Top 10 stocks to buy in 2024

2023 was an incredibly strong year for U.S. stocks but many believe the S&P 500 will push further up in the new year. To play that continued strength, our experts have picked top 10 stocks to buy in 2024.

Let’s look at each individually.

Alibaba Group Holding Ltd (NYSE: BABA) is an exceptionally cheap stock within the global tech space.

At writing, shares of the multinational are almost back to the price at which they debuted on the New York Stock Exchange in 2014 – even though its revenue has increased tenfold and its earnings have increased fivefold over the past ten years.

Alibaba is expected to earn $2.45 a share in its current financial quarter versus $2.44 per share a year ago.

Chevron Corporation (NYSE: CVX) is in our list of top stocks to buy in 2024 as it currently pays a rather lucrative dividend yield of 4.2%.

Plus, the energy stock looks fairly cheap at 10.7 times its projected earnings for the current year.

In October, Chevron bought Hess Corp for $53 billion – an acquisition it’s convinced will help lower annual costs by up to $1.0 billion and further extend its free cash flow growth as well (find out more).

Alphabet Inc (NASDAQ: GOOGL) offers means to tap on a continued rebound in online advertising and cloud spending.

Shares of the global search leader are particularly expected to benefit this year on the back of its commitment to generative artificial intelligence. Alphabet rolled out Gemini – its most capable large language model to date in December as Invezz reported here.

Wall Street currently has a consensus “buy” rating on the Google stock that’s up 60% versus its 52-week low at writing.

BioNTech SE (NASDAQ: BNTX) was a disappointment for its shareholders last year but it may be a different story altogether in 2024.

First of all, it’s projected to remain profitable this year. Secondly, its pipeline focused on oncology seems quite promising. On top of it, the German biotechnology company has over $18 billion in cash that makes its stock all the more exciting.

Last week, BioNTech spent $20 million for two of Wuxi Biologics’ preclinical monoclonal antibodies.

CrowdStrike Holdings Inc (NASDAQ: CRWD) is another one you can own to benefit from the rapid growth in artificial intelligence this year. In fact, Dan Ives – a senior Wedbush Securities analyst recently added it to his list of top AI stocks for 2024.  

Last year, CrowdStrike launched Charlotte AI – a product aimed at artificial intelligence-enabled cybersecurity.

Barrick Gold Corp (NYSE: GOLD) – as the name suggests – is a way to invest in gold that is broadly known as the safe haven asset.

The company based out of Toronto, Canada is a top producer of gold in Africa and its stock is particularly attractive as the management is committed to a 30% increase in mine output by the end of this decade.  

2024 is the year Gold & Silver make headlines…

1. An expected easing Fed cycle, a slowdown in global growth slows, while markets contend with a "geopolitical recession"

2. We at @MKSPAMP are mildly bullish Gold with an average forecast of $2050/oz; prices will post another…

— Nicky Shiels (@nixsa84) January 15, 2024

In November, Barrick Gold said its earnings jumped 21% on a year-over-year basis to $368 million in its fiscal third quarter.

Amazon

Amazon.com Inc (NASDAQ: AMZN) is expected to do well in 2024 as online retail continues to rebound.

Artificial intelligence is resulting in a material increase in cloud spending as well that will likely translate into strength for Amazon Web Services. The Nasdaq-listed firm has invested billions in Anthropic – an AI startup and has announced an AI chip as well (read more).

Amazon is integrating artificial intelligence into all parts of its operations that makes its stock that much more attractive.

MSG Sports

Rangers is currently worth $2.45 billion and Knicks some $7.4 billion, as per Sportico estimates.

In comparison, MSG Sports Corp (NYSE: MSGS) is worth only $4.2 billion at writing with a net debt of about $300 million only. That’s what makes shares of this sports holding company worth owning in 2024.

Moreover, the stock is currently down over 10% versus its 52-week high that may have created an attractive entry point for the potential investors. It has recently broken above its 200-day MA as well.

AMD

Advanced Micro Devices Inc (NASDAQ: AMD) may be a great pick for those who missed the explosive rally on the back of artificial intelligence in Nvidia Corp last year.

The semiconductor behemoth has already launched the MI300 accelerator to ramp up competition with its rival that currently leads the space.

Note that Statista forecasts the AI market to be worth about $2.0 trillion by 2030. At writing, it’s worth close to $200 billion only. Earlier on Tuesday, a VC investor said AMD should be a magnificent seven stock.

Trade Desk

A 30% hit to the shares of Trade Desk Inc (NASDAQ: TTD) over the past six months may be overdone considering it has been stealing share from the likes of Alphabet and Meta Platforms in digital advertising.

The California-based company has recently launched Koa AI copilot that may help sustain that trend in 2024 and deliver a boost to its stock price.

Lastly, Trade Desk is currently trading at PEG (price/earnings-to-growth) ratio of less than 1 which suggests it’s shares are a bargain at writing.

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