Amidst the tumultuous seas of the stock market, 2023 was a year to remember for the so-called “Magnificent Seven” stocks. These industry leaders shone brightly, claiming their spot among the top performers in the Nasdaq Composite—propelling this tech-centric index to gains of 43% for the year and sitting about 4% below a promising all-time high. As we stand on the precipice of a new Nasdaq Composite bull market, let’s reflect on the performances of these stars from the previous year and delve into the potential that still lies ahead.
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Tesla: Driving Toward 84% Implied Upside
With the enigmatic rise of the Model Y, Tesla soared to new heights, securing the title of the world’s best-selling car, a feat previously unimaginable for an electric vehicle. Despite casting a shadow of caution over its 2024 forecast, Tesla remains a formidable force. Adam Jonas, a steadfast leader in the bullish camp, maintains an optimistic outlook, suggesting additional upside of 84%. As Tesla embarks on this tumultuous journey, it presents an opportunity for investors to ride through the peaks and valleys that lie ahead.
Nvidia: Unveiling 76% Implied Upside
The emergence of generative artificial intelligence (AI) marked the surprise development of 2023, propelling Nvidia into the limelight. Its strategic position, underscored by parallel processing, cemented its dominance in the world of machine learning. Riding on successive quarters of triple-digit year-over-year growth, Nvidia is guiding for a compelling 231% year-over-year increase in revenue for its fiscal 2024 fourth quarter. As Rosenblatt analyst Hans Mosesmann celebrates the unprecedented triple-digit revenue growth and beckons a further 76% soar, Nvidia stands poised to reap the rewards of the burgeoning AI revolution.
Amazon: Eyeing 45% Implied Upside
Amazon, a juggernaut straddling the realms of e-commerce, cloud infrastructure, and digital advertising, continues to stake its claim as a market leader. Fueling the flames of future growth is the integration of advanced algorithms and AI into its business operations. An additional 45% upside awaits, as Redburn analyst Alex Haissl highlights the exceptional outlook for Amazon and the untapped potential as its growth reaccelerates. With its stock still trading at an inviting valuation, Amazon’s journey into the horizon holds promise for savvy investors.
