These names have had strong runs in 2024, but they could be running out of steam, according to analyst forecasts.
The S & P 500 is having a hot 2024, but a few names could be poised to fall from grace in the second half of the year. The broad market index briefly breached the 5,500 level for the first time on Thursday , with artificial intelligence darling Nvidia initially carrying the benchmark to new heights. However, the de facto market leader and other high-flying stocks on Wall Street could face pressure after their huge runs, based on consensus price targets.
Pro used its Stock Screener tool to search for S & P 500 constituents that average analyst price targets suggest could slip 10% or more moving forward. Data in the table below is current as of Thursday, June 20, at 9:45 a.m. ET. Nvidia Investor sentiment surrounding artificial intelligence has lifted Nvidia shares through 2024, as the stock has more than doubled this year.
mountain Nvidia stock has climbed 155% in 2024. But Nvidia could find less room to run if analysts' forecasts hold water. While the consensus rating from analysts surveyed by LSEG is a buy, their price targets have already been exceeded and could imply a nearly 11% pullback. Some commentators on Wall Street and analysts alike have cautioned that rising competition in the AI boom could weigh on Nvidia moving forward, although the stock remains a favorite on Wall Street.
mountain Qualcomm stock. Still, analysts' price targets suggest that the stock may have gotten ahead of itself, reflecting a nearly 14% decline moving forward. This comes as chip stocks remain robust through June, with the VanEck Semiconductor ETF surging 51% in 2024. Other stocks that could be in store for a pullback include Garmin and Teradyne .
NVIDIA Corp Vaneck Semiconductor ETF Teradyne Inc Garmin Ltd Markets Investment Strategy Business News
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