Amazon And Alphabet 'Top Picks' For 2024: JPMorgan Bets On Continued Mega-Cap Tech Rally
Portfolio Pulse from Benzinga Neuro
JPMorgan has identified Amazon Inc. (AMZN) and Alphabet Inc. (GOOGL, GOOG) as top picks for 2024, forecasting a rally in mega-cap tech stocks. Amazon's revenue is expected to grow by 13% with a price target of $190, while Alphabet's gross revenue is predicted to rise by 11% with a price target of $160. Amazon's stock has already surged 75% in 2023, and Alphabet's shares have risen by 49%, both outperforming the Nasdaq 100.
December 14, 2023 | 3:04 am
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JPMorgan forecasts a 13% revenue growth for Amazon in 2024 with a price target of $190, indicating a potential 29% increase from its current price. Amazon's stock has surged 75% in 2023.
The positive outlook from JPMorgan, including a specific price target and expected revenue growth, is likely to instill investor confidence and could lead to a short-term increase in Amazon's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Alphabet Inc. (under ticker GOOG) shares the same outlook as GOOGL, with JPMorgan predicting a 21% increase in stock price and an 11% rise in gross revenue for 2024.
Since GOOG and GOOGL represent the same company, Alphabet Inc., the impact and analysis for GOOG are identical to that of GOOGL, with the same anticipated positive short-term impact on the stock price.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
JPMorgan has set a $160 price target for Alphabet, anticipating a 21% increase. The bank expects an 11% rise in gross revenue in 2024, driven by Google Cloud and YouTube ads.
Alphabet's projected revenue growth and the introduction of its potent AI model, Gemini, are likely to positively influence its stock price in the short term, as reflected in JPMorgan's price target.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100