Top Stocks Not Named Nvidia You Need To Know About In 2024: Here’s What Investors Think About Them (Wall Street Vs. Reddit)
Nvidia Corp. (NASDAQ:NVDA) has undoubtedly emerged as the standout performer among S&P 500 stocks in the initial two months of 2024.
While the Santa Clara, California-based tech company enjoyed a 60% gain, there’s a pack of lesser-trumpeted names that have quietly delivered impressive returns in their own right.
These stocks have significantly outpaced the broader market.
Within the S&P 500 index, 10 stocks have achieved returns exceeding 25% so far this year. Noteworthy among them are three from the Magnificent Seven subset, showcasing the enduring strength of mega-cap tech players.
In contrast, the median S&P 500 stock, tracked by the S&P 500 Equal Weight ETF (NYSE:RSP), has eked out a modest 3% return, while the market-cap weighted SPDR S&P 500 ETF Trust (NYSE:SPY) has posted a more substantial 7% surge.
What Wall Street Thinks…
Investors are likely considering whether the top-performing stocks still offer room for further growth, given their already impressive returns.
A reliable measure to gauge this potential is comparing the current stock price with the 1-year median price target projected by Wall Street analysts.
Among the top 10 S&P 500 stocks year-to-date, Uber Technologies stands out with the largest potential upside to its median price target, showing a significant difference of 13.8%. Catalent follows closely behind, boasting a 10% potential upside, while Nvidia still maintains a respectable 7% upside compared to its median price target.
However, it’s worth noting that there are other stocks within the S&P 500 index showing even more substantial potential upside.
