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10 Best Tech Stocks to Buy for 2024

Technology stocks led the stock market to new all-time highs in the past year. In fact, the Technology Select Sector SPDR ETF (ticker: XLK) has more than doubled the S&P 500’s total return in the past 12 months. For more than a decade, brief periods of tech sector underperformance have consistently been long-term buying opportunities, and that trend seems likely to continue to play out in 2024.

Inflation and elevated interest rates remain headwinds for tech earnings in the near term, however, making stock selection critical. Here are 10 of the best tech stocks to buy today, according to CFRA Research analysts:

Stock Implied upside from Jan. 26 close
Apple Inc. (AAPL) 9.1%
Microsoft Corp. (MSFT) 4%
Nvidia Corp. (NVDA) 14.7%
Broadcom Inc. (AVGO) -8.7%
Advanced Micro Devices Inc. (AMD) -15.4%
Adobe Inc. (ADBE) 14%
Salesforce Inc. (CRM) 7.2%
Accenture PLC (ACN) 0.8%
Cisco Systems Inc. (CSCO) 5.5%
Intuit Inc. (INTU) -4.6%

Apple produces the iPhone, iPad, Apple Watch, Mac computers and other personal computing devices. Its services segment includes its App Store, Apple Music, iCloud and licensing businesses. Analyst Angelo Zino says Apple has a large, loyal, global customer base and a growing addressable market. Zino says Apple has an impressive combination of massive free cash flow generation, aggressive capital returns and growth opportunities, such as foldable iPhones, advertising, gaming and bundling. He says declining component costs and improving product mix could further boost Apple’s margins. CFRA has a “buy” rating and $210 price target for AAPL stock, which closed at $192.42 on Jan. 26.

Microsoft is the world’s largest software company and is best known for Windows, Office and Azure cloud services. Zino says Microsoft’s artificial intelligence technology is the biggest reason to buy the stock, but the company also has ongoing growth opportunities in cloud computing, including Office, Dynamics, Teams and Azure cloud services. He says generative AI offerings will drive earnings upside for Microsoft in the coming years. In addition, Zino says Microsoft’s Activision Blizzard acquisition creates new growth potential in gaming. He projects 14% revenue growth in fiscal 2024. CFRA has a “strong buy” rating and $420 price target for MSFT stock, which closed at $403.93 on Jan. 26.

Nvidia designs and sells high-end graphics and video processing chips used for desktop and gaming personal computers, workstations, and other advanced computing servers and supercomputers. Not only is Nvidia the best-performing stock on this list in the past year, but its 12-month gain of 200% makes it the best performer in the entire S&P 500. Zino says Nvidia has an impressive pipeline of cutting-edge chips, and cloud infrastructure upgrade spending is creating unprecedented demand for Nvidia’s products. He projects 41% revenue growth in fiscal 2025. CFRA has a “buy” rating and $700 price target for NVDA stock, which closed at $610.31 on Jan. 26.

Broadcom is a diversified analog semiconductor supplier. Zino says Broadcom will be another major winner from the AI infrastructure boom, which will support demand for the company’s networking and switcher business, as well as its application-specific integrated circuit sales. In addition, he says Broadcom’s acquisition of VMware will create significant cost synergies. Zino says the extension of Broadcom’s chip supply deal with Apple and the fact that 40% of the company’s total sales are now software sales has made Broadcom’s financial visibility better than ever. CFRA has a “buy” rating and $1,100 price target for AVGO stock, which closed at $1,204.88 on Jan. 26.

Advanced Micro Devices Inc. (AMD)

Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 5,098% over the past decade, but Zino says the stock still has room to run given the growth outlook for AMD’s central processing unit data center servers and the ramp-up of its next-generation EPYC processor. He also anticipates AMD’s recent success will allow the company to improve its balance sheet, reducing risk for investors. Zino projects margin expansion in 2024, driven by new product launches and stabilization of PC-related demand. CFRA has a “buy” rating and $150 price target for AMD stock, which closed at $177.25 on Jan. 26.

Adobe produces creative content software and other applications used for marketing and e-commerce. Zino says Adobe is dominant in several key creative content markets and has opportunities to further monetize its products by integrating AI technology. He says Adobe also has opportunities for cross-selling its various products to existing customers. Zino says the company’s Firefly generative machine learning model is drumming up significant customer interest across various Adobe platforms. He says generative AI offerings will also boost user adoption and subscription revenue. CFRA has a “buy” rating and $700 price target for ADBE stock, which closed at $613.93 on Jan. 26.

Salesforce is the world’s largest provider of cloud-based customer relationship management, or CRM, software. While Salesforce’s impressive revenue growth may finally be starting to slow, Zino says Salesforce is still gaining market share, has an attractive valuation and has the potential for significant earnings growth. He says Salesforce’s many years of acquisitions have helped the company construct the most comprehensive portfolio of CRM offerings in the market by far, differentiating Salesforce from competitors. Zino is also encouraged by Salesforce’s AI initiatives, including its Einstein GPT tool. CFRA has a “strong buy” rating and $300 price target for CRM stock, which closed at $279.94 on Jan. 26.

Accenture is a global information technology services firm that specializes in consulting and outsourcing. Analyst Brooks Idlet says Accenture is a high-quality company with a strong balance sheet, a diverse customer base and a track record of industry-leading earnings growth. Idlet says Accenture is also an excellent defensive investment because its business holds up well even during periods of macroeconomic weakness. He says Accenture has positive business momentum and the company’s ability to attract top-tier talent and cultivate strong relationships with software vendors will continue to create value. CFRA has a “buy” rating and $374 price target for ACN stock, which closed at $371.07 on Jan. 26.

Cisco Systems Inc. (CSCO)

Cisco Systems provides networking, cloud, and cybersecurity hardware and software solutions. In the past year, Cisco shares have lagged behind the tech sector overall, gaining just 10.7%. However, the stock also pays a 3% dividend, the highest yield of any stock on this list. Analyst Keith Snyder says Cisco is navigating near-term headwinds due to component shortages and other factors. Still, the company has several positive long-term catalysts ahead, including 5G core deployments, the Wi-Fi 6 upgrade cycle, AI network build-outs and a rapid rise in bandwidth consumption. CFRA has a “buy” rating and $55 price target for CSCO stock, which closed at $52.14 on Jan. 26.

Intuit produces accounting and management, tax preparation and personal finance software. Analyst Janice Quek says Intuit has executed well in a challenging macroeconomic environment. Looking ahead, Quek says Intuit has several growth opportunities, including the addition of new features that will improve Intuit’s engagement, as well as the profitability of its small and midsize business customers. She is particularly optimistic about monetization opportunities for Intuit’s AI-powered Intuit Assist offering. Quek says Intuit’s core products Quickbooks and Mailchimp have been resilient, including 19% Quickbooks Online accounting sales in its fiscal first quarter. CFRA has a “buy” rating and $612 price target for INTU stock, which closed at $641.36 on Jan. 26.