Wall Street analysts regularly share their stock recommendations based on detailed research, knowledge of previous stock market cycles, financial strength, long-term catalysts and other information. Each analyst has different opinions about various stocks, but it seems like many analysts agree about a few of them.
If most Wall Street analysts rate a stock as a Buy, it can be a good sign. Investors should do more research instead of letting analysts’ opinions dictate their portfolios. However, you can get great investment ideas and perspectives by seeing what the analysts think. Wall Street analysts currently can’t get enough of these three strong buy tech stocks.
CrowdStrike (CRWD)
One of the top strong buy tech stocks to consider is CrowdStrike (NASDAQ:CRWD), a cybersecurity firm that continues to gain market share. While many cybersecurity corporations have cited headwinds and decelerating financial growth, CrowdStrike has bucked the trend.
The company recently reported 33% year-over-year (YoY) revenue growth in the fourth quarter of fiscal 2024. Those results helped CrowdStrike reach $3.44 billion in ending annual recurring revenue. That baseline and high demand for its software can push shares higher.
Many Wall Street analysts agree with that thesis. The stock is currently rated as a Strong Buy by 41 analysts and has a projected 20% upside. The highest price target of $435 suggests shares can rally by an additional 32%.
Investors have enjoyed many rallies by holding onto this stock. Shares are up by 176% over the past year and 419% over the past five years. The cost of a cyberattack to a company’s finances and reputation is too much for many small businesses and corporations to bear.
Many of these companies will make CrowdStrike’s monthly payments to access software that can keep their information and data safe.
Amazon (AMZN)
Amazon (NASDAQ:AMZN) has been a Wall Street favorite for many years. Despite being a part of many mainstream cohorts like the Magnificent Seven, FANG and FAANG, the tech giant still has more room to run.
Wall Street analysts are currently projecting a 19% upside for Amazon stock. The stock has 41 analysts covering it, and all of them rated it as a Buy. The stock has not received any Hold or Sell recommendations. The highest price target of $230 per share suggests shares can gain an additional 31% from current levels.
Amazon’s fourth-quarter earnings results demonstrate why the stock still offers a buying opportunity. Revenue increased by 14% YoY with steady growth in domestic and international markets. International sales growth was slightly higher at 17% YoY compared to the domestic market’s 13% YoY growth rate.
Amazon Web Services continues to be a growth driver for the firm based on its 13% YoY growth. Amazon is a well-diversified business that has become the world’s most recognizable online marketplace. Many Wall Street analysts believe the future of Amazon stock is bright.
Meta Platforms (META)
It’s amazing how much can change in one year. Meta Platforms (NASDAQ:META) recovered in 2023 with cost-cutting measures and significant revenue growth wooing Wall Street. The stock is currently rated as a Strong Buy, and has a projected 6% upside. The highest price target of $575 suggests shares can rally by an additional 15%.
Meta Platforms increased its revenue by 25% YoY in the fourth quarter of 2023. The revenue growth also came with a significant 8% YoY reduction in costs and expenses. The end result was its net income more than tripled.
Accelerating user growth trends demonstrate that revenue and earnings growth can continue. The number of daily active users across Meta’s social networks increased by 8% YoY. Daily active users increased by 6% YoY on Facebook.
The firm even announced a quarterly dividend that starts at $0.50 per quarter. That announcement will keep shareholders happy and attract investors looking for cash flow.
On the date of publication, Marc Guberti 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.
