Five-star analyst Ronald Josey of Citi named large-cap stocks such as Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), and Uber (NYSE:UBER) as his top picks for 2024 on December 20. Josey believes that the momentum in the broader internet sector will persist throughout 2024. Additionally, he notes that these large-cap companies are well-positioned to gain, given their significant cost reductions and focus on optimizing operations.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Before we dig deeper, investors might like to know that TipRanks developed a unique three-tier proprietary formula to evaluate financial analysts. Furthermore, a five-star analyst demonstrates a high success rate coupled with a high average return and high transaction count.
With this backdrop, let’s look at the Street forecast for AMZN, META, and UBER stocks.
Is Amazon Stock Expected to Go Up?
Amazon stock has appreciated about 83% year-to-date. Its focus on reducing costs, strength in the cloud and advertising business, and aggressive investments in Artificial Intelligence (AI) led to a rally in its shares.
While AMZN stock has gained significantly, Josey remained optimistic about AMZN’s prospects and maintained a Buy. Moreover, he increased the price target to $210 from $177. Including Josey, 43 analysts cover AMZN stock, and all recommend a Buy. Further, the analysts’ average price target of $180.67 implies 17.76% upside potential from current levels.
What is the Prediction for Meta Stock?
Meta stock has rallied about 194% year-to-date. Despite this massive gain, Josey remains bullish about META’s prospects, and his price target of $425 implies more than 20% upside potential over the next 12 months.
Including Josey, 37 Wall Street analysts suggest buying META stock due to its reduced cost structure, growing ad revenues, and AI advancements. Analysts’ average price target of $389.57 implies 10.24% upside potential from current levels.
What is the Forecast for Uber Stock?
Uber stock is benefitting from an acceleration in trip growth, stringent cost discipline, and investments in growth initiatives. The stock has gained about 150% year-to-date. However, Josey sees further upside in UBER stock and raised the price target to $75 from $67, implying 21.5% upside potential from current levels.
Wall Street analysts are optimistic about UBER stock, with all 34 analysts covering the stock recommending a Buy. However, due to the significant appreciation in price, the average UBER stock price target of $64.48 indicates that it has the potential to go up by 4.49% from current levels.
Bottom Line
Wall Street analysts are bullish about AMZN, META, and UBER stocks. While all these stocks have a Strong Buy consensus rating, analysts’ average price target suggests that Amazon has a higher upside potential compared to UBER and META over the next 12 months.
