Citi analyst Ronald Josey raised the firm’s price target on Xometry (XMTR) to $40 from $26 and keeps a Buy rating on the shares. While North American Internet names largely outperformed in 2023, including through multiple expansion, the firm sees fundamentals as “better positioned going into 2024 than into 2023” and sees a strong set up for performance in 2024, the firm says in its 2024 Internet outlook note. Momentum in the second half of 2023 across the broader Internet sector, and particularly across Online Advertising, eCommerce, Marketplaces, and Online Travel sub-sectors, can continue, says the firm, which believes the Internet sector is stronger than a year ago with most companies having gone through cost reductions and optimizations. Citi’s top picks in the large cap group for 2024 are Meta (META), Amazon (AMZN) and Uber (UBER).
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on XMTR:
- Manufacturing CEOs Are Stepping Into 2024 Embracing AI, Accelerating Reshoring And Investing In High-Tech Talent
- Auto Execs Expect Higher Revenue In 2024 But 84% Are Worried About Production Timelines And Waning Consumer Demand For Electric Vehicles, According To Xometry’s “Driving Progress: The 2024 Automotive Manufacturing Industry Survey”
- Xometry and Howard University Announce Continuation Of ‘Game-Changing’ Xometry Scholars Program
- William Blair says buy these stocks for 2024
- Xometry Updates Process Recommender To Its AI-Powered Instant Quoting Engine
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue