Published on 21 Feb 2024 on Insider Monkey via Yahoo Finance
13 Best Booming Stocks to Buy Right Now
In this article, we will take a detailed look at the 13 Best Booming Stocks to Buy Right Now. For a quick overview of such stocks, read our article 5 Best Booming Stocks to Buy Right Now.
Despite latest data showing elevated inflation and a decline in retail sales, some major investment firms are looking beyond the short-term market turbulence and issuing highly positive outlook for the broader stock market. Goldman Sachs recently increased its S&P 500 target for 2024 to 5200. Goldman said the primary reason for this target revision was strong earnings and profit estimates. Goldman Sachs' analysts expect strong earnings and growth for IT and communication-services sectors. Some of the best booming stocks of 2023 were from these two sectors, including Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN).
Goldman Sachs also said in a note on February 16 that it expects the global manufacturing activity to come back to normal this year. Goldman noted a rate-cut environment is always a positive for risky assets but the market is already pricing in much of the effects of rate cuts that are expected later this year.