Top 10 Stocks To Buy In 2024

10. Visa: Up 23% in 2023

Visa (NYSE: V) emerges as a compelling choice to complement any diversified investment portfolio, standing out not only for its alphabetical placement but also for its robust offerings. As the premier credit card network, boasting over $14.5 trillion in trailing-12-month volume, Visa has showcased resilient revenue and net income growth despite challenging retail landscapes.

With industry-leading profit margins reaching 54% in its latest quarter, Visa remains a powerhouse in the market. Its growth trajectory is bolstered by various drivers, including new flows, value-added services, expanding merchant networks, and strategic institutional partnerships.

Demonstrating consistent market outperformance, Visa also extends dividends, enhancing its attractiveness for long-term investors. Overall, Visa stands as a stalwart investment, offering stability, growth potential, and a reliable income stream, making it an essential addition to any well-rounded portfolio.

9. Costco: Up 31% in 2023

Costco Wholesale (NASDAQ: COST) employs a distinctive warehouse retail model bolstered by membership fees, which establish a reliable revenue stream and foster customer loyalty, contributing to sustained profitability. While experiencing a temporary slowdown in sales growth last year following two years of remarkable expansion, the company is witnessing a resurgence in growth.

Over the years, Costco has witnessed steady increases in membership, renewal rates, and sales volume, with renewal rates consistently setting new records. These trends are poised to propel further growth. As inflationary pressures ease, consumers are expected to resume purchasing higher-priced items, further boosting revenue growth.

Costco continues its global expansion efforts, including its recent foray into the Chinese market with five operational stores and plans for additional locations in the pipeline. Adopting a deliberate approach to new store openings ensures the company maintains a lengthy runway for growth.

8. Lemonade: Up 34% in 2023

Lemonade (NYSE: LMND) presents a debated inclusion in this list, given its volatile nature, yet as a shareholder, I uphold faith in its long-term prospects. While uncertainties linger for the immediate future, the company exhibits a trajectory of increasing profitability alongside its scaling efforts, validating the efficacy of its AI algorithms.

Despite enduring a significant decline of 87% from its highs, Lemonade is gaining traction, potentially poised for a turnaround in 2024. In Q3, its in-force premium surged by 18% year over year, though an unstable loss ratio remains a challenge. However, with management's strategy to refine products and enhance algorithms, Lemonade could see substantial growth this year.

7. Lululemon: Up 46% in 2023

Lululemon Athletica (NASDAQ: LULU) has transcended the realm of trendiness to become a staple in mainstream apparel and activewear. Boasting consistently strong growth, it resonates with fitness enthusiasts while expanding its market presence with upscale everyday clothing lines.

Its non-seasonal product range allows it to uphold premium pricing without markdowns, maintaining industry-leading margins. Customers readily invest in its high-quality, patented fabrics, fueling robust and escalating profits.

With management unveiling a new growth strategy ahead of schedule, investors anticipate continued goal achievement and sustained growth over the long term, cementing Lululemon's position as a growth powerhouse for years to come.

6. Airbnb: Up 57% in 2023

Airbnb (NASDAQ: ABNB) has evolved from merely offering high growth and an improved system to become a sophisticated, profitable, and cash-flow-positive leader in the short-term lodging industry. Despite its maturation, Airbnb maintains its momentum, reporting a robust 18% year-over-year revenue growth in the third quarter of 2023, signaling continued strength albeit potentially at a slower pace.

Having established a significant presence in its sector, Airbnb possesses ample financial resources and holds a dominant market position, enabling it to introduce targeted enhancements and reinforce its competitive edge. The company adeptly adapts to shifting demand dynamics, leveraging its agile, asset-light business model to sustain profitable growth over the long term. With its ability to meet evolving consumer needs and capitalize on emerging opportunities, Airbnb remains well-positioned for sustained success in the years ahead.

5. SoFi Technologies: Up 70% in 2023

SoFi Technologies (NASDAQ: SOFI) has experienced an exceptional year marked by continual membership growth and revenue expansion. Evolving beyond its origins as a lending platform, SoFi now offers a diverse range of financial services and effectively engages its customer base through upselling and cross-selling initiatives.

The company's profitability is on an upward trajectory, evidenced by a remarkable 121% year-over-year increase in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the third quarter. Management's reaffirmation of its expectation to achieve positive net income for the first time in the current quarter underscores this positive trend.

With its focus on providing user-friendly digital banking solutions with minimal fees and competitive rates, SoFi is poised for sustained growth. By attracting customers and transitioning them into multi-product users, the company is positioned to capitalize on a significant growth opportunity, translating customer engagement into increased profitability over the long term.

4. Amazon: Up 75% in 2023

Amazon continues to impress investors with a notable resurgence, marked by a 13% year-over-year revenue surge in the third quarter of 2023. The e-commerce sector is experiencing a revival after playing second fiddle to brick-and-mortar retail for some time. Additionally, Amazon is intensifying its focus on bolstering its cloud computing arm, Amazon Web Services (AWS), leveraging robust generative artificial intelligence (AI) capabilities to solidify its market dominance.

Furthermore, advertising stands out as Amazon's fastest-growing segment, buoyed by its advanced AI functionalities and access to a vast user base comprising hundreds of millions of Prime members and customers, which keeps advertisers engaged and spending.

In addition to these growth catalysts, Amazon maintains significant ventures in streaming services and is venturing into healthcare, potentially unlocking another substantial avenue for growth in the future.

3. Global-e Online: Up 77% in 2023

Global-e Online (NASDAQ: GLBE) specializes in cross-border e-commerce solutions, catering to the needs of online retailers by facilitating global market expansion effortlessly.

Its seamless integration into websites offers essential features like localized checkout and customs calculations, making it an indispensable tool for revenue enhancement. With an impressive roster of high-profile clients and a strategic partnership with Shopify, Global-e continues to fortify its market presence.

In Q3 of 2023, revenue surged by 27%, accompanied by enhanced profitability as the company scales up. Positioned as a potential growth juggernaut for the foreseeable future, Global-e embodies substantial growth prospects in the e-commerce landscape.

2. MercadoLibre: Up 95% in 2023

MercadoLibre (NASDAQ: MELI) stands as the Amazon equivalent in Latin America, yet it's amidst a high-growth phase. Operating across 18 Latin American nations, it offers e-commerce services alongside a fintech segment providing digital payment solutions and credit products.

Consistently achieving robust double-digit growth, MercadoLibre saw a 69% year-over-year surge in Q3 2023, accompanied by increasing profitability, boasting an 18.2% operating margin. With e-commerce expansion and enhanced delivery efficiency, over 80% of orders are delivered within 48 hours, with same-day or next-day deliveries up 22% in Q3. The fintech division outpaces growth, reflecting increasing adoption of its payment services across various platforms.

1. Nu Holdings: Up 104% in 2023

Nu Holdings (NYSE: NU) operates a Brazilian bank experiencing remarkable expansion, adding 5.4 million customers in Q3 alone, totaling 90 million by October, surpassing half of Brazil's adult population. Its growth extends swiftly into new markets like Mexico and Colombia.

The company excels in cross-selling and upselling, driving revenue up by 53% year-over-year in Q3, with net income soaring from $7.8 million to $303 million. With continued customer onboarding and product adoption, Nu Holdings capitalizes on significant growth opportunities, poised for further expansion and profitability.