Global markets have been hyper-focused on the “Magnificent Seven” technology megacaps, and for good reason. Last year’s S&P 500 (SPX) rally was led by these seven tech stocks, with the group as a whole posting over 100% gains for the year.
Whether or not the rally will continue in 2024 is one of the big questions facing investors.
Expected Performance in 2024
While money managers have become somewhat skeptical, saying that the tech giants have become the most crowded trade on Wall Street, analysts are optimistic about almost all of the seven-largest tech stocks for 2024. According to FactSet, the average analyst forecast is for much smaller but still respectable increases for all the Magnificent stocks except for Tesla, which is slated for a small decline this year.
The chart below shows the expected stock price percentage growth for each stock.
A strong performance for these tech giants is mostly expected by analysts in 2024, as the good times in continue to roll for those taking advantage of our increasingly interconnected and wired world. Make sure to follow these stocks on TipRanks and pay close attention to how they are performing in the months ahead.
For more exclusive market insights and content from TipRanks Macro & Markets research analyst Yulia Vaiman, click here.
