Economists around the world are expecting muted U.S. economic growth 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 elevated interest rates have a lagging negative impact on U.S. consumers.
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Nevertheless, growth stocks have outperformed value stocks since the beginning of 2023, and investors anticipate that trend will continue as the Federal Reserve cuts interest rates. Here are 10 of CFRA analysts’ top growth stocks that have reported at least 15% annual revenue growth in the past three years:
| Stock | Upside Potential* |
| Nvidia Corp. (ticker: NVDA) | 0.7% |
| Alphabet Inc. (GOOG, GOOGL) | 34.6% |
| Meta Platforms Inc. (META) | 4.1% |
| JPMorgan Chase & Co. (JPM) | 7.8% |
| Exxon Mobil Corp. (XOM) | 12.5% |
| Mastercard Inc. (MA) | 8.5% |
| Salesforce Inc. (CRM) | 2.4% |
| Advanced Micro Devices Inc. (AMD) | 15.4% |
| American Express Co. (AXP) | 6.6% |
| Morgan Stanley (MS) | 2.4% |
*From Oct. 18 closing price.
Nvidia Corp. (ticker: NVDA)
High-end semiconductor maker Nvidia has been one of the most spectacular growth stories in the entire stock market over the past 15 years. Nvidia’s growth numbers have wowed Wall Street, especially for a company of Nvidia’s size. Nvidia’s revenue grew 122% year-over-year in the fiscal second quarter, while its net income skyrocketed by 168%. Analyst Angelo Zino says government investment in artificial intelligence, AI factories and several other massive growth drivers will support Nvidia’s demand through 2025. Zino says new product launches at higher price points will also boost margins. CFRA has a “buy” rating and $139 price target for NVDA stock, which closed at $138 on Oct. 18.
Alphabet is one of the world’s largest online search and advertising companies and is the parent company of Google and YouTube. In the second quarter, Alphabet reported 14% revenue growth, which included 28% Google Cloud revenue growth. Zino projects Alphabet can sustain greater than 10% annual revenue growth through at least 2025. He says that growth will be supported in large part by integration of AI features throughout the company’s advertising business. He projects Google Cloud revenue growth of at least 25% annually through 2025. CFRA has a “buy” rating and $220 price target for GOOGL stock, which closed at $163.42 on Oct. 18.
Meta Platforms Inc. (META)
Meta Platforms is a market leader in social media and online advertising and is the parent of Facebook, Instagram and other platforms. Meta has seemingly found its growth groove, reporting an impressive 22% revenue growth in the second quarter. Zino projects at least $50 billion in 2025 free cash flow for Meta. He also projects 13% revenue growth in 2025 and 10% in 2026. Zino says AI features are helping Meta improve app engagement, and they could help the company tap into brand new markets in the future. CFRA has a “buy” rating and $600 price target for META stock, which closed at $576.47 on Oct. 18.
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JPMorgan Chase & Co. (JPM)
JPMorgan Chase is one of the world’s largest banks and financial services companies with roughly $3.8 trillion in assets. In 2023, JPMorgan acquired First Republic Bank after it failed during a regional banking crisis and was seized by the Federal Deposit Insurance Corporation, or FDIC. JPMorgan’s revenue growth dipped to 3% in the third quarter, but it consistently reported double-digit revenue growth in previous quarters. Analyst Kenneth Leon says JPMorgan will benefit from a rebound in investment banking activity and less global competition for debt underwriting. CFRA has a “buy” rating and $243 price target for JPM stock, which closed at $225.37 on Oct. 18.
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 12% revenue growth in the second quarter. Analyst Stewart Glickman says future growth will be fueled by the development of the company’s Guyana and Permian Basin properties following Exxon’s acquisition of Pioneer Natural Resources. In the long term, Glickman says Exxon’s clean energy transition could be an additional growth source. CFRA has a “buy” rating and $135 price target for XOM stock, which closed at $120.01 on Oct. 18.
Mastercard Inc. (MA)
Mastercard is one of the world’s largest credit card and payments providers. In the second quarter, Mastercard reported 11% revenue growth, 15% net income growth and 9% gross dollar volume growth. Analyst Alexander Yokum says Mastercard’s management team has consistently found ways to innovate in the digital payments space, giving investors confidence in the company’s adaptability. Yokum projects 13% revenue growth in 2025, and he says Mastercard’s economies of scale will facilitate earnings per share growth at least 4% above its revenue growth for the foreseeable future. CFRA has a “buy” rating and $560 price target for MA stock, which closed at $516.34 on Oct. 18.
Salesforce Inc. (CRM)
Salesforce is the world’s largest provider of cloud-based customer relationship management (CRM) software. In addition to its organic growth, Salesforce has grown via a string of acquisitions, including its 2020 buyout of Slack. Salesforce reported 8% revenue growth and 12% net income growth in the second quarter. Zino says Salesforce is attractively valued given its ongoing market share gains and its untapped profitability potential. He is bullish on the company’s numerous AI opportunities, including 1,500 new AI-related deals in the July quarter alone. CFRA has a “strong buy” rating and $300 price target for CRM stock, which closed at $292.94 on Oct. 18.
Advanced Micro Devices Inc. (AMD)
Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 5,820% over the past decade. AMD reported 8% revenue growth and an impressive 881% net income growth in the second quarter. Even after AMD’s big run, Zino says its shares remain undervalued thanks to its improving balance sheet and central processing unit data center server sales growth outlook. He projects 27% revenue growth in 2025 and says a better sales mix from new product launches will help margins expand through 2025 as well. CFRA has a “buy” rating and $180 price target for AMD stock, which closed at $155.97 on Oct. 18.
American Express Co. (AXP)
American Express is a financial services company that specializes in credit cards, digital payments and travel services. In the second quarter, American Express reported 8% revenue growth and 38% net income growth. Yokum projects the payments industry as a whole will generate compound annual revenue growth of between 7% and 8% for the foreseeable future, and he says American Express’ best-in-class execution will help the company and its stock outperform its industry peers. He says American Express’ secret sauce is its high exposure to high-growth, younger customers. CFRA has a “buy” rating and $295 price target for AXP stock, which closed at $276.79 on Oct. 18.
Morgan Stanley (MS)
Morgan Stanley is one of the largest U.S. investment banks. Morgan Stanley reported 15.4% revenue growth in the third quarter, including an impressive 56% year-over-year growth in investment banking revenue. Leon says the bank is perfectly positioned to benefit from a multi-year recovery in the investment banking industry. He says Morgan Stanley is a market leader in merger and acquisition deals, as well as debt and equity underwriting. Leon projects 5.3% revenue growth in 2025, and a risk-on environment could further boost investment banking numbers. CFRA has a “buy” rating and $124 price target for MS stock, which closed at $121.06 on Oct. 18.
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