While a small group of technology stocks have mostly pushed the QQQ Nasdaq-100 ETF near an all-time high this year, analysts believe a more varied mix of stocks might do the heavy liting from here on out. The Invesco QQQ Trust tracks the performance of the technology-dominated Nasdaq-100 index, and those have been the stocks that have driven it to within 1% of its all-time high of $539.52, reached on Feb. 19, 2025. Take Palantir Technologies ; up 87%. Or Zscaler ; higher by 69%. While Micron Technology has jumped 42% this year and Netflix by 38%. But now analysts believe further gains in the index may be driven by a wider array of stocks. AppLovin is one stock in the index with the highest potential upside to analysts’ consensus 12-month price target, at nearly 31%. Shares of the software publisher have already rallied 15% this year. The stock has been especially popular among Wall Street analysts lately, with Morgan Stanley raising its price target to $460 from $420 last week. This revised forecast corresponds to upside of about 24%. “We are bullish on APP’s plan to sell its apps segment, which we expect would enhance shareholder value and be neutral to future earnings,” the investment bank wrote. Similarly, last month Citigroup named AppLovin one of its top picks , saying “the launch of APP’s self-serve tools are apt to accelerate eCommerce revenues in 4Q25 and 2026,” at the same time as “we sense that APP is not widely held by the majority of our clients as many investors view the firm as a ‘black box.'” Analysts also predict that Warner Bros. Discovery might rally an additional 25%. The movie and streaming platform has added 2% this year. Last week, Warner Bros. Discovery announced that it will split into two publicly-traded companies over the next year. One business will house its film and streaming assets, including HBO Max, while the other will include networks such as CNN, TNT Sports and Discovery. Shares jumped following the announcement last Monday, but ultimately ended the day 3% lower. Wall Street also believes that Charter Communications could win big and rise 19% from here, based on where the stock is trading now versus the consensus price target. The owner of Spectrum wireless has already added 10% in 2025. Last month, Loop Capital upgraded Charter to a buy rating and raised its price target to $510 per share from $430. This revised forecast is nearly 36% above Charter’s Monday close. As a catalyst for the upgrade, Loop Capital analyst Alan Gould pointed to Charter’s proposed merger with Cox Communications. “The transaction is expected to be accretive, reduce leverage, and deliver scale efficiencies — positioning CHTR as the largest domestic cable operator,” he wrote. “Additionally, CHTR’s Life Unlimited rebrand, which provides a converged broadband/mobile offering as well as customer service guarantees, is showing early traction.” Other potential winners in the QQQ exchange-traded fund include DexCom and Electronic Arts .
