Wall Street Favorites: 3 Blue-Chip Stocks With Strong Buy Ratings for April 2024


  • Investing in blue-chip stocks can be a good way to help make your portfolio recession proof.
  • Procter & Gamble (PG): PG excels at mitigating risks and driving growth in consumer goods.
  • Amazon (AMZN): AMZN is enjoying exponential YoY financial growth topped off by heavy AI investment.
  • Exxon Mobil (XOM): Outstanding financials and the rise in crude oil prices make XOM a solid pick.
Blue-Chip Stocks - Wall Street Favorites: 3 Blue-Chip Stocks With Strong Buy Ratings for April 2024

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The U.S. economy is currently navigating potential risks of a recession. Yet, the broader labor market’s strength has been a significant factor in averting recessionary pressures. This strength stems from businesses competing for workers during a labor shortage, leading to a reluctance to lay off staff even as signs of labor market weakness emerge. The Federal Reserve’s cautious approach reflects a strategy aimed at sustaining economic stability amid ongoing uncertainties. Given that we see some uncertainty when it comes to market performance, you should invest in these top blue-chip stocks that will ensure, growth even during economic turmoil.

Procter & Gamble (PG)

Procter & Gamble Union Distribution Center. P&G is an American Multinational Consumer Goods Company
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Procter & Gamble (NYSE:PG) produces household and personal care products, including brands like Pampers, Tide, Gillette and Crest. And is one of the world’s largest and most influential corporations in its industry.

PG’s water sustainability initiative can boost stock prices by improving its corporate image by attracting ESG-focused investors. This commitment aligns with growing consumer and investor preferences for sustainable practices, thus better preparing PG for a greener future. 

PG has long-term solid growth as 22 analysts give this stock a “buy” rating with an average analyst price target of $169.89.

Amazon (AMZN)

Closeup of the Amazon logo at Amazon campus in Palo Alto, California. The Palo Alto location hosts A9 Search, Amazon Web Services, and Amazon Game Studios teams. AMZN stock
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Amazon (NASDAQ:AMZN) is an American global enterprise that dominates the e-commerce market.

The company boasted a strong Q4 2023, as it did in previous quarters. AMZN brought in $169.96 billion in revenue. This is a YOY increase of 13.91%. Furthermore, revenue was above consensus industry estimates by 2.23%. However, the most prominent strength of AMZN’s financials was its net income and diluted EPS. These marked astonishing YOY gross of 3721.58% and 4950%, respectively.

The largest backbone of Amazon’s success has been the expansion of technological capabilities with the addition of artificial intelligence. Recently, AMZN has continued to expand on this success by investing $25 million into AI research and development for the long term. Expect Amazon to utilize AI to improve AWS cloud services, website user integration and their other products. Leading to AMZN riding the AI tailwind into a more significant position among blue-chip stocks.

Exxon Mobil (XOM)

Exxon Mobil logo outside of a corporate building
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Exxon Mobil (NYSE:XOM) showed significant financial growth over the past year, reflected by its market cap, which grew from $399.59 billion in 2023 to $481.57 billion in 2024. XOM also saw a levered FCF margin of 7.01%. These metrics depict Exxon as a profitable company with a massive growth prospect, making it viable for all investors.

The global oil and gas market is valued at $7625.82 billion as of 2024 and is projected to reach $9347.90 billion by 2028. Critical factors for this growth include urbanization, modernization, and the rising concern regarding electric vehicles and their longevity.

XOM’s stock is solely dependent on the price of crude oil, and over the past year the price rose from a national average of $3.44 per gallon to $3.53 per gallon. This price spike is partially the result of the Russian-Ukrainian war, two nations that are major exporters of natural gas. Similar to this conflict, there are reports of a potential conflict between Israel and Iran occurring soon. If that happens, we could see most of the Middle East become engulfed in war. This would see oil prices spike again, raising XOM’s stock significantly. Due to the current state of geopolitics in the Middle East and proven financials, I expect XOM to be among the blue-chip stocks that see price increases extremely soon.

On the date of publication, Michael Que 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.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.

Michael Que is a financial writer with extensive experience in the technology industry, with his work featured on Seeking Alpha, Benzinga and MSN Money. He is the owner of Que Capital, a research firm that combines fundamental analysis with ESG factors to pick the best sustainable long-term investments.

Article printed from InvestorPlace Media, https://investorplace.com/2024/04/wall-street-favorites-3-blue-chip-stocks-with-strong-buy-ratings-for-april-2024/.

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