It always helps to be prepared for tomorrow, and when it comes to finances, there is nothing as fulfilling as long-term planning. If you are a long-term investor, now is the time to start thinking about the expectations from your investment portfolio and the stocks to buy for 2024. To enjoy success in the coming year, identify the stocks likely to have a solid 2024.
While they may not be at their best today, the economy seems to be improving, which could boost several companies. With that in mind, let’s look at the three stocks as they gear up for a big year.
SoFi Technologies (SOFI)
One important reason to invest in SoFi Technologies (NASDAQ:SOFI) is the resumption of student loan payments. There are about 44 million student borrowers across the U.S. As repayment begins, there will be a higher demand for personal loans.
This is where SoFi can benefit. The company has already seen a significant rise in the user base and deposits. Consumers are choosing SoFi over traditional banks—more than 717,000 new users in the recent quarter.
Trading at $7.89 right now, the stock looks undervalued and is set to double in 2024. Although it is up 75% year to date, it is far from the high of $25. This means there is potential for an upside from the current level. SoFi is also gaining a higher market share and winning users’ trust.
Cathie Wood is steadily increasing her investment in SOFI stock, which could be a sign it is ready to soar. Ark Invest acquired 180,000 shares of the stock after buying 200K earlier.
Advanced Micro Devices (AMD)
Tech company Advanced Micro Devices (NASDAQ:AMD) is still in the Artificial Intelligence (AI) race, and while many have written it off, it is not going anywhere. Its MI300x GPU chipset will compete with some of the biggest names in the industry. Management expects this chip to be groundbreaking and aims to sell $2 billion in 2024.
Its financials showed a slowdown in the PC market, which impacted the company’s revenue, but I believe this is temporary. With AI taking prominence for the company, we could see a strong improvement in the coming year.
Exchanging hands at $116 today, the stock is much lower than the 52-week high of $132 while it is up 66% year to date. AMD remains one of the top stocks to buy for 2024.
The newly launched chip is set to give stiff competition to Nvidia (NASDAQ:NVDA). At the same time, Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and OpenAI have already said they will use AMD’s chips as an alternative to the expensive Nvidia chips. This is only the beginning for AMD, and 2024 could be huge. Buy the stock while it is trading at a discount.
Palantir Technologies (PLTR)
Palantir Technologies (NYSE:PLTR) is a promising company working with the United States’ defense and intelligence sectors. Although criticized for heavily relying on government contracts, Palantir has managed to focus on commercial clients and is steadily increasing the count. It is present across various sectors, including finance, energy and healthcare.
The company has invested in AI and its platform is high in demand. It has seen a 37% year-over-year increase in the U.S. commercial business and a 17% year-over-year increase in revenue.
The company has products that meet the needs of some of the biggest organizations, and although you will not see an immediate return on your investment, PLTR stock is the one to buy and hold for the long term. It will stabilize your portfolio as it continues to move upward steadily.
It is trading for $17 today and is up 168% year to date. Buy the stock while trading below $20 for a solid deal. Yesterday, Cathie Wood purchased 1.4 million shares of PLTR. The company will make strong moves in the AI space in 2024.
On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
