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Top Stocks to Consider for the Best Stock Portfolio for 2024
As we look ahead to 2024, investors are eager to identify the best opportunities for building a profitable stock portfolio. In a rapidly changing economic landscape, it is crucial to select stocks that have the potential for growth and resilience. Diversification is the key to managing risk, so consider spreading your investments across various sectors and asset classes to ensure a well-balanced portfolio. Know about some of the top stocks to consider for your stock portfolio in 2024.
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Top Stocks to Consider for the Best Stock Portfolio for 2024
If you want to have the best stock portfolio in 2024, these are a few of the top stocks that you need to consider investing on:
1. Meta Platforms
Meta Platforms, previously known as Facebook, has faced significant scrutiny from analysts. While its net income has declined in the past six months, the company’s recent increase in earnings per share suggests a potential resurgence. Meta’s second-quarter earnings report was impressive, with $32 billion in revenue and earnings per share exceeding expectations. The company’s third-quarter revenue guidance is also higher than consensus estimates.
Furthermore, Meta’s Threads feature on Instagram has quickly gained 100 million users and has the potential for future growth, surpassing ChatGPT’s growth. With Twitter’s prominence diminishing, Threads appears poised for substantial future growth. There is considerable upside ahead for Meta.
As you consider your stock portfolio for 2024, read on – 10 Best Stocks for SIP in 2024.
2. Tesla (TSLA)
In 2023, Tesla exceeded their earnings projections and sales forecasts, reporting revenue of $24.93 billion compared to an anticipated $24.47 billion. They also outperformed expectations with an earnings-per-share of $0.91, surpassing estimates by 82 cents. The only slight disappointment was their operating margin of 9.6%, which fell slightly below investor expectations.
However, concerns about this margin seem exaggerated as Tesla strategically reduced prices to boost demand and establish a stronger market presence. This tactic has proven successful, with an impressive sales surge of over 47% in the second quarter and a 24.4% increase in the first quarter. Overall, Tesla appears to be executing their long-term strategy exceptionally well at this time. It can be worthwhile for your 2024 stock portfolio.
3. Lithium Americas (LAC)
Lithium Americas (LAC) is attracting significant attention in the lithium industry thanks to its successful Thacker Pass Project. With a recent legal victory, LAC received a positive Record of Decision for the project, providing access to 13.7 million tons of lithium carbonate and an extraction capacity of 80,000 tons per year. The project’s estimated after-tax net present value is an impressive $5 billion.
While operations at Thacker Pass are set to begin in 2026, LAC is also actively exploring opportunities in Argentina and plans to start mining activities there later this year. LAC’s acquisition of Arena and a substantial stake in the Sal de la Puna project strengthens its position for long-term growth. Despite currently being in a pre-revenue phase, Lithium Americas possesses a trio of valuable assets that foreshadow a prosperous future on the horizon.
4. Solid Power (SLDP)
Solid Power, a company focused on solid-state EV batteries, is seen as an enduring innovator in the EV industry. It aims to surpass lithium-ion batteries with its robust charging capabilities, safety features, and increased driving range. What makes investing in Solid Power appealing for your stock portfolio in 2024 is its unique approach of seamless integration with automakers.
Instead of producing batteries themselves, the company focuses on solid electrolytes and licenses its technology. Its partnership with BMW further positions Solid Power for long-term growth, with both companies working on a prototype line for battery development. With its goal of rolling out its EV offerings by 2025, this partnership represents a significant milestone for SLDP. You can consider it for your stock portfolio in 2024.
5. Alibaba (BABA)
Alibaba, a leading e-commerce giant in China, has successfully navigated the complex Chinese market, capitalizing on opportunities and managing risks. Despite recent challenges, the company has thrived in the dynamic AI industry and showcased its commitment to innovation with the launch of Tongyi Qianwen, a cutting-edge language model.
Despite a modest sales growth, Alibaba’s stock remains attractive for long-term investors. The company’s strategic restructuring into six business groups also highlights its adaptability and potential for future initial public offerings. In addition, Eddie Wu has taken over as CEO, succeeding Daniel Zhang. This transition signifies Alibaba’s enduring resilience and enduring attraction to astute investors for their stock portfolios.
6. Fiverr International (FVRR)
Fiverr International is a leading player in the gig economy, experiencing significant growth in the digital marketplace for freelancers. Its sales have increased by 48.9% over the past five years, and projections show this industry will be worth $18.3 billion by 2031.
Although Fiverr faced challenges during the pandemic, the rebound of the gig economy and their strong customer retention rate make it likely that they will continue to succeed in this space.
Fiverr’s second-quarter financial performance highlights its successful initiatives to boost profits and create a foundation for sustainable revenue growth in the foreseeable future. The significant improvement in gross margin underscores the company’s ability to scale profitably. Go for it; it will help diversify your stock portfolio.
Read our informative post on – Stock Screeners of 2023: Which Ones are the Best for Trading and Investment?
7. Taiwan Semiconductor (TSM)
Taiwan Semiconductor (TSM) has shown resilience, with its stock gaining double-digit growth in 2023. However, it still lags behind its peak in 2022 due to challenges such as cooling demand and construction setbacks.
Despite these obstacles, TSM remains an attractive long-term investment opportunity. The future looks promising with the expected increase in demand for AI chips, which could drive revenue growth and solidify TSM’s position in the semiconductor industry. Savvy investors may find TSM intriguing for their stock portfolio.
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Conclusion
Creating the best stock portfolio for 2024 requires careful consideration of your investment goals, risk tolerance, and time horizon. While these stocks represent promising opportunities, it is essential to conduct thorough research and, if necessary, consult with a financial advisor before making investment decisions. Keep an eye on market trends, economic developments, and company performance to make informed choices and adapt your stock portfolio as needed for a successful year ahead.
