Amazon And Alphabet 'Top Picks' For 2024: JPMorgan Bets On Continued Mega-Cap Tech Rally
The future of Internet stocks seems bright, with industry behemoths Amazon Inc. (NASDAQ:AMZN) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) tipped to be the top performers in 2024, as per a recent forecast by JPMorgan.
What Happened: JPMorgan identified Amazon and Alphabet as the probable front-runners for 2024 in their Wednesday note, predicting a renewed surge in their revenue growth along with steady profit margins, reported Markets Insider.
The bank expects Amazon’s overall revenue to rise by 13% from its 2023 levels, driven by an increase in Amazon Web Services and retail sectors. JPMorgan set a $190 price target for Amazon, indicating a potential 29% increase from the current price point. Amazon’s shares have seen a significant upswing of 75% in 2023, notably outdoing the Nasdaq 100’s 50% gain.
Meanwhile, Alphabet has been assigned a $160 price target by JPMorgan, reflecting a possible 21% increase from the current levels. The bank predicts an 11% rise in Alphabet’s gross revenue in 2024, largely fueled by Google Cloud and YouTube ads. Alphabet’s shares experienced a 49% rise in 2023, slightly under the Nasdaq 100’s 50% gain.
Why It Matters: These predictions come at a time when Amazon is dealing with antitrust lawsuits filed by the U.S. Federal Trade Commission (FTC) for alleged anticompetitive practices. Despite these legal challenges, the company’s stock has been performing well
Alphabet’s projected growth is not surprising, considering the company’s recent advancements in Artificial Intelligence (AI) with the introduction of Gemini, its most potent AI model to date. JPMorgan believes that “Gemini Ultra represents significant innovation and should start to close the Gen AI gap as it rolls out in early 2024.”
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