The 3 Best Stocks to Invest In for Big Gains in 2024: June Edition
These companies have stocks that look likely to outperform over the long-term.
The best stocks to invest in are skyrocketing right now, driven higher by catalysts and bullish sentiment. Certain stocks continue pushing upwards to new 52-week highs. While some investors might be wary of buying hot stocks at their peak only to see them drop, that doesn’t appear to be the case with certain securities.
Strong long-term catalysts have kept momentum in the best stocks to invest in and they look likely to outperform as we enter the year’s second half. Investors who get in now are likely to enjoy continued gains moving forward. In an uneven market rally, spotting these winners is crucial to building a strong portfolio and long-term wealth.
Here are the three best stocks to invest in for big gains in 2024: June edition.
Broadcom (AVGO)
Broadcom’s stock is soaring after the chipmaker's announced a 10-for-1 stock split and reported better-than-expected financial results. AVGO stock jumped 13% after the company said its shares will begin trading on a split-adjusted basis on July 15. Broadcom also reported financial results that beat Wall Street estimates and raised its forward guidance.
Broadcom posted EPS of $10.96 versus $10.84 expected among analysts. Revenue amounted to $12.49 billion compared to $12.03 billion forecasted. The company benefits from the boom in artificial intelligence (AI), with its microchips and semiconductors in high demand. During the earnings call, management said $3.1 billion in sales were directly attributed to its AI products.
In terms of guidance, Broadcom expects $51 billion in sales this fiscal year, slightly above Wall Street consensus estimates of $50.42 billion. Broadcom stock is up 56% year-to-date and has doubled over the last 12 months.
Goldman Sachs (GS)
Goldman Sachs’ stock has performed strongly in 2024, especially after news that the investment bank plans to double lending to ultra-wealthy private bank clients. Specifically, Goldman Sachs aims to double its lending to the super-rich within five years, helping them buy luxury homes and professional sports teams. Goldman's wealthy clients typically have a net worth of at least $30 million.
The push into private banking comes after Goldman's expansion into retail banking failed and is now being shut down. Goldman's lending in wealth management as a percentage of its assets stands at 3%, well below the industry average of 9%. For comparison, Bank of America has outstanding loans to wealthy clients of $220 billion. Analysts say there is substantial room for Goldman Sachs to grow in wealth management, aiding in diversifying the investment bank’s revenue.
Goldman Sachs stock is up 15% in 2024 and has gained 30% in the last 12 months.
Netflix (NFLX)
Netflix looks to have a catalyst as the streaming giant pushes into live sports and entertainment. Recently, Netflix live-streamed a celebrity roast of former NFL quarterback Tom Brady that drew a significant viewership. It has also announced a $5 billion deal to stream World Wrestling Entertainment’s weekly program Raw starting in 2025. This fall, Netflix plans to live stream a boxing match between Jake Paul and Mike Tyson. The company is also scheduled to broadcast an NFL football game on Christmas Day.
Now, Netflix has announced it will live stream a popular hot dog eating contest on Labor Day this year. The competitive eating event will pit rival world champions Joey “Jaws” Chestnut and Takeru Kobayashi against each other in an event titled Chestnut vs. Kobayashi: Unfinished Beef. Chestnut is the current world record holder after eating 76 hot dogs in 10 minutes. Netflix plans to promote the hot dog eating contest heavily in the lead-up to Labor Day.
Netflix expects the hot dog eating contest to be a big draw and help boost its subscriber numbers. NFLX stock is up 50% in the last 12 months, including a 39% gain in 2024.
*These stocks provide promising avenues for robust returns in the coming year*.*
