Key points
- Analyst revisions are broadening these markets; CrowdStrike is still the most updated stock.
- Meta Platforms could surge into double digits as analysts take it to a new high.
- Amazon rises to 3rd place as its stock hits an inflection point that could lead to significant upside.
- 5 stocks we prefer to CrowdStrike
Analyst activity in the first quarter is solid, with fourth quarter results beating estimates and guidance for at least technology stocks, leading them to raise their targets. However active the analysts have been, the market leaders and the stocks that get the most improvements remain the same. The charts have been manipulated, but the stocks that drove the overall market to new highs in 2023 support today’s market.
Keeping these trends intact, the S&P 500 and NASDAQ Composite will likely continue to advance; the only question is how high it will be, which could be much higher based on the outlook for these stocks more updated at the end of first- and fourth-quarter 2023 earnings reporting.
CrowdStrike is the most updated stock: the double-digit increase is yet to come
CrowdStrike NASDAQ: CRWD exited the third quarter reporting season in the No. 1 and maintained it after the fourth quarter cycle. This company’s results, including margin, cash flow, and guidance, have resulted in forty-seven revisions in the last ninety days.
Analysts peg the stock at Moderate Buy, a rating that has remained stable over the past year but has raised their price targets dramatically. The consensus target has increased 50% over the past thirty days, with most of the increase following the fourth quarter release. Consensus implies a 12% upside; most of the latest targets are near the new high, another 2000 basis points higher.
The price action in CrowdStrike is suggestive. The market recently reached a new high and confirmed support at the critical level. This suggests an inflection point and a pivot that places the previous high at the center of the new range. In this scenario, CrowdStrike’s stock price could rise by nearly $290 to the $500 level.
Meta Platforms’ stock price could rise in 2024
Meta platforms NASDAQ: META has been featured prominently on the most updated titles list for over a year. Its efficiency advantage, return to growth, wider margins and AI-driven outlook have left it in 1st place for the year and it sits in 2nd place. Thirty-nine of the forty-five analysts tracked by Marketbeat have issued positive revisions over the past ninety days, and all have been revised upward. The consensus implies fair value with the stock at current levels, but all new targets are higher. The high end is another 15% above current action and the ceiling could be raised again. Meta is building momentum that has yet to run its course.
Amazon could earn another $100 in 2024
Amazon.com NASDAQ: AMZN is standing with results exceeding expectations, AI driving the force at AWS, and analysts raising their goals. The company has received thirty-seven price target revisions out of the forty-four that cover it, and all of them are upward. The consensus places this stock at $197, a significant target because it is a new high. A move to new highs would signal a pivot for this market that could lift it $100 to the $280 range. As it stands, the consensus is trending clearly upwards and the high end is leading the way. The maximum target is $230.
NVIDIA will trend higher in 2024 – how high is TBD
NVIDIA NASDAQ:NVDA is still in the mix, sitting in fourth place with thirty-six reviews in the last ninety days. The consensus target lags price action and is part of the reason the market is stalling, but the pause is expected to be short-lived. The consensus target lags the market, but is up 240% year-over-year and driven higher by recent revisions.
Recent revisions have taken this stock above consensus in the range of $900 to $1,200 or 2% to 35% higher. The next catalyst for this market will be the developer conference later this month. It is expected to reveal several new partnerships to take its new AI-focused business to new heights.
The technical action in NVIDIA stock is strong. The market is up nearly 800% in the last eighteen months and is likely to go higher. Assuming the pullback in price action is a consolidation leading to continuation, the stock could advance by an amount equal to the rally that preceded it. In this scenario, NVIDIA stock could advance $380 from current levels to nearly $1,250.
Before you consider CrowdStrike, you’ll want to hear this.
MarketBeat tracks daily Wall Street’s highest-rated and best-performing research analysts and the stocks they recommend to their clients. MarketBeat identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market takes hold… and CrowdStrike wasn’t on the list.
While CrowdStrike currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
View the five stocks here
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