Looking ahead to this year, analysts think some of 2023’s losers could come out on top, while shares of last year’s other tried-and-true winners, such as Nvidia and Warner Bros. , could continue to rise. Stocks had a bull run in 2023, defeating bearish sentiment that had weighed on investors’ early last year. The S & P 500 closed out 2023 higher by 24.2%, almost hitting a new record high, as a just a few megacap technology names led the market’s historic gains. Using the CNBC Pro Stock Screener Tool , we looked for S & P 500 stocks that analysts project will have the best performance in 2024 according to their consensus price targets. Many of the stocks are expected to make a comeback after a tough run this year. Below is the full list of winners and why analysts are so bullish on the names. Analysts are optimistic on a rebound in some energy names, including oil and gas companies Halliburton and Marathon Oil . Shares of several energy stocks had declined last year. The overall sector was a 2023 laggard, losing 4.8%, as U.S. crude oil ended last year more than 10% lower due to worries that the market is oversupplied from historic oil production outside OPEC. Analysts are more optimistic on the sector for this year due to expectations that U.S. production growth will slow this year, helping lift prices. If U.S. crude reaches to $100 a barrel, Morgan Stanley thinks shareholder returns for exploration and production stocks would rise to 13%. That’s still a bullish take, however. Halliburton’s stock price dipped 8.1% last year, while shares of Marathon Oil similarly went down, losing 10.9%. Analysts’ consensus price targets on both stocks indicate more than 34% upside over the next 12 months from Friday’s close. UBS downgraded Marathon Oil to neutral from buy on Dec. 14, and Morgan Stanley also lowered its rating on the stock to equal-weight from overweight. Both firms cut their price targets as well, but still forecasted upside. Raymond James, however, kept its…
Read the full article here
Leave a Reply