These are Wall Street’s favorite Nasdaq picks for the second half
Technology stocks have fueled market strength in 2024, and analysts are watching a group of Nasdaq 100 stocks with further upside potential ahead. The tech-heavy index has advanced roughly 19% this year, outperforming the S & P 500 ‘s 15% gain in 2024. Hype surrounding artificial intelligence has been lifting investor sentiment and has underpinned the broader market index’s string of record highs in recent days. Components contributing to the Nasdaq 100’s 2024 run include Broadcom and Apple . Index member Nvidia jumped 3.5% Tuesday. Nvidia also became the most valuable public company as its market capitalization eclipsed that of Microsoft . Against this backdrop, CNBC Pro used its stock screener to search for Nasdaq 100 stocks that analysts expect to surge over the next 12 months. They must meet the following criteria: Average analyst price targets imply at least 20% upside ahead Shares are in the green for this year Readers can add and customize this screen using the CNBC Pro Stock Screener Tool here . Data in the table below is current as of Monday, June 17. E-commerce behemoth Amazon made the cut. Shares have climbed about 20% in 2024. AMZN YTD mountain Amazon stock has added more than 20% in 2024. Analysts think Amazon can add to its gains over the next 12 months, with consensus price targets from LSEG implying more than 20% upside ahead. The company announced plans in May to overhaul its voice assistant Alexa to integrate AI features. The changes will also include a monthly subscription fee for the enhanced service, which will be separate from Amazon Prime membership. Chipmaker Marvell Technology also made the cut. Shares are up about 21% in 2024, and analysts forecast an additional 21% in upside ahead. Marvell has benefited from the AI boom, as companies aim to get their hands on advanced silicon that can power large-language models and similar applications. The company also beat Wall Street’s revenue forecast in the first quarter and issued a higher-than-anticipated earnings outlook for the current quarter. MRVL YTD mountain Marvell Technology stock. Earlier this month, Goldman Sachs analyst Toshiya Hari stuck with his buy rating on Marvell, citing the company’s long-term AI opportunity. “We continue to view the company as one of the key enablers of Gen AI (i.e. critical supplier of high-speed networking and ASIC IP/services),” he wrote. However, his team lowered its fiscal year 2025-27 earnings forecasts and trimmed its price target to $77 from $84. Online marketplace stock MercadoLibre also made the list. Shares are about flat in 2024, but analysts see nearly 27% upside from current levels, per LSEG. MELI YTD mountain MercadoLibre’s 2024 performance Other stocks in CNBC Pro’s screen include PDD Holdings and Diamondback Energy .
