5 Tech Stocks Offering Growth And Value In 2024: JPMorgan's Top Picks

JPMorgan’s recent analysis of over 50 internet companies has uncovered a selection of tech stocks that not only exhibit high growth potential but also attractive valuations.

For investors seeking a blend of growth and value, here are the top 5 picks with JPMorgan’s review, rating, and price target on each:

Amazon.com Inc AMZN

Overweight, PT $225, 27% Upside

Amazon stands as a market leader in e-commerce and public cloud, positioned well for future growth. With only ~10% of IT spend in the cloud currently, Amazon’s flexibility and dominance in both e-commerce and cloud services contribute to its multi-year margin expansion and Free Cash Flow (FCF) ramp. High-growth segments like AWS and Advertising further support margin expansion and FCF generation.

Google aka Alphabet Inc GOOGL GOOG

Overweight, PT $165, 19% Upside

Alphabet’s fundamentals are robust, ensuring it remains a driving force in the digital economy and Generative AI advancements. With a focus on innovation, particularly in Search and YouTube ads, Alphabet anticipates healthy growth. Non-ad businesses, including Cloud and YouTube subscription services, present additional growth opportunities. Confidence in Alphabet’s ability to innovate, control costs, and generate solid top-line growth remains high.

Also Read: Google Is ‘Down, But Not Out’: Alphabet Analyst On GenAI Gap With Microsoft And OpenAI, Potential Dividend Move

Meta Platforms Inc META

Overweight, PT $535, 9% Upside

Meta Platforms operates in rarefied air with scale, growth, and profitability. Its massive reach and engagement drive network effects, making it a key player in AI and the Metaverse. Meta’s strategic focus and disciplined cost management contribute to a compelling valuation. The initiation of a dividend further enhances its appeal, opening up opportunities for potential investors.

Eventbrite Inc EB

Neutral, PT $7, 25% Upside

Eventbrite’s technology platform targets an underserved part of the events and ticketing market. Emerging from the pandemic, Eventbrite focuses on product innovation and profitable growth, expanding its Total Addressable Market (TAM). Despite short-term challenges, strong execution is crucial for Eventbrite to reach its growth and margin targets.

Bumble Inc BMBL

Overweight, PT $17, 48% Upside

Bumble, a leading relationship platform, operates successful dating apps globally. With a focus on women-first dating and a strong presence in Europe and Latin America, Bumble is poised for sustained revenue growth. Already profitable, Bumble expects further margin upside as it competes with peers, offering a compelling investment opportunity.

Investors looking for growth and value in the tech sector may find these JPMorgan-backed stocks appealing, each presenting a unique combination of strategic positioning, innovation, and potential for significant returns in 2024.

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