For investors looking for exposure to technology and other growth-focused names in the new year, CNBC Pro has some ideas. Tech is on track for another banner year, with the Nasdaq Composite tracking for a gain of more than 31%. Additionally, communication services and information technology sectors have led the S & P 500 higher in 2024, further underscoring the role of this group in driving up the market. Given this environment, CNBC Pro screened for tech stocks that can lead in the year ahead. To find these, CNBC Pro searched for names in the concentrated Nasdaq 100 that met the certain criteria as of mid December, according to FactSet. These stocks all have a consensus buy rating from analysts and average price targets suggesting shares can rally at least 30%. CNBC Pro then sorted for names that are positive in 2024, in order to exclude stocks that have high upsides just because of poor performance this year. Here’s the names that made the list: No surprise: Nvidia , one of the buzziest tech stocks of the year, made the cut. It comes amid a stellar year for the artificial intelligence darling’s shares, which have surged more than 180% in 2024. Even after that big run, Wall Street sees 25% in further upside for shares. The majority of analysts hold buy ratings, per FactSet. One of those bullish firms is Morgan Stanley, which reiterated its top pick designation on the megacap chip stock last week. The bank tried to quell some recent anxieties around the company’s future performance, which has prompted a slide in shares during December trading. “We have tended to be most enthusiastic on Nvidia when the near-term data points appear mixed, but underlying dynamics are very strong,” analyst Joseph Moore wrote to clients. “We think we are approaching that point now.” “There are a number of concerns here, some of which are overstated, some of which are anxiety inducing short term,” he added, “but we believe irrelevant longer term.” NVDA YTD mountain Nvidia, year to date On the other end of the spectrum, Applied Materials is one name on the list that has lagged this year. The stock added just about 3%, notably underperforming both the broad S & P 500 and Nasdaq. Applied Materials has struggled since the summer, at which point it was once trading about $90 per share higher. Still, Wall Street is optimistic about a bounce ahead, with the typical analyst’s price targeting reflecting potential upside of more than 30%. To be sure, not all names on the list were classic tech stocks. Diamondback Energy also made it, as the Nasdaq-listed oil and gas company is expected by analysts to surge about 39% over the next year, per FactSet. Diamondback has also underperformed the market this year, rising less than 1%. Shares surged early in the year, but fell sharply in fall before taking another leg down into year-end.
