As the second half of the year approaches, Wall Street analysts have identified certain stocks that are expected to outperform in the coming months. The S&P 500 has seen significant gains in 2024, with a particular focus on AI-related stocks like Nvidia. Investment firms such as Goldman Sachs, Evercore ISI, and Citi have all raised their year-end forecasts for the broad market index, indicating a positive outlook for the remainder of the year. With this in mind, CNBC Pro conducted a screening for stocks in the S&P 500 that are projected to have significant upside potential and are already showing positive performance in 2024.
Warren Buffet’s Berkshire Hathaway is one of the stocks that have been identified as having strong growth prospects. Analysts project a 20.8% increase in the stock price over the next 12 months, with a year-to-date performance of around 13%. The majority of analysts covering the stock have given it a buy or strong buy rating, highlighting confidence in its future performance. Similarly, Disney is also expected to see significant growth, with a consensus price target indicating a potential rally of nearly 25% in the next year. Analysts have noted that demand trends for Disney’s parks segment remain healthy, supporting their positive outlook on the stock.
Despite underperforming the broader market, several energy stocks have been identified as potential outperformers in the second half of 2024. Coterra Energy, for example, is projected to rally by 26.5%, despite only seeing a modest increase of less than 5% year-to-date. UBS has named it as one of its favorite energy and utility picks, indicating strong confidence in its future performance. Oil giant Chevron is another energy stock expected to outperform, with a forward P/E ratio below its 5-year average suggesting potential growth ahead. Chevron’s recent acquisition of Hess for $53 billion further reinforces optimism surrounding its future prospects.
As investors look ahead to the second half of 2024, there is a sense of optimism surrounding certain stocks that are expected to outperform the broader market. With increased price targets and positive analyst ratings, stocks like Berkshire Hathaway, Disney, Coterra Energy, and Chevron have been identified as potential winners in the months to come. While the market outlook remains uncertain, these stocks offer unique opportunities for investors looking to capitalize on their growth potential. It is important to conduct thorough research and consider all factors before making investment decisions in order to maximize returns and mitigate risks in a volatile market environment.
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