Economists around the world are expecting U.S. economic growth to slow in coming quarters, as elevated interest rates and rising consumer debt weigh on the economy. It may become difficult for investors to find reliable growth stocks to buy if interest rates remain at 23-year highs for an extended period. Nevertheless, growth stocks outperformed value stocks in 2023, and that trend has continued so far in 2024 as investors anticipate a Federal Reserve pivot to rate cuts.
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Here are 10 of CFRA analysts’ top growth stocks that have reported at least 15% annual revenue growth in the past three years:
| Stock | Expected Change in Stock Price* |
| Nvidia Corp. (ticker: NVDA) | 6.1% |
| Alphabet Inc. (GOOG, GOOGL) | 10.1% |
| Meta Platforms Inc. (META) | -1.9% |
| JPMorgan Chase & Co. (JPM) | -3.4% |
| Tesla Inc. (TSLA) | 61% |
| Mastercard Inc. (MA) | 14.2% |
| Salesforce Inc. (CRM) | 7.2% |
| Advanced Micro Devices Inc. (AMD) | 11.3% |
| Intuit Inc. (INTU) | 11.1% |
| Caterpillar Inc. (CAT) | 0.5% |
*Based on current CFRA 12-month target prices
Nvidia Corp. (NVDA)
High-end semiconductor maker Nvidia has been one of the most spectacular growth stories in the entire stock market in the past 15 years. Nvidia’s growth numbers have wowed Wall Street, especially for a company of Nvidia’s size. Nvidia’s revenue grew 265% year over year in the fourth quarter, while its net income skyrocketed by 769%. Analyst Angelo Zino says unprecedented demand for artificial intelligence technology and cloud infrastructure, coupled with Nvidia’s impressive product pipeline, suggest the stock still has upside. He projects 80% revenue growth in fiscal 2025. CFRA has a “buy” rating and $1,000 price target for NVDA stock, which closed at $942.89 on March 22.
Alphabet is one of the world’s largest online search and advertising companies and is the parent company of Google and YouTube. In the fourth quarter, Alphabet reported 13% revenue growth, which included 25% cloud revenue growth. Zino says Alphabet has tremendous opportunities to integrate AI technology to optimize its search and advertising businesses and increase its cloud revenue. He projects Alphabet will maintain revenue growth of between 6% and 11% annually through at least 2025, including double-digit revenue growth from YouTube in 2024. CFRA has a “buy” rating and $166 price target for GOOGL stock, which closed at $150.77 on March 22.
Meta Platforms Inc. (META)
Meta Platforms is a market leader in social media and online advertising and is the owner of Facebook, Instagram and other platforms. Meta regained its growth groove in 2023, including an impressive 24.7% revenue growth in the fourth quarter. Zino says Meta’s margins are improving and its valuation is attractive. He also says Meta has a slew of growth opportunities in 2024, including opportunities tied to click-to-message ads, Reels, the metaverse and AI technology integration. Zino projects 17% revenue growth in 2024 and 11% growth in 2025. CFRA has a “buy” rating and $500 price target for META stock, which closed at $509.58 on March 22.
JPMorgan Chase & Co. (JPM)
JPMorgan Chase is one of the world’s largest banks and financial services companies with roughly $3.7 trillion in assets. During the 2023 U.S. regional banking crisis, JPMorgan stepped in to acquire First Republic Bank after it failed and was seized by the Federal Deposit Insurance Corp. JPMorgan reported double-digit revenue growth in each quarter of 2023. Analyst Kenneth Leon says JPMorgan is leading big bank peers in most of its business segments, and the bank generated an impressive 17% return on equity in 2023. CFRA has a “buy” rating and $190 price target for JPM stock, which closed at $196.62 on March 22.
Tesla Inc. (TSLA)
Tesla is the leading U.S. electric vehicle manufacturer. Tesla’s revenue growth slowed to just 3% in the fourth quarter, and automotive segment revenue growth was just 1%. Analyst Garrett Nelson says Tesla’s new factories in Texas and Germany as well as the rollout of the Cybertruck set the stage for growth to rebound in 2024. He estimates Tesla has more than 2 million Cybertruck reservations. In addition, he says first production of the company’s next-generation platform could begin in mid-2025. Nelson projects 23% revenue growth in 2024. CFRA has a “buy” rating and $275 price target for TSLA stock, which closed at $170.83 on March 22.
[READ: 10 Best Tech Stocks to Buy for 2024]
Mastercard Inc. (MA)
Mastercard is one of the world’s largest credit card and payments providers. In the fourth quarter, Mastercard reported 13% revenue growth, 11% net income growth and 10% gross dollar volume growth. Analyst Alexander Yokum says Mastercard is positioned to continue to gain market share as the world transitions to a cashless economy. He says the rise of digital transactions has added more layers of transactions to the payment ecosystem, which benefits Mastercard. Yokum projects 13% revenue growth in 2024 and 12% growth in 2025. CFRA has a “buy” rating and $550 price target for MA stock, which closed at $481.67 on March 22.
Salesforce Inc. (CRM)
Salesforce is the world’s largest provider of cloud-based customer relationship management software. In addition to its organic growth, Salesforce has grown via a string of acquisitions in recent years, including its 2020 buyout of Slack. Salesforce reported 11% revenue growth and 1,575% net income growth in the fourth quarter. Zino says Salesforce’s valuation is attractive, it is still gaining market share and it has potential to significantly improve profitability. Zino projects roughly 9% annual revenue growth through at least fiscal 2027. CFRA has a “strong buy” rating and $330 price target for CRM stock, which closed at $307.77 on March 22.
Advanced Micro Devices Inc. (AMD)
Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 4,347% over the past decade, but Zino says the growth outlook for AMD’s central processing unit data center servers suggests the stock still has room to run. AMD reported 10% revenue growth in the fourth quarter, and net income was up 3,076% from a year ago. Zino says AMD has opportunities to grow data center central processing unit revenue as its next-generation EPYC processor sales ramp up. He projects 16% revenue growth in 2024. CFRA has a “buy” rating and $200 price target for AMD stock, which closed at $179.65 on March 22.
Intuit Inc. (INTU)
Intuit produces accounting and management, tax preparation and personal finance software. In its fiscal second quarter, Intuit reported 11% revenue growth, 110% net income growth and 18% revenue growth in its small business and self-employed segment. Analyst Janice Quek says Intuit has executed well in a challenging macroeconomic environment and has several levers to pull to maintain double-digit revenue growth in the medium term, including embedding and expanding generative AI technology and launching live full service for TurboTax. Quek projects 11.8% revenue growth in fiscal 2024. CFRA has a “buy” rating and $715 price target for INTU stock, which closed at $643.74 on March 22.
Caterpillar Inc. (CAT)
Caterpillar is one of the world’s largest producers of construction and mining equipment. Caterpillar reported 3% revenue growth in the fourth quarter and 13% revenue growth in 2023 as a whole. The company also reported the highest annual adjusted profit per share in Caterpillar’s 98-year history. Analyst Jonathan Sakraida says Caterpillar’s growth will likely slow in 2024, but the company will maintain its superior operating earnings power thanks to North American construction and federal infrastructure spending supporting demand. Sakraida projects less than 1% sales growth in 2024. CFRA has a “buy” rating and $360 price target for CAT stock, which closed at $358.11 on March 22.
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10 Best Growth Stocks to Buy for 2024 originally appeared on usnews.com
Update 03/25/24: This story was previously published at an earlier date and has been updated with new information.
