Economists around the world are expecting U.S. economic growth to slow in coming quarters, and some are still calling for a mild U.S. recession. It may become difficult for investors to find reliable growth stocks to buy if interest rates remain at 22-year highs for an extended period.
Nevertheless, growth stocks have outperformed value stocks in the past year, and investors anticipate that trend will continue when the Federal Reserve eventually pivots to rate cuts. Here are 10 of CFRA analysts’ top growth stocks that have reported at least 15% annual revenue growth in the past three years:
| Growth Stock | Expected Change in Stock Price* |
| Alphabet Inc. (ticker: GOOG, GOOGL) | 20.7% |
| Nvidia Corp. (NVDA) | -11.5% |
| Meta Platforms Inc. (META) | 3.8% |
| Tesla Inc. (TSLA) | 37.9% |
| JPMorgan Chase & Co. (JPM) | 3.6% |
| Mastercard Inc. (MA) | 15.9% |
| Advanced Micro Devices Inc. (AMD) | 13.6% |
| Salesforce Inc. (CRM) | -0.1% |
| Intuit Inc. (INTU) | -7.8% |
| Caterpillar Inc. (CAT) | 10.6% |
*Based on analysts’ 12-month price target as of Feb. 26.
Alphabet is one of the world’s largest online search and advertising companies and is the parent company of Google and YouTube. In the fourth quarter, Alphabet reported 13% revenue growth, which included 25% Google Cloud revenue growth. Analyst Angelo Zino says Alphabet has an attractive valuation and tremendous free cash flow generation potential. Zino says Alphabet has several opportunities to monetize its artificial intelligence technology, including improving search and YouTube algorithms. He projects annual revenue growth of between 6% and 11% through at least 2025. CFRA has a “buy” rating and $166 price target for GOOGL stock, which closed at $137.57 on Feb. 26.
High-end semiconductor maker Nvidia has been one of the most spectacular growth stories in the entire stock market in the past 15 years. In recent quarters, AI technology demand has boosted Nvidia’s growth numbers in a major way. Nvidia’s revenue grew 206% year over year in the third quarter, while its net income skyrocketed by 1,259% and its data center revenue jumped 279%. Zino says Nvidia is benefiting from unprecedented cloud infrastructure spending, and he is optimistic about Nvidia’s product pipeline. He projects 41% revenue growth in fiscal 2025. CFRA has a “buy” rating and $700 price target for NVDA stock, which closed at $790.92 on Feb. 26.
Meta Platforms Inc. (META)
Meta Platforms is a market leader in social media and online advertising and is the owner of Facebook, Instagram and other platforms. Meta’s growth rebounded to positive territory in 2023 and came in at an impressive 25% in the fourth quarter. Net income more than tripled on an annual basis in the quarter, and Meta reported its family daily active users grew by 8%. Zino says Meta has an improving margin trajectory and growth opportunities in AI and metaverse technology. He projects 17% revenue growth in 2024. CFRA has a “buy” rating and $500 price target for META stock, which closed at $481.74 on Feb. 26.
Tesla is the leading U.S. electric vehicle manufacturer. Tesla’s revenue growth slowed to just 3% in the fourth quarter, and automotive segment revenue growth was just 1%. Analyst Garrett Nelson says Tesla’s new factories in Germany and Texas coupled with deliveries of the Cybertruck set Tesla up for a growth recovery in 2024. Nelson estimates Tesla has more than 2 million Cybertruck reservations and says production of Tesla’s Next Gen platform could begin in mid-2025. He projects 23% revenue growth in 2024 and 24% growth in 2025. CFRA has a “buy” rating and $275 price target for TSLA stock, which closed at $199.40 on Feb. 26.
JPMorgan Chase & Co. (JPM)
JPMorgan Chase is is one of the largest global financial services companies, with nearly $4 trillion in assets. In the fourth quarter, JPMorgan reported 11% revenue growth. While net income was down 15.4% on an annual basis, the bank’s average loans were up 17%. Analyst Kenneth Leon says JPMorgan is not only the largest global bank, it is also outperforming its smaller peers in most of its business operations. He says a rebound in investment banking fees will help drive 9.8% revenue growth in 2024. CFRA has a “buy” rating and $190 price target for JPM stock, which closed at $183.36 on Feb. 26.
Mastercard is one of the world’s largest credit card and payments providers. In the fourth quarter, Mastercard reported 13% revenue growth, 11% net income growth and 10% gross dollar volume growth. Analyst Alexander Yokum says Mastercard will continue to gain market share as the global transition to cashless commerce continues. Mastercard benefits from more layers of financial transactions in payment ecosystems, and Yokum says payment volume growth will significantly outpace consumer spending growth in coming years. He projects 13% revenue growth for Mastercard in 2024. CFRA has a “buy” rating and $550 price target for MA stock, which closed at $474.51 on Feb. 26.
Advanced Micro Devices Inc. (AMD)
Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 4,640% over the past decade, but Zino says the growth outlook for AMD’s central processing unit data center servers suggests the stock still has room to run. AMD reported 10% revenue growth in the fourth quarter, and net income was up 3,076% from a year ago. Zino says AMD’s margins will likely continue to expand as new product launches improve the company’s sales mix. He projects 16% revenue growth in 2024. CFRA has a “buy” rating and $200 price target for AMD stock, which closed at $176.01 on Feb. 26.
Salesforce is the world’s largest provider of cloud-based customer relationship management (CRM) software. In addition to its organic growth, Salesforce has grown via a string of acquisitions in recent years, including its 2020 buyout of Slack. Salesforce reported 11% revenue growth and 482% net income growth in the third quarter. Zino says Salesforce is gaining market share from smaller competitors, is improving its profitability and has an attractive valuation. He projects the company will generate between 9% and 11% annual revenue growth through at least fiscal 2026. CFRA has a “strong buy” rating and $300 price target for CRM stock, which closed at $300.39 on Feb. 26.
Intuit produces accounting and management, tax preparation and personal finance software. In the fiscal first quarter, Intuit reported 15% revenue growth, 507% earnings-per-share growth and 18% revenue growth in small business and self-employed group business. Analyst Janice Quek says Intuit has executed well in a challenging environment, and the company has several opportunities to expand its total addressable market, including cross-selling products to existing customers and monetizing its artificial intelligence-powered Intuit Assist financial assistant. Quek projects 11.8% revenue growth in fiscal 2024. CFRA has a “buy” rating and $612 price target for INTU stock, which closed at $663.84 on Feb. 26.
Caterpillar is one of the world’s largest producers of construction and mining equipment. Caterpillar reported 3% revenue growth in the fourth quarter and 13% revenue growth in 2023 as a whole. The company also reported the highest annual adjusted profit per share in Caterpillar’s 98-year history. Analyst Jonathan Sakraida says the company’s 2024 guidance implies dealer inventories will stabilize and equipment pricing should hold up well. Construction demand is closely tied to U.S. economic growth, and Sakraida projects 3.7% revenue growth for Caterpillar in 2024. CFRA has a “buy” rating and $360 price target for CAT stock, which closed at $325.38 on Feb. 26.