10 Best Tech Stocks to Buy for 2024

 Technology stocks have led the stock market to new all-time highs in 2024. In fact, the Technology Select Sector SPDR ETF (ticker: XLK) has significantly outperformed 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 for the foreseeable future.

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 analysts: Microsoft Corp. (MSFT)

Microsoft is the world's largest software company that is best known for Windows, Office and Azure cloud services. Analyst Angelo Zino says Microsoft's artificial intelligence technology creates huge opportunities for the company in the next decade, and AI is his biggest reason for investors to own the stock. In addition, he says Microsoft's cloud versions of Office, Dynamics and Teams are gaining traction, and its Azure infrastructure cloud services business is booming. Zino says Microsoft's Activision Blizzard acquisition will also unlock new opportunities in its gaming business. CFRA has a "strong buy" rating and $455 price target for MSFT stock, which closed at $425.52 on April 5.

10 Best Tech Stocks to Buy for 2024:Apple Inc. (AAPL)

Apple produces the iPhone, iPad, Apple Watch, Mac computers and other personal computing devices. In addition, its services segment includes its App Store, Apple Music, iCloud and licensing businesses. Zino says Apple has an impressive ecosystem, improving profitability, high customer retention rates and a growing global addressable market. He says Apple deserves a premium valuation thanks to its stable free cash flow, its aggressive capital return strategy and its management team's long-term track record of stellar execution. He anticipates further upside in average selling prices for Apple devices. CFRA has a "buy" rating and $210 price target for AAPL stock, which closed at $169.58 on April 5.

10 Best Tech Stocks to Buy for 2024:Nvidia Corp. (NVDA)

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 AI engines. Not only is Nvidia the best-performing stock on this list in 2024, its 12-month gain of 227.4% makes it the second-best performer in the entire S&P 500 after Super Micro Computer Inc. (SMCI). Zino says Nvidia's cutting-edge pipeline coupled with unprecedented cloud infrastructure investment suggests the stock price still has significant upside even after its incredible run. He says Nvidia is a must-own AI technology investment. CFRA has a "buy" rating and $1,000 price target for NVDA stock, which closed at $880.08 on April 5.

10 Best Tech Stocks to Buy for 2024:Broadcom Inc. (AVGO)

Broadcom is a diversified global analog semiconductor supplier. Zino says Broadcom is well positioned to capitalize on the AI infrastructure investment boom thanks to its networking and switcher business, its application-specific integrated circuit (ASIC) products and its potential for cost synergies following its acquisition of VMware. He says extensions of Broadcom's Apple chip supply deals and additional opportunities tied to the AI investment cycle give Broadcom better financial visibility and demand potential today than at any other time in its history. Zino projects 40% revenue growth in fiscal 2024. CFRA has a "buy" rating and $1,600 price target for AVGO stock, which closed at $1,339.43 on April 5.

10 Best Tech Stocks to Buy for 2024: Salesforce Inc. (CRM)

Salesforce is the world's largest provider of cloud-based customer relationship management (CRM) software. While Salesforce's impressive revenue growth may finally be starting to slow, Zino says the company's profitability is improving, its valuation is attractive and it continues to gain CRM market share. He says Salesforce's product portfolio is by far the most comprehensive in the industry following years of strategic acquisitions. Zino says Salesforce is successfully balancing cost growth and revenue growth, and AI initiatives could help propel the stock to the next level. CFRA has a "strong buy" rating and $330 price target for CRM stock, which closed at $301.91 on April 5.

10 Best Tech Stocks to Buy for 2024:Advanced Micro Devices Inc. (AMD)

Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 4,030% over the past decade, but Zino says there's more upside ahead as the introduction of AMD's next-generation EPYC processors improves its central processing unit data center server business. In addition, he is optimistic about AMD's graphics processing unit products and anticipates the company will continue to improve its balance sheet. Zino says the personal computer market will rebound and high-margin product launches will likely boost AMD's overall margins in 2024. CFRA has a "buy" rating and $200 price target for AMD stock, which closed at $170.42 on April 5.

10 Best Tech Stocks to Buy for 2024:Adobe Inc. (ADBE)

Adobe produces creative content software and other applications used for marketing and e-commerce. Adobe shares are down 18.7% this year through April 5, but Zino says the weakness is a buying opportunity for long-term investors. He says Adobe shares trade at an attractive valuation relative to its growth prospectus, and the company has significant opportunities to use AI technology to further monetize its products and customers. He says integrating AI Assistant into Acrobat and Reader and ramping the company's Firefly generative machine learning model could help boost Adobe's stock. CFRA has a "buy" rating and $630 price target for ADBE stock, which closed at $485.12 on April 5.

10 Best Tech Stocks to Buy for 2024:Accenture PLC (ACN)

Accenture is a global information technology services firm that specializes in consulting and outsourcing. Analyst Brooks Idlet says long-term investors should overlook Accenture's expensive valuation and focus on its growth profile and strong business fundamentals. Idlet says Accenture's diverse client relationships, peer-leading earnings growth and impressive balance sheet will help the stock outperform even in a difficult macroeconomic environment. He says the company's exposure to secular growth trends, strong relationships with software vendors and ability to attract top-tier talent demonstrate its underlying business momentum. CFRA has a "buy" rating and $387 price target for ACN stock, which closed at $333 on April 5.

10 Best Tech Stocks to Buy for 2024:Intuit Inc. (INTU)

Intuit produces accounting and management, tax preparation and personal finance software. Analyst Janice Quek says Intuit has executed well in a difficult macroeconomic environment, and she sees several ways the company could maintain double-digit revenue growth in the medium term. Quek says Intuit has already embedded its Intuit Assist generative AI technology into its products, and the new offerings are compelling to users and could help support both customer retention rates and premium product upgrades in the long term. Quek projects 11.8% revenue growth in fiscal 2024. CFRA has a "buy" rating and $715 price target for INTU stock, which closed at $635.74 on April 5.

10 Best Tech Stocks to Buy for 2024:International Business Machines Corp. (IBM)

IBM is a global technology company that provides enterprise software, infrastructure and services. IBM has a 3.5% dividend yield, the highest on this list and a rarity among tech stocks. Idlet says IBM's consulting business and its impressive portfolio of tech offerings that address key secular growth trends such as cloud migration and AI technology make the stock an excellent investment. While IBM has a lackluster and inconsistent history of execution, Idlet says he is optimistic the company can reestablish a reputation for reliable fundamentals moving forward. CFRA has a "buy" rating and $216 price target for IBM stock, which closed at $189.14 on April 5.

10 Best Growth Stocks to Buy for 2024

After strong performance in 2023, U.S. gross domestic product growth started to cool in the fourth quarter and only grew by 1.6% in the first quarter. Economists expect growth to stay flat in coming quarters, and while predictions for a U.S. recession have mellowed, a downturn isn't off the table yet. It may become difficult for investors to find reliable growth stocks to buy if interest rates remain at 23-year highs for an extended period. Nevertheless, growth stocks outperformed value stocks in 2023, and many investors expect that trend to continue in 2024 if the Federal Reserve pivots to rate cuts.

10 Best Growth Stocks to Buy for 2024:Nvidia Corp. (NVDA)

High-end semiconductor maker Nvidia has been one of the most spectacular growth stories in the entire stock market in the past 15 years. Nvidia's growth numbers have wowed Wall Street, especially for a company of Nvidia's size. Nvidia's revenue grew 265% year over year in the fourth quarter, while its net income skyrocketed by 768%. Analyst Angelo Zino says unprecedented artificial intelligence and cloud computing demand will continue to support strong growth numbers for Nvidia. He projects 80% revenue growth in fiscal 2025 and 20% growth in 2026. CFRA has a "buy" rating and $1,000 price target for NVDA stock, which closed at $826.32 on April 25.

10 Best Growth Stocks to Buy for 2024:Alphabet Inc. (GOOG, GOOGL)

Alphabet is one of the world's largest online search and advertising companies and is the parent company of Google and YouTube. In the first quarter, Alphabet reported 15% revenue growth, which included 28% Google Cloud revenue growth. Zino says Alphabet has tremendous free cash flow potential, and he is bullish on the company's AI technology potential. He projects 12% revenue growth in 2024 and 10% growth in 2025. He says the company will integrate additional AI tools into its enterprise products, cloud services, search and YouTube businesses. CFRA has a "buy" rating and $175 price target for GOOGL stock, which closed at $156 on April 25.

10 Best Growth Stocks to Buy for 2024: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 regained its growth groove in 2023, and reported 27% year-over-year revenue growth in the first quarter of 2024. Zino says Meta's margin trajectory is improving and the stock is attractively valued given its many growth opportunities. He says the company's cost-cutting efforts coupled with an improving digital ad spending environment will continue to drive earnings growth. He projects 18% revenue growth in 2024. CFRA has a "buy" rating and $540 price target for META stock, which closed at $441.38 on April 25.

10 Best Growth Stocks to Buy for 2024:JPMorgan Chase & Co. (JPM)

JPMorgan Chase is one of the world's largest banks and financial services companies with roughly $3.7 trillion in assets. In 2023, JPMorgan acquired First Republic Bank after it failed during the regional banking crisis and was seized by the Federal Deposit Insurance Corp. JPMorgan reported double-digit revenue growth in each of the past five quarters. Analyst Kenneth Leon says JPMorgan is gaining market share in multiple core businesses, and he projects a rebound in investment banking in the second half of 2024. CFRA has a "buy" rating and $215 price target for JPM stock, which closed at $193.37 on April 25.

10 Best Growth Stocks to Buy for 2024:Tesla Inc. (TSLA)

Tesla is the leading U.S. electric vehicle manufacturer. Tesla's year-over-year revenue fell by 9% in the first quarter, and automotive segment revenue dropped 13%. Analyst Garrett Nelson says production from Tesla's factories in Texas and Germany and the first wave of Cybertruck deliveries have set the table for Tesla's growth to rebound in 2024 and beyond. In addition, Nelson says first production of the company's Next Gen platform in 2025 could be an additional growth driver. He projects 10% revenue growth in 2024. CFRA has a "buy" rating and $210 price target for TSLA stock, which closed at $170.18 on April 25.

10 Best Growth Stocks to Buy for 2024:Mastercard Inc. (MA)

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 in coming years as the global transition to a cashless economy continues. Yokum says payment volume growth will significantly outpace consumer spending growth in the coming years, which should help Mastercard outperform. He projects 13% revenue growth in 2024 and 12% growth in 2025. CFRA has a "buy" rating and $550 price target for MA stock, which closed at $462.11 on April 25.

10 Best Growth Stocks to Buy for 2024:Salesforce Inc. (CRM)

Salesforce is the world's largest provider of cloud-based customer relationship management 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 1,575% net income growth in the fourth quarter. Zino says Salesforce shares are attractively valued given the company's comprehensive portfolio of products, market share gains and earnings growth opportunities. He projects about 9% annual revenue growth through at least fiscal 2027. CFRA has a "strong buy" rating and $330 price target for CRM stock, which closed at $273.14 on April 25.

10 Best Growth Stocks to Buy for 2024:Advanced Micro Devices Inc. (AMD)

Shares of microprocessor and graphics semiconductor stock Advanced Micro Devices are up a whopping 3,445% over the past decade, and AMD reported 10% revenue growth and a 3,076% net income growth in the fourth quarter. Even after the stock's big run, Zino says the growth outlook for AMD's central processing unit data center servers and AMD's opportunities to further improve its balance sheet suggest the stock still may have significant upside remaining. He projects 16% revenue growth in 2024 and 20% growth in 2025. CFRA has a "buy" rating and $200 price target for AMD stock, which closed at $153.76 on April 25.

10 Best Growth Stocks to Buy for 2024:Intuit Inc. (INTU)

Intuit produces accounting and management, tax preparation and personal finance software. In the fiscal second quarter, Intuit reported 11% revenue growth, 110% net income growth and 18% revenue growth in its small business and self-employed group business. Analyst Janice Quek says Intuit has executed well in a challenging macroeconomic environment. In addition, Quek says catalysts such as Live Full Service for Turbo Tax, Intuit Assist and other new AI features will help the company maintain double-digit sales growth. She projects 11.8% revenue growth in fiscal 2024. CFRA has a "buy" rating and $715 price target for INTU stock, which closed at $626.39 on April 25.

10 Best Growth Stocks to Buy for 2024:Applied Materials Inc. (AMAT)

Applied Materials is the world's largest wafer fabrication equipment supplier for the semiconductor industry. In the first quarter, Applied Materials reported flat revenue growth but 18% net income growth. Analyst Brooks Idlet says Applied Materials' leadership positions in multiple critical semiconductor production businesses position the company to generate solid growth numbers in coming years. Idlet says demand from foundry/logic technology transitions will support etch and deposition tools sales growth. He projects revenue growth will accelerate from 2% in fiscal 2024 to 7% in 2025. CFRA has a "buy" rating and $233 price target for AMAT stock, which closed at $197.50 on April 25.