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Smart investors are always on the lookout for companies that offer excellent growth potential, dividends, diversification and value. That said, most choose top-tier companies that provide size, scale and durable cash flows.
Why? Because those companies have proven records of resilience, profitability and long-term growth. Patient investors benefit from stable, undervalued businesses, ensuring resilience in volatile markets.
Although large-cap companies can be a great move when investing, there are also mid-cap ones worth the attention, time and money. Wise investors will always keep diversification in mind, whether the market is doing well or not.
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Here are three of the best high-flying growth stocks every investor should watch this 2024.
Advanced Micro Devices (AMD)
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Known for its excellent, seamless and advanced computing and graphic products, Advanced Micro Devices (NASDAQ:AMD) is surely a name every investor has in their portfolio. With its AI and machine learning innovations, AMD is a no-brainer stock to have.
AMD expects a prosperous 2024 after surging 30% and surpassing broader markets. Q4 earnings report also stunned Wall Street analysts showing $6.17 billion in revenue and $0.77 earnings per share. AMD anticipates Q1 revenue of around $5.4 billion, with over $2 billion expected from AI chip sales.
The adoption of AMD’s AI chips by a significant player in cloud computing contributed significantly to the company’s performance. David Reitzes targets $265 per share in 12 months, but hitting $250 per share sooner is plausible. Positive outcomes, like exceeding MI300 sales forecasts, could drive shares higher post-earnings. Considering its AI leadership, holding onto AMD stock seems wise.
AMD stock enjoys strong buy ratings and substantial price upside potential. With 30 analysts covering AMD, 13 rate it as a Strong Buy, 14 as a Buy and 3 listed it as a Hold. Despite its current price exceeding the consensus, expectations vary, with some foreseeing a correction while others predict significant growth, driven by AI data center spending forecasts by CEO Lisa Su.
Meta Platforms (META)
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One of the worst years for tech and social media giant Meta Platforms (NASDAQ:META) was 2022. However, the company quickly rebounded and had an excellent year in 2023, showing the world how it will forever be significant in the tech sector, and now in the AI industry.
The company saw a lot of impressive progress, especially in its Family Daily Active People (DAP), which showed over 3.19 billion by the end of 2023. Family Monthly Active People (MAP) also blasted over 3.98 billion. The growth seen in both metrics was awe-inspiring, making Meta retain and attract more users.