What will be the top tech stocks of 2024? That question has been on many investors’ minds as the new year takes shape. The powerful tech sector hasn’t gotten off to a great start so far, as leading companies like Apple (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA) have pulled down the Nasdaq Composite. As The Wall Street Journal reports, doubt is rising that the “Magnificent 7” stocks — responsible for much of the index’s growth last year — will be able to keep growing at their previous clips. In fact, some experts have predicted that the end of their impressive growth period has already begun.
As InvestorPlace contributor Michael Gayed reports:
“Large-cap technology stocks, which have been the main drivers of the market’s growth, are now at the forefront of its challenges. These companies face a confluence of headwinds including regulatory scrutiny, a potential slowdown in consumer spending, and a shift in investor preference toward value and cyclical stocks. These factors are compounded by the need to continuously invest heavily in innovation to stay relevant, which becomes increasingly difficult in a cost-conscious environment.”
Even with tech stocks facing these challenges, though, Wall Street remains bullish on some of the sector’s leading names. Still, not all of the top “strong buy” stocks are companies that make the most headlines. Let’s take a look at which tech stocks analysts believe can ride out this difficult time — and emerge stronger for it.
10 Strong Buy Tech Stocks, According to Wall Street
- Microsoft (NASDAQ:MSFT): This tech sector leader remains a favorite among analysts. It currently boasts 36 buy ratings and an upside potential forecast of almost 11%.
- Nvidia: A leader of the 2023 artificial intelligence (AI) gold rush, NVDA still well-liked by Wall Street. Analysts have 32 buy ratings on the stock while forecasting upside potential of 21%.
- Broadcom (NASDAQ:AVGO): This fellow chipmaker isn’t quite as popular as Nvidia, but its prospects are still strong. AVGO stock features 17 buy ratings and a consensus upside potential prediction of about 4%.
- Taiwan Semiconductor (NYSE:TSM): A leading tech firm in Taiwan, TSM hasn’t receive much analyst coverage lately but it still has four buy ratings and an upside potential forecast of around 7% on TipRanks.
- ASML Holding (NASDAQ:ASML): Helping the world’s chipmakers has been great for this Dutch company. ASML currently has five buy ratings from Wall Street, with analysts predicting upside potential of 12%.
- Adobe (NASDAQ:ADBE): This software innovator has enjoyed an excellent past two quarters. This has earned ADBE stock 24 buy ratings and an upside potential forecast of 11%.
- Intuit (NASDAQ:INTU): This business software leader features 16 buy ratings from Wall Street and an upside potential forecast of 7% as of this writing.
- Uber (NYSE:UBER): This ride-sharing giant has risen more than 40% over the past six months. UBER stock has earned 36 buy ratings on TipRanks and an upside potential forecast of over 4%.
- Applied Materials (NASDAQ:AMAT): Applied Materials’ work in the semiconductor and automation spaces has helped shares rise recently. It currently boasts 16 buy ratings with analysts forecasting upside potential of 12%.
- Micron Technology (NASDAQ:MU): This computer memory and data storage innovator isn’t off to a good start this year, but it still maintains 24 buy ratings from Wall Street and an upside potential forecast of 16%.
On the date of publication, Samuel O’Brient 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.
