While it may be natural to stay with your winners, contrarian investors may want to consider stocks to recover in 2024. These are enterprises that didn’t quite pass muster last year. However, with possibly shifting circumstances on the horizon, marching to a different beat may yield greater shareholder profitability.

Mathematically, by targeting beaten-down entities, you may be able to enjoy far more robust returns than the more conservative approach: betting on strong businesses in an uptrend hoping that the bulls continue to march forward. Of course, one issue with this framework is that if sentiment fades for whatever reason, you could be left holding the bag.

Still, deliberating targeting 2024 comeback stocks presents its own set of risks. Sometimes, many times, red ink leads to an even darker crimson stain. Therefore, you want to be selective with your contrarian picks.

Assuming that fundamental factors move in a certain way, the below ideas offer an enticing canvas for stocks to recover in 2024.

Vail Resorts (MTN)

Based in Colorado, Vail Resorts (NYSE:MTN) is a mountain resort specialist divided into three divisions. Its core segment owns and operates 40 resorts across four countries. Further, its hospitality unit owns or manages various properties, including lodgings and golf courses. Finally, its development unit oversees property development and real estate holdings.

As you can guess, MTN depends heavily on consumer sentiment and that was a problem last year. With interest rates rising as policymakers struggled with stubbornly elevated inflation, the dollar effectively became more expensive. Thus, an incentive to hold onto greenbacks materialized. That’s not just a matter of opinion. Per the personal saving rate, the index rose conspicuously between November 2022 and November 2023.

However, with the Federal Reserve possibly poised to reduce interest rates this year, MTN might recover. After all, dollars may become cheapened, which may incentivize spending greenbacks. If so, MTN would probably rank among the stocks to recover in 2024.

Exxon Mobil (XOM)

While the idea of betting on 2024 comeback stocks is risky, Exxon Mobil (NYSE:XOM) takes some of the edge off the underlying wager. Sure, it’s always risky to bet against prevailing trends. In this case, the oil and natural gas giant runs counter to the political and ideological push for green and sustainable energy. Nevertheless, XOM is relevant. Its high energy density may ensure that it stays relevant for a long time.

That’s not exactly what climate advocates may want to hear. However, we’re talking about scientific realities. Further, XOM makes arguably a great case for stocks to recover in 2024 due to geopolitics. Yes, it’s cynical, I won’t deny that. However, the major oil-producing nations tend to have poor relations with the U.S. and its western allies. With major producers apparently committed to production cuts, at some point, something must give.

I mean, we’re facing a possible situation of improving economic conditions, which will likely translate to resource consumption. Right now, oil ranks among the most vital resources. Therefore, XOM makes a case for stocks to recover in 2024.

Archer Daniels Midland (ADM)

A multinational food processing and commodities firm, Archer Daniels Midland (NYSE:ADM) makes another great case for stocks to recover in 2024. Fundamentally, Archer Daniels is vital to the global food supply chain. Operating more than 270 plants and 420 crop procurement facilities worldwide, it’s one of the stalwarts in the food-production industry.

Of course, geopolitical flashpoints cloud the narrative when it comes to anything involving international supply chain flow. As a result, ADM slipped about 19% in the trailing 52 weeks. Nevertheless, ADM could be one of the 2024 comeback stocks based on hard numbers.

According to Market Research Future, the global food processing market may reach a valuation of $400.43 billion by 2030. If so, that would come out to a compound annual growth rate (CAGR) of 11.82% from 2022. Since ADM represents a pivotal figure in the industry, its red ink could be a credible discount.

Analysts agree, pegging shares a moderate buy with a $91.60 price target. That implies upside of around 32%, making it one of the stocks to recover in 2024.

Marcus (MCS)

Headquartered in Milwaukee, Wisconsin, Marcus (NYSE:MCS) operates two principal divisions: Marcus Theatres and Marcus Hotels and Resorts. Both segments suffered from unfavorable broader circumstances last year. With consumer sentiment chopping heavily – and below pre-pandemic levels – many people limited their discretionary spending habits. Still, a possible pivot makes MCS an intriguing play for stocks to recover in 2024.

According to Markets N Research, the global movie theater market size reached a valuation of $67.9 billion in 2022. By 2030, experts project that the segment could hit $92.4 billion. That would come out to a CAGR of 4.5%, which is admittedly small. However, it’s a positive growth market. Further, with Marcus targeting smaller U.S. regions – the regions that benefit from millennial migration trends – MCS could rank among the 2024 comeback stocks.

Enticingly, MCS also might benefit from a possible short squeeze. Per Fintel, its short interest is 15.15% of its float while the short interest ratio comes in at 12.14 days to cover. Notably, short interest has been rising since mid-November last year. Thus, it’s an idea for speculators to watch.

CoreCard (CCRD)

Easily one of the riskiest ideas among candidates for stocks to recover in 2024, CoreCard (NYSE:CCRD) represents a narrative play. If consumer sentiment rebounds this year, CCRD could be attractive. Per its website, CoreCard specializes in card issuing and processing platform services. Because of its specialty in handling these complex functions – including account setup, fraud detection, and rewards programs – the enterprise offers a relevant profile.

Why don’t credit card companies conduct their own processing services? It comes down to business efficiencies. Credit card issuers connect and facilitate transactions across their networks but they typically don’t directly manage issuing and processing for individual financial institutions. On the other hand, CoreCard provides services to such institutions to manage the “administrative” tasks on these established payment networks.

As discussed earlier, higher interest rates effectively made the dollar more expensive, resulting in a rise in personal savings. That’s not great for the payment services industry as a whole. However, if money becomes cheaper, spending might rise. That’s probably why CCRD could hit a projected target of $19. Still, I admit, it’s super-risky.

Playtika (PLTK)

Another high-risk idea for 2024 comeback stocks, Playtika (NASDAQ:PLTK) is a leading mobile gaming entertainment and technology company. It focuses on creating and publishing casual mobile games, aimed at a more mature audience. It offers various casino games related to bingo, poker, and solitaire. While the company offers a gaming-like environment, the currencies used are virtual and cannot be cashed out.

That said, should the economic backdrop improve – that is, if the economy achieves a soft landing – PLTK could be interesting. From 2022 onward, mass layoffs have become a worrying theme. However, should circumstances in this arena stabilize, broader sentiment may rise. In turn, this dynamic could be beneficial to the gaming specialist.

For those looking for a speculative idea, PLTK’s short interest has been creeping higher. At the same time, analysts peg shares as a consensus moderate buy with a $12.91 price target. That implies upside of over 62%, which is substantial. Thus, it’s one of the possible stocks to recover in 2024 that you’ll want on your radar.

Tigo Energy (TYGO)

Perhaps the riskiest idea of them all, Tigo Energy (NASDAQ:TYGO) nevertheless deserves consideration for possible stocks to recover in 2024. Just to lay out the risk factor, in the past 52 weeks, TYGO suffered a loss of more than 85% of equity value. I put this idea last on this list for a reason. Simply, it has a lower probability of success than the others.

Simultaneously, Tigo intrigues because of its core business. Per its public profile, the company specializes in providing products, technologies, software, and services to installers, distributors, and original equipment manufacturers within the photovoltaic industry. As you probably know, the broader solar energy space suffered a massive blow last year due in large part to rising borrowing costs.

However, that framework may be poised to shift favorably. With the Fed hinting at lower interest rates, sentiment for solar stocks rebounded sharply. And as long as the sector continues to recover, Tigo could ride its coattails. Despite the risks, TYGO carries a moderate buy view with a $5.97 target, implying over 285% upside potential.

On the date of publication, Josh Enomoto 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.