Top 10 Growth Stocks to Buy for 2024

Global economists predict that U.S. economic growth will remain subdued in the coming quarters, with some continuing to warn of the possibility of a mild recession. Elevated interest rates may slow consumer spending, which could hinder the growth of businesses. As a result, investors may face challenges in finding dependable growth stocks, especially if the delayed impact of these high rates begins to weigh on economic activity and corporate earnings.
Here are 10 of CFRA analysts' top growth stocks that have reported at least 15% annual revenue growth in the past three years.

1. Nvidia Corp. (NVDA)

Nvidia has emerged as one of the standout growth stories in the US stock market over the past 15 years, particularly in the high-end chip design sector. In its fiscal second quarter, Nvidia reported a staggering 122% year-over-year revenue growth, with net income soaring by 168%. Analyst Angelo Zino predicts that Nvidia's expansion into edge devices, along with opportunities in software and content enhancements, will drive revenue growth of 39% in fiscal 2026 and 15% in 2027.

2. Alphabet Inc. (GOOG, GOOGL)

As one of the leading online search and advertising firms globally, Alphabet is the parent company of Google and YouTube. In the second quarter, Alphabet recorded a 14% revenue growth, including a remarkable 28% increase in Google Cloud revenue. Zino expects Alphabet to maintain at least 10% annual revenue growth through 2025, fueled by advancements in artificial intelligence that enhance its advertising strategies. He also anticipates at least 25% annual growth in cloud services through 2025.

3. Meta Platforms Inc. (META)

Meta Platforms, the parent company of Facebook and Instagram, is a leader in social media and online advertising. The company reported a 22% revenue growth in the second quarter. Zino forecasts that Meta will generate free cash flow of at least $45 billion in 2024 and $50 billion in 2025, with a revenue growth projection of 13% in 2025.

4. JPMorgan Chase & Co. (JPM)

As one of the largest financial institutions globally, JPMorgan Chase has consistently delivered double-digit revenue growth in recent quarters, particularly after acquiring First Republic Bank during a regional banking crisis. Analyst Kenneth Leon projects a 19.4% revenue growth for the full year 2024, supported by recovery in the investment banking sector.

5. Exxon Mobil Corp. (XOM)

Exxon Mobil, the largest U.S. oil company, is traditionally not categorized as a high-growth stock. However, recent favorable energy market conditions have positioned it among the higher-growth firms. The company reported a 12% revenue growth in the second quarter, and analyst Stewart Glickman notes that Exxon's increased presence in the Permian Basin following its acquisition of Pioneer Natural Resources will spur future growth, targeting an 11% annual production increase through 2027.

6. Mastercard Inc. (MA)

Mastercard is a leading global provider of credit card and payment solutions. In the second quarter, the company reported an 11% increase in revenue, a 15% rise in net income, and a 9% growth in gross dollar volume. Analyst Alexander Yokum attributes Mastercard's robust performance to its innovative management team, which continually seeks new avenues for growth. He projects revenue growth will increase from 12% in 2024 to 13% in 2025, with earnings per share growth expected to exceed revenue growth by at least 4% in the coming years.

7. Advanced Micro Devices Inc. (AMD)

Advanced Micro Devices (AMD), a major player in microprocessors and graphics semiconductors, has seen its shares rise an astonishing 3,993% over the past decade. In the second quarter, AMD reported a 9% revenue growth and an impressive 881% increase in net income. Despite the substantial stock price increase, Zino remains bullish on AMD, particularly due to the growth potential in its data center server sales. He anticipates expanding margins as the sales mix shifts towards new products, projecting 27% revenue growth in 2025.

8. Salesforce Inc. (CRM)

As the largest provider of cloud-based customer relationship management software, Salesforce has achieved significant growth, including its acquisition of Slack in 2020. In the second quarter, the company reported an 8% revenue growth and a 12% increase in net income. Zino believes Salesforce is well-positioned for further growth, with opportunities to enhance market share and profitability. He projects annual revenue growth between 7% and 9% through at least fiscal 2027.

9. American Express Co. (AXP)

American Express specializes in credit cards, digital payments, and travel services. The company reported an 8% revenue growth and a remarkable 38% increase in net income in the second quarter. Analyst Yokum highlights American Express's strong execution, anticipating it will outperform the broader digital payments industry's growth rate of 7% to 8% in the coming years. He projects revenue growth of 10% in 2024 and 9% in 2025, benefitting from a youthful customer base that tends to spend more.

10. ServiceNow Inc. (NOW)

ServiceNow provides cloud applications designed for managing and automating workplace processes. The company reported a 23% revenue growth in 2023, maintaining a 22% growth rate in the most recent quarter. Analyst Janice Quek notes that the integration of AI technology and new features will significantly boost ServiceNow's revenue in the medium term. She projects revenue growth of 21% in 2024 and 20% in 2025, driven by product expansions and subscription upgrades.

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