Top Analysts Reveal Their Favorite Stocks for Long-Term Growth
The S&P 500 has been on the rise in 2024, driven in part by optimism around artificial intelligence. Investors seeking sustainable returns need to focus on companies with solid long-term growth potential. To help identify these opportunities, we turn to top Wall Street analysts who have a proven track record of success.
Fortinet: A Leader in Cybersecurity
Fortinet (FTNT) is a top pick among analysts, with TD Cowen’s Shaul Eyal reaffirming a buy rating and raising the price target to $90. Eyal cites channel checks and discussions with industry participants that indicate continued recovery in Fortinet’s business and healthy demand across its product portfolio. The company’s operational technology products are gaining traction, backed by a long-term replacement cycle, and its focus on cloud security is bolstered by the recent acquisition of Lacework.
GitLab: Enhancing Developer Productivity
GitLab (GTLB) is another favorite among analysts, with Mizuho’s Gregg Moskowitz reiterating a buy rating and price target of $62. Moskowitz notes that management is confident about capturing further opportunities in the $40 billion total addressable market, with the company’s Duo Pro product expected to gain momentum in 2025. GitLab’s Dedicated offering is also seeing better-than-anticipated customer interest, driving higher average revenue per unit.
Nvidia: A Leader in Artificial Intelligence
Nvidia (NVDA) is a top pick among analysts, with Goldman Sachs’ Toshiya Hari reiterating a buy rating and raising the price target to $150. Hari cites Nvidia’s confidence about the demand backdrop, driven by continued spending on accelerated computing and GPUs by data center operators amid the generative AI wave. The company’s Blackwell platform is expected to launch and ramp up, enhancing Nvidia’s competitive advantage and driving revenue growth.
These top analysts have a proven track record of success, with their ratings delivering average returns of 27.3%, 12.6%, and 27.5%, respectively. Their insights provide valuable guidance for investors seeking long-term growth opportunities in the market.
Leave a Reply