Stocks Poised to Outperform in the Second Half of 2024: Analysts’ Top Picks

Stocks Poised to Outperform in the Second Half of 2024: Analysts’ Top Picks

Warren Buffet’s Berkshire Hathaway is projected to rise by 20.8% over the next 12 months, making it one of the top picks by analysts for the second half of 2024. The Class B stock is already up around 13% year to date, showing its potential for further growth. Three out of the four analysts covering the stock rate it as a buy or a strong buy, with Argus recently upgrading the conglomerate’s shares to buy from hold in May. The reasons cited are its cheap valuation and strong financial strength, making it a solid choice for investors looking for long-term gains.

Disney is another stock favored by Wall Street analysts going into the second half of 2024. According to the consensus price target, Disney’s shares could rally nearly 25% in the next 12 months. Guggenheim reiterated its buy rating on the stock earlier in June, highlighting the healthy demand trends for Disney’s parks segment. Around three-quarters of analysts covering the stock have a strong buy or buy rating. Disney shares are already up 12% in 2024, indicating positive momentum that is expected to continue in the coming months.

Several energy stocks have also made the list of top picks for the second half of 2024. Despite the energy sector underperforming the broader market so far this year, there are opportunities for growth. Coterra Energy, for example, is up less than 5% in 2024, but analysts believe its shares could rally by 26.5%. UBS has named it as one of its favorite energy and utilities picks. Two-thirds of analysts covering Coterra hold a strong buy or buy rating on the stock, emphasizing its potential for significant gains in the near future.

Chevron, the oil giant, is another energy name expected to outperform in the second half of 2024. The stock is currently trading at a forward P/E ratio below its 5-year average, indicating potential growth ahead. Chevron is in a strategic battle with Exxon Mobil over profitable offshore oil assets in Guyana. Additionally, the company recently acquired Hess for $53 billion, further strengthening its position in the market. Despite the challenging market conditions, Chevron shares are up by 2.8% year to date, showing resilience and potential for future growth.

The second half of 2024 presents opportunities for investors to capitalize on stocks that are expected to outperform. Based on analysts’ forecasts and price targets, companies like Berkshire Hathaway, Disney, Coterra Energy, and Chevron are poised for significant growth in the coming months. It is essential for investors to conduct their research and due diligence before making investment decisions, considering the volatile nature of the market and the potential risks involved. By diversifying their portfolios and staying informed about market trends, investors can position themselves for success in the ever-changing landscape of the stock market.

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