Wall Street's 2024 Tech Sector Outlook: Bullish Predictions and Top Picks
As we look to 2024, Wall Street analysts express optimism about the prospects of tech giants that shined in 2023, along with the potential for growth among under-the-radar tech firms. Here's a roundup of the leading tech stocks for 2024 according to industry experts.
Semiconductor
Despite $NVIDIA(NVDA.US$'s remarkable performance, analysts forecast further growth, with predictions of a 17.91% increase in the stock price. In addition to Nvidia's sustained rise, Wall Street spotlights other semiconductor firms poised for growth thanks to AI technology developments. Bernstein and Bank of America have placed $Broadcom(AVGO.US$ in high regard for 2024, attributing this to its VMware acquisition, appealing valuation, and AI prospects.
Other semiconductor companies like $NXP Semiconductors(NXPI.US$ and $KLA Corp(KLAC.US$ are also favored by Bank of America's Arya, while Rosenblatt's Hans Mosesmann includes $Advanced Micro Devices(AMD.US$ in his top selection for the first half of 2024.
Internet
Piper Sandler's Thomas Champion earmarks $Amazon(AMZN.US$ as the leading large-cap internet company due to its improving retail margins and increased spending on AWS. In the small-to-mid cap arena, $Pinterest(PINS.US$ earns recognition following a strong performance in 2023.
Software
The software sector sees $Microsoft(MSFT.US$ maintaining its position as a Wall Street favorite in the new year. Goldman Sachs analyst Kash Rangan applauds Microsoft's AI initiatives and anticipates additional growth with the introduction of new services. Goldman Sachs also identifies $Adobe(ADBE.US$ and $ServiceNow(NOW.US$ as top contenders, acknowledging their steady growth, margin expansion potential, and involvement in generative AI.
Hardware
Anticipating a pivotal shift in IT spending, partly fueled by widespread AI adoption, Wall Street analysts predict increased investments in data infrastructure. This trend is expected to benefit companies such as $Vertiv Holdings(VRT.US$ and $Arista Networks(ANET.US$, as well as storage and server enterprises like $Dell Technologies(DELL.US$ and $Hewlett Packard Enterprise(HPE.US$. Evercore ISI's Amit Daryanani also foresees $IBM Corp(IBM.US$ gaining momentum as AI integration drives productivity enhancements.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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