With the starting of a new year, it is time for the seasoned investors to evaluate stocks to buy and for the new investors to finally start researching and then diving in.
If you are one of the above-mentioned individuals then we have some good news for you. NASDAQ has released the names of the best stocks to buy in 2024 and we have listed the same for you.
So, here are top 10 stocks to buy in 2024.
10 Best Stocks to buy in 2024
According to NASDAQ, S&P 500 has been rallying up and has already seen a growth by 20% by the end of 2023. Hence, if you are an investor and you want to catch profitable stocks on their way up while avoiding the one that will be overvalued, then this article is for you.
In this article, we have listed 10 best stocks to by 2024, as suggested by NASDAQ. The list is presented in descending order. So, keep reading to know which the best and most profitable stock is to buy.
Stocks to buy
10. Visa: Up 23% in 2023
Visa (NYSE: V) emerges as a compelling choice to complement any diversified investment portfolio, standing out not only for its alphabetical placement but also for its robust offerings. As the premier credit card network, boasting over $14.5 trillion in trailing-12-month volume, Visa has showcased resilient revenue and net income growth despite challenging retail landscapes.
With industry-leading profit margins reaching 54% in its latest quarter, Visa remains a powerhouse in the market. Its growth trajectory is bolstered by various drivers, including new flows, value-added services, expanding merchant networks, and strategic institutional partnerships.
Demonstrating consistent market outperformance, Visa also extends dividends, enhancing its attractiveness for long-term investors. Overall, Visa stands as a stalwart investment, offering stability, growth potential, and a reliable income stream, making it an essential addition to any well-rounded portfolio.
9. Costco: Up 31% in 2023
Costco Wholesale (NASDAQ: COST) employs a distinctive warehouse retail model bolstered by membership fees, which establish a reliable revenue stream and foster customer loyalty, contributing to sustained profitability. While experiencing a temporary slowdown in sales growth last year following two years of remarkable expansion, the company is witnessing a resurgence in growth.
Over the years, Costco has witnessed steady increases in membership, renewal rates, and sales volume, with renewal rates consistently setting new records. These trends are poised to propel further growth. As inflationary pressures ease, consumers are expected to resume purchasing higher-priced items, further boosting revenue growth.
Costco continues its global expansion efforts, including its recent foray into the Chinese market with five operational stores and plans for additional locations in the pipeline. Adopting a deliberate approach to new store openings ensures the company maintains a lengthy runway for growth.
8. Lemonade: Up 34% in 2023
Lemonade (NYSE: LMND) presents a debated inclusion in this list, given its volatile nature, yet as a shareholder, I uphold faith in its long-term prospects. While uncertainties linger for the immediate future, the company exhibits a trajectory of increasing profitability alongside its scaling efforts, validating the efficacy of its AI algorithms.
Despite enduring a significant decline of 87% from its highs, Lemonade is gaining traction, potentially poised for a turnaround in 2024. In Q3, its in-force premium surged by 18% year over year, though an unstable loss ratio remains a challenge. However, with management's strategy to refine products and enhance algorithms, Lemonade could see substantial growth this year.
7. Lululemon: Up 46% in 2023
Lululemon Athletica (NASDAQ: LULU) has transcended the realm of trendiness to become a staple in mainstream apparel and activewear. Boasting consistently strong growth, it resonates with fitness enthusiasts while expanding its market presence with upscale everyday clothing lines.
Its non-seasonal product range allows it to uphold premium pricing without markdowns, maintaining industry-leading margins. Customers readily invest in its high-quality, patented fabrics, fueling robust and escalating profits.
With management unveiling a new growth strategy ahead of schedule, investors anticipate continued goal achievement and sustained growth over the long term, cementing Lululemon's position as a growth powerhouse for years to come.
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