From Yahoo Finance: 2024-06-27 09:12:31

Bank of America released a list of the 10 best of breed stocks for Q3 2024, with NVIDIA (NASDAQ:NVDA) ranking first. This list has outperformed the MSCI All Country World Index by 584 basis points, returning 470% since 2010. These stocks are selected for their quality, liquidity, earnings growth, and margin upside.

NVIDIA is a top choice due to its strong balance sheet, cash flow, high EPS growth, and competent management. Hedge funds’ interest in these stocks is significant as it can lead to outperforming the market. NVIDIA has seen a 206% share increase in the past year and continues to be recommended by Wall Street analysts.

Recent comments from Oppenheimer and Barclays have continued to be bullish on NVIDIA, with expectations of earnings growth in the coming years. NVIDIA’s AI-fueled rally has been a major driver of its success, with expectations of significant opportunities in the AI sector. NVIDIA has seen tremendous demand for graphic processors thanks to the AI arms race.

RiverPark Large Growth Fund has noted that NVIDIA has been a top contributor to market returns, especially with its recent blowout earnings results. NVIDIA has evolved in the past 20 years, showing strong revenue growth and innovation. CEO Jensen Huang believes that NVIDIA’s prospects are promising as global data centers transition to accelerated computing.



Read more at Yahoo Finance: NVIDIA Corporation (NASDAQ:NVDA) is the ‘Best of Breed’ Stock for Q3, Analysts Think