Today, we’ll explore three top stocks to buy as the second half of 2024 approaches. Despite the volatility since January, we have seen robust moves, with the S&P 500 index rising 14% year-to-date (YTD) on strong earnings and expected rate cuts. Meanwhile, the Nasdaq 100 index has surged nearly 17%. Yet the Dow Jones Industrial Average has gained a modest 2%, underscoring market divergence among stocks. Despite concerns of a potential economic slowdown, the outlook for shares remains optimistic.

Meanwhile, the upcoming November U.S. presidential elections add another layer of uncertainty, guaranteeing potential market volatility. However, historical trends suggest long-term market resilience on Wall Street, regardless of the outcome of the election. In fact, the real challenge lies in pinpointing stocks poised to outperform amid these uncertainties. To help navigate this complex landscape and position your portfolio for success, here are three robust stocks to buy in the second half of 2024.

Micron Technology (MU)

First up on today’s list of stocks to buy is Micron Technology (NASDAQ:MU), a leader in memory and storage solutions market for data centers, mobile devices, and automotive applications. The company’s latest quarterly earnings highlight its growth trajectory. Revenues reached $5.8 billion, marking a 23% sequential increase and a 58% year-over-year (YOY) surge. Adjusted diluted earnings per share (EPS) was 42 cents, a remarkable improvement from a loss per share of 95 cents in the previous quarter and a loss of $1.91 in the year-ago quarter.

Micron plays a crucial role in providing high-performance memory and storage solutions essential for artificial intelligence (AI) infrastructure. Its 128GB DDR5 32Gb server DRAM, the first of its kind, meets the rigorous demands of memory-intensive AI applications. As a result, it’s enjoying widespread adoption by major server CPU manufacturers.

Additionally, Micron’s high bandwidth memory (HBM) for AI servers has already been sold out for 2024. Also, most of the 2025 supply has already been allocated thanks to the strong demand given Micron’s technological edge.

Consequently, MU stock has surged nearly 68% YTD, while shares are trading at 19.5x forward earnings and 8.5x sales. The 12-month median price target for MU stock stands at $144.00, signaling an upside potential of 1.9%. Interested readers may wait for a potential pullback towards the $135 level for a better entry point.

Royal Caribbean Cruises (RCL)

Next up is Royal Caribbean Cruises (NYSE:RCL), a major player in the resurgent travel sector and promising stock to buy. RCL operates a fleet of over 60 luxury cruise ships under renowned brands like Royal Caribbean International and Celebrity Cruises, serving 1,000 destinations worldwide.  

In late April, Royal Caribbean reported robust first quarter 2024 earnings. Revenue surged to $3.7 billion from $2.9 billion a year earlier. Diluted EPS also rose sharply to $1.35 from a loss of 19 cents, fueled by higher pricing, robust onboard revenue, and effective cost management.

The global cruise sector is rebounding, with 2023 passenger volume exceeding 2019 levels by 7%. Additionally, cruise capacity is expected to grow by 10% from 2024 to 2028. Despite challenges such as debt management, macroeconomic uncertainties, and regulatory adjustments, Royal Caribbean’s strong financials and strategic fleet expansion amid high demand enhance its growth prospects. The upward adjustment of full-year 2024 earnings guidance underscores its rebound from pandemic-related challenges.

Since January, RCL stock has gained nearly 15%, but is still reasonably valued at a forward price-to-earnings (P/E) ratio of 13.6x and a price-to-sales (P/S) ratio of 2.9x. Analysts project a 12-month median price forecast of $165 for RCL stock, suggesting over an 11% upside from current levels.

Walt Disney (DIS)

Concluding today’s discussion of stocks to buy, we explore Walt Disney (NYSE:DIS), a global entertainment giant that dominates film production, streaming services, and various consumer products and services. With a longstanding global presence, Disney also holds a notable share in the travel sector through its world-famous resorts, theme parks, and cruise lines.

For the second quarter, Walt Disney reported strong earnings, driven by higher operating income from entertainment and experiences businesses. Revenues increased 1% YOY to $22.1 billion, while adjusted EPS rose to $1.21 from $0.93 in the previous year. Following this outperformance, management revised the full-year adjusted EPS growth target to 25%

Additionally, in late February, Walt Disney and Reliance Industries announced a strategic joint venture to create India’s premier entertainment platform. This initiative will likely enhance Disney’s presence in India’s rapidly expanding entertainment market.

Investors seeking diversified exposure in the travel and entertainment sectors may find Walt Disney an appealing investment choice. So far in 2024, DIS stock has risen almost 11%. Shares are trading at 18.3 times forward earnings and 2.1 times sales. Finally, analysts have set a bullish 12-month price target of $130.0 for DIS stock, suggesting a 30% upside move.

On the date of publication, Tezcan Gecgil 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.