Economists around the world are expecting U.S. economic growth to slow in coming quarters, and some are still calling for a mild U.S. recession. 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 investors are anticipating that trend will continue in 2024 when the Federal Reserve eventually pivots to rate cuts.
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Here are nine of CFRA analysts’ top growth stocks that have reported at least 15% annual revenue growth in the past three years:
| Stock | Implied upside over May 29 close* |
| Nvidia Corp. (ticker: NVDA) | 1% |
| Alphabet Inc. (GOOG, GOOGL) | 8% |
| Meta Platforms Inc. (META) | 13.8% |
| JPMorgan Chase & Co. (JPM) | 8.5% |
| Tesla Inc. (TSLA) | 19.2% |
| Mastercard Inc. (MA) | 22% |
| Advanced Micro Devices Inc. (AMD) | 21.1% |
| Intuit Inc. (INTU) | 19.5% |
| Exxon Mobil Corp. (XOM) | 14.4% |
*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 262% year over year in the fiscal first quarter, while its net income skyrocketed by 628%. Analyst Angelo Zino says he is growing increasingly confident about Nvidia’s long-term data center chip demand, and AI chip demand will continue to outpace supply through at least mid-2025. CFRA has a “buy” rating and $1,160 price target for NVDA stock, which closed at $1,148.25 on May 29.
Alphabet is one of the world’s largest online search and advertising companies and is the parent company of Google and YouTube. In the first quarter, Alphabet reported 15% revenue growth, which included 28% Google Cloud revenue growth. Zino projects 13% revenue growth for Alphabet in 2024 and 11% annual growth in 2025 as well. In addition to its solid growth numbers, Zino says Alphabet has an attractive valuation, many AI technology opportunities and tremendous free cash flow potential. CFRA has a “buy” rating and $190 price target for GOOGL stock, which closed at $175.90 on May 29.
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 has regained its growth groove, reporting an impressive 27% revenue growth in the first quarter. Zino projects Meta will maintain earnings per share growth above 10% and generate free cash flow of at least $40 billion in 2024 and $45 billion in 2024. He estimates Meta will grow revenue by 18% in 2024 and between 12% and 13% in 2025 as digital ad spending rises. CFRA has a “buy” rating and $540 price target for META stock, which closed at $474.36 on May 29.
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. In 2023, JPMorgan acquired First Republic Bank after it failed during the regional banking crisis and was seized by the Federal Deposit Insurance Corporation, or FDIC. JPMorgan reported double-digit revenue growth in each of the past five quarters. Analyst Kenneth Leon says JPMorgan is gaining market share from competitors and projects 12% revenue growth for the bank in 2024 as the investment banking industry recovers. CFRA has a “buy” rating and $215 price target for JPM stock, which closed at $198.11 on May 29.
Tesla Inc. (TSLA)
Tesla is the leading U.S. electric vehicle manufacturer. Unfortunately, Tesla’s revenue dropped 9% year over year in the first quarter, including a 13% decline in automotive segment revenue growth. Analyst Garrett Nelson says Tesla will recover from its lackluster start to 2024 and report 6% revenue growth this year. Nelson projects Tesla’s new factories in Texas and Germany, along with Cybertruck deliveries and the potential launch of its next-gen platform will help Tesla’s revenue growth accelerate to 21% in 2025. He estimates more than 2 million Cybertruck reservations. CFRA has a “buy” rating and $210 price target for TSLA stock, which closed at $176.19.
Mastercard Inc. (MA)
Mastercard is one of the world’s largest credit card and payments providers. In the first quarter, Mastercard reported 11% revenue growth, 28% net income growth and 10% gross dollar volume growth. Analyst Alexander Yokum says Mastercard’s relatively high exposure to high-growth international markets will help it outgrow its more U.S.-focused peers. Yokum expects payment volume growth should continue to outpace consumer spending growth as the global economy completes its shift from cash payments to digital payments. He projects 13% annual revenue growth in 2024 and 2025. CFRA has a “buy” rating and $540 price target for MA stock, which closed at $442.47 on May 29.
[READ: 10 Best Tech Stocks to Buy for 2024]
Advanced Micro Devices Inc. (AMD)
Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up about 4,000% over the past decade. AMD reported 2% revenue growth and an impressive 188% net income growth in the first quarter. Even after the stock’s big run, Zino says the introduction of AMD’s EPYC processor and graphics processing unit sales suggest the stock has further upside ahead. In addition, he says AMD’s balance sheet is improving, and he projects revenue growth will accelerate from 13% in 2024 to 28% in 2025. CFRA has a “buy” rating and $200 price target for AMD stock, which closed at $165.14 on May 29.
Intuit Inc. (INTU)
Intuit produces accounting and management, tax preparation and personal finance software. In the fiscal third quarter, Intuit reported 12% revenue growth, 14% net income growth and 18% revenue growth in its small business and self-employed group. Analyst Janice Quek says Intuit’s management has executed well in a challenging environment, and the company has several growth drivers that can help it maintain double-digit revenue growth. Quek says Intuit is still in the early stages of leveraging generative AI technology. She projects 11.8% revenue growth in 2024. CFRA has a “buy” rating and $715 price target for INTU stock, which closed at $598.28 on May 29.
Exxon Mobil Corp. (XOM)
Exxon Mobil is the largest U.S. oil major. Oil majors aren’t traditionally considered high-growth stocks, but favorable energy market conditions in recent years have made oil stocks some of the highest-growth companies in the market. Exxon reported a 3.5% year-over-year drop in revenue in the first quarter, but Exxon’s 2023 revenue was still up about 90% on a three-year basis. Analyst Stewart Glickman says Exxon will continue to benefit from development of its Guyana and Permian Basin properties following its Pioneer Natural Resources acquisition. CFRA has a “buy” rating and $130 price target for XOM stock, which closed at $113.63 on May 29.
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9 Best Growth Stocks to Buy for 2024 originally appeared on usnews.com
Update 05/30/24: This story was previously published at an earlier date and has been updated with new information.
