooque did not have (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.

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.


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