Forget About the "Magnificent Seven." Here's One Stock to Consider in 2024.

Published on 13 Mar 2024 on Motley Fool via Yahoo Finance

Forget About the "Magnificent Seven." Here's One Stock to Consider in 2024.

The "Magnificent Seven" is a group of tech stocks that delivered solid returns in 2023, propelling the S&P 500 index to greater heights.

But just because these giants outperformed in 2023 does not guarantee the same in 2024. For example, Tesla stock has had a tough time in 2024, down close to one-third from its 2023 high. So just buying this group of stocks and hoping for the momentum to continue is not a sure thing.

Fortunately, investors could consider other companies of similar business quality for their portfolio. Tencent Holdings Limited (OTC: TCEHY) is one of these companies. Here's a closer look at why that's the case.

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