$Apple(AAPL)$ The stock market has been on a roller coaster ride in 2023, with the S&P 500 experiencing a 10% correction in October, followed by a strong rebound in November. As we enter the final month of the year, investors are wondering which stocks will outperform in 2024 and reach new record highs.
Based on the latest Wall Street predictions, here are five stocks that have the potential to soar to new heights in 2024:
- **Apple (AAPL)**: The tech giant has been a consistent winner in the market, delivering solid earnings growth and expanding its product portfolio. Apple is expected to launch its first augmented reality glasses in 2024, which could be a game-changer for the company and the industry. Analysts have an average price target of $200 for Apple, implying a 25% upside from its current level¹.
- **Amazon (AMZN)**: The e-commerce behemoth has been dominating the online retail space, as well as expanding into cloud computing, streaming, and artificial intelligence. Amazon is also investing heavily in its logistics network, which could boost its margins and profitability. Analysts have an average price target of $4,500 for Amazon, implying a 28% upside from its current level².
- **Tesla (TSLA)**: The electric vehicle maker has been defying the skeptics and delivering impressive growth in sales, revenue, and earnings. Tesla is also leading the way in innovation, with its self-driving technology, battery technology, and solar products. Analysts have an average price target of $1,200 for Tesla, implying a 32% upside from its current level³.
- **Shopify (SHOP)**: The e-commerce platform provider has been benefiting from the surge in online shopping, as well as offering a range of services and tools for merchants and consumers. Shopify is also expanding its global presence, partnering with major players like Facebook, Google, and Walmart. Analysts have an average price target of $2,000 for Shopify, implying a 35% upside from its current level.
- **Netflix (NFLX)**: The streaming giant has been dominating the entertainment industry, with its original content, global reach, and loyal subscriber base. Netflix is also investing in new technologies, such as interactive content, virtual reality, and gaming. Analysts have an average price target of $700 for Netflix, implying a 37% upside from its current level.
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