Best Tech Stock to buy in 2024
Here are the 10 best tech stock buy in 2024
Microsoft Corp. (MSFT)
Microsoft, the largest software company globally, is renowned for its products like Windows, Office, and Azure cloud services. According to Zino, an expert, Microsoft has excellent opportunities to utilize artificial intelligence and continue growing through its emphasis on cloud services, including Azure, and web-based versions of Office, Teams, and Dynamics. A significant portion of Microsoft’s total sales now comes from cloud-based revenue. Zino anticipates that Microsoft’s integration of CoPilot and its substantial investment in OpenAI, the creator of ChatGPT, will deliver substantial value to investors in the coming years. CFRA has provided MSFT stock with a “strong buy” rating and set a target price of $420. As of December 1, MSFT stock closed at $374.51.
Adobe Inc. (ADBE)
Adobe creates software for creative content and various applications used in marketing and e-commerce. According to Zino, Adobe has significant opportunities to utilize AI technology to generate more revenue from its extensive user base. He highlights Adobe’s substantial size, providing it with strong competitive advantages and chances to cross-sell its products. The Firefly generative machine learning model by Adobe is already attracting considerable interest among users of platforms like Photoshop and Illustrator. Zino predicts that integrating generative AI will drive growth in Adobe’s subscription revenue, projecting an 11% increase in fiscal 2024 and a 13% increase in 2025. CFRA has assigned a “buy” rating and set a target price of $620 for ADBE stock, which closed at $612.47 on December 1.
Apple Inc. (AAPL)
Apple designs products like the iPhone, iPad, Apple Watch, and computers. They also offer services such as the App Store, Apple Music, and iCloud. Analyst Angelo Zino believes Apple is a strong investment due to its popular products, expanding market, and high customer loyalty, even with a market value of almost $3 trillion. Zino points out that Apple consistently generates cash and returns a significant amount to its investors, justifying its higher value compared to similar companies. He predicts a 2.3% growth in revenue for fiscal 2024. CFRA recommends buying AAPL stock with a target price of $210. On December 1, AAPL stock closed at $191.24.
Nvidia Corp. (NVDA)
Nvidia is a company that makes really good computer chips for things like gaming and powerful computers. In 2023, it’s doing extremely well – actually, it’s the best-performing stock in the S&P 500, with a huge gain of 226% so far. This is because more and more people want Nvidia’s chips, especially for artificial intelligence, which is changing how we use computer systems. The company is expected to make a lot more money in the coming years, with projections showing a big increase in revenue in 2024 and 2025. A well-respected rating agency thinks it’s a great idea to buy Nvidia’s stock and believes it could reach $600. Right now, as of December 1st, the stock is priced at $467.65.
Broadcom Inc. (AVGO)
Broadcom is a large company specializing in computer parts. They offer various products, and Zino suggests that their networking, switcher, and specialized computer chip divisions are thriving due to increased investments in artificial intelligence (AI). After about a year and a half, Broadcom successfully completed the acquisition of VMware in November. Zino believes this acquisition will diversify Broadcom’s sources of income. He anticipates that approximately 40% to 45% of Broadcom’s sales will now come from software, projecting a 7.6% increase in revenue for 2024.CFRA experts recommend buying Broadcom’s stock, giving it a “buy” rating with a target stock price of $975. As of December 1st, the stock was valued at $930. It’s important to note that stock prices are subject to change, so staying informed with the latest news is advisable for potential investors.
Salesforce Inc. (CRM)
Salesforce is the largest provider of cloud-based customer relationship management (CRM) software worldwide. Despite a slowdown in revenue growth, Zino believes the company still has opportunities to enhance profitability and expand its market share. He highlights that Salesforce’s shares are attractively priced, considering the company offers the most comprehensive range of CRM solutions in the market. Zino emphasizes the strategic value of Salesforce’s acquisition of Slack, a platform for professional messaging and collaboration, in strengthening its position as an essential enterprise vendor. CFRA recommends a “strong buy” for CRM stock, with a target price of $256. As of December 1st, the stock closed at $260. It’s crucial for investors to stay informed about the latest developments, as stock prices are subject to change.
Advanced Micro Devices Inc. (AMD)
Shares of Advanced Micro Devices (AMD), a company specializing in microprocessors and graphics semiconductors, have experienced an impressive surge of 3,350% in the past decade. Zino highlights that the appeal of AMD’s stock lies in its EPYC processors, GPU products, and the potential for improving its financial standing. Anticipating the launch of new products, Zino believes AMD will diversify its offerings and boost earnings in 2024. Additionally, Zino notes AMD’s strong position in the market for selling graphics chips to large computer centers, securing a solid second place after Nvidia. He forecasts a 21% growth in revenue for AMD in 2024. CFRA recommends buying AMD stock with a target price of $125. As of December 1st, the stock closed at $121.39. It’s crucial for investors to stay informed about market developments, as stock prices can change.
Cisco Systems Inc. (CSCO)
Cisco Systems is a company that provides solutions for computer networks, cloud services, and cybersecurity. In 2023, the performance of Cisco’s stock has been slower compared to other tech companies, with an increase of only 4.8% this year. However, Cisco stands out for offering a 3.2% dividend, the highest among the stocks mentioned. According to Snyder, while Cisco may face some short-term challenges, the ongoing upgrade of Wi-Fi technology (Wi-Fi 6) is a positive factor that could make Cisco a good long-term investment.Snyder also believes that the demand for Cisco’s products will remain strong due to factors such as improving computer networks with AI and the deployment of advanced 5G networks. CFRA recommends buying Cisco’s stock with a target price of $55. As of December 1st, the stock closed at $48.47. It’s crucial for investors to stay updated on market conditions, as stock prices can change over time.
Intuit Inc. (INTU)
Intuit specializes in creating software for tasks related to finance, including accounting, tax preparation, and personal finance. Analyst Janice Quek suggests that the expansion of Intuit’s online system, QuickBooks Online, will make it more convenient for small and medium-sized businesses to shift to cloud-based solutions. Additionally, Intuit’s acquisitions of Credit Karma and Mailchimp provide valuable data resources. Quek sees opportunities for Intuit to sell more products to its existing customers, highlighting Intuit’s consistent ability to generate high earnings growth, even in challenging economic times. Quek forecasts a 12% increase in revenue for fiscal 2024 and a 14% increase in 2025. CFRA recommends buying INTU stock, setting a target price of $540. As of December 1st, the stock closed at $574.32. It’s essential for investors to stay informed, as stock prices are subject to change.
Accenture PLC (ACN)
Accenture is a big company that helps others with computer and technology services all around the world. An expert named Keith Snyder thinks it’s a good idea to invest in Accenture because they have many customers and are financially strong, making them a safe choice during uncertain economic times. Accenture has a history of doing well in making money, and Snyder says their involvement in ongoing tech trends, ability to attract talented people, and strong connections with software companies make them valuable for investors. Snyder predicts that Accenture will make 3.5% more money in 2024 and 7.3% more in 2025. The experts at CFRA really believe in Accenture’s stock, giving it a “strong buy” rating and saying it could reach $341. As of December 1st, the stock was priced at $338.06. Remember, stock prices can change, so it’s smart to keep an eye on the latest news if you’re thinking about investing.
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