Author : MediaRemarks Last Updated, Dec 4, 2023, 5:57 PM
Business
These stocks have doubled this year and analysts say they have even more to go
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This year has seen stellar returns in a host of stocks that were crushed in 2022, and now Wall Street expects that momentum to continue in the months ahead. Stocks have recovered after aggressive rate hikes from the Federal Reserve and a rotation out of growth sectors last year brought the S & P 500 and Nasdaq Composite their worst yearly losses since 2008 . That bounce back stemmed in part from excitement around artificial intelligence, boosting shares of popular technology stocks . Consumer discretionary names also rebounded as spending stayed strong. As 2023 nears an end, CNBC Pro used its stock screening tool to search for stocks with a market capitalization above $10 billion that have doubled this year and that Wall Street believes have further room to appreciate, with analysts expecting at least 5% upside. Here are the companies that made the list: Given 2023’s enthusiasm around AI, it’s probably little surprise that both Nvidia and Meta Platforms met the criteria. Shares of Nvidia have more than tripled as investors bet on rising demand — and expanding uses — for the graphics processing units it makes that fuel many of AI’s large language models. Even after 2023’s run, analysts on average see another 37% upside ahead for Nvidia shares as the company continues to top analyst estimates . Meta Platforms has rallied nearly 170% as the social media company continues cutting costs and focusing on what it’s called a ” Year of Efficiency .” Meta too has bet on AI, earlier this year disclosing custom computer chips to assist with artificial intelligence and video processing tasks. The average analyst price target implies nearly 15% upside. META YTD mountain Meta Platforms’ stock year to date Applovin ‘s stock has seen the biggest gain in the group. Shares rallied more than 263%, with the average analyst’s price target implying another 33% upside. Under-the-radar AI play Super Micro Computer has surged almost as much, climbing more than 228% in 2023. The consensus price target forecasts another 34% potential upside in store. Royal Caribbean and Uber Technologies also made the cut, with shares up 124% and about 132%, respectively. Uber shares added more than 5% on Monday on news of its addition to the S & P 500.
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