The Top 3 Blue-Chip Stocks to Buy in April 2024

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  • Start a position in these top blue-chip stocks before the month is over.
  • Taiwan Semiconductor (TSM): Taiwan Semiconductor’s importance to tech should keep it steady.
  • Chevron (CVX): Chevron appears poised to become more relevant given current realities.
  • Disney (DIS): Disney’s impressive portfolio should help it weather the storm.
Top Blue-Chip Stocks - The Top 3 Blue-Chip Stocks to Buy in April 2024

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With the global economy facing uncertain times, investors ought to position themselves in top blue-chip stocks. No, aligning yourself with the biggest publicly traded companies doesn’t guarantee you anything. However, it should help you sleep a little easier at night.

For one thing, the top blue-chip stocks are well-known enterprises, obviously. As mature businesses, it’s simply easier for Wall Street experts to predict their forward movements. You probably won’t get rich off these ideas. Over the long run, though, your portfolio should benefit from steady gains.

Finally, because the big dogs are included in the benchmark indices, institutional investors have these shares in their portfolio. Again, that’s not a guarantee of success but the odds are stacked in your favor. On that note, below are top blue-chip stocks to consider.

Taiwan Semiconductor (TSM)

TSMC Taiwan Semiconductor Manufacturing Company (TSM) logo displayed on mobile phone screen
Source: Piotr Swat / Shutterstock.com

With the jitters impacting the technology space, Taiwan Semiconductor (NYSE:TSM) might seem a risky idea. Yes, it is one of the top blue-chip stocks. At the same time, Meta Platforms (NASDAQ:META) saw its shares plunge badly after the Facebook owner spooked Wall Street with its intention to “invest aggressively” in artificial intelligence.

Naturally, fears exist among some circles that the AI train is getting ahead of itself. If that’s the case, the dynamic might impugn TSMC’s business, which manufactures and sells integrated circuits (ICs) and other semiconductor devices. After all, the company’s sales have noticeably increased because of digital intelligence.

While I myself have concerns about certain AI-related enterprises being overheated, there doesn’t appear to be sector-wide evidence that AI initiatives are fading. Further, TSMC serves myriad enterprises and functionalities.

Analysts are looking for sales of $84.12 billion in fiscal 2024 and $101.95 billion in fiscal 2025. Until clear evidence suggests otherwise, TSM is one of the top blue-chip stocks to buy.

Chevron (CVX)

Chevron (CVX) logo on gas station sign with "diesel" and "food mart" written underneath
Source: Sundry Photography / Shutterstock.com

One of the biggest integrated oil and gas companies in the world, Chevron (NYSE:CVX) might not be the most popular idea for top blue-chip stocks. Ideologically, the company clashes with the broader push to move away from hydrocarbons. However, this directive – while certainly well meaning – doesn’t align with broader realities.

One of those realities is economic in nature. People simply can’t make the pivot to electric vehicles at scale. Indeed, many automakers are pivoting away from EVs and focusing their efforts on hybrid vehicles. Hybrids are combustion-based at the end of the day. So, Chevron should see continued demand, whether we like it or not.

Now, it is fair to point out that for the current fiscal year, analysts only project sales of $182.88 billion. That’s down 2.6% from last year’s print of $187.73 billion. Here’s the thing – geopolitical dynamics will likely drive crude oil prices higher. Notably, the most optimistic sales target calls for $202.19 billion. I think that’s more in line with the current geopolitical paradigm.

Disney (DIS)

Disney logo on a store front. DIS stock.
Source: chrisdorney / Shutterstock

For full disclosure, Disney (NYSE:DIS) is arguably the riskiest idea among top blue-chip stocks on this list. As an entertainment giant with an enviable content portfolio, I normally wouldn’t think of the Magic Kingdom as particularly treacherous. However, the company has made some missteps in reading social trends. As Anheuser-Busch (NYSE:BUD) found out, it’s important not to push agendas too far.

That said, Disney owns a massive content library such as the Star Wars franchise. With a little tweaking in its storyboarding, the company could easily turn the franchise into an excuse to print money. The entertainment stalwart did it before; it can do so again.

Another attribute favoring Disney is the theme park and resort business. According to a Deloitte report, while the revenge travel sentiment specifically may be fading, consumers will likely continue to prioritize experiential-based expenditures. If that’s the case, Disney can win out.

Notably, analysts rate shares a consensus strong buy with a $128.93 average price target.

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.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.


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