Zacks highlights Micron, AMD, and Nvidia as top stocks to buy in stagnant market

From Nasdaq: 2024-08-16 10:37:00

Zacks Investment Ideas highlight Micron MU, AMD, and Nvidia NVDA as top stocks to buy amid a stagnant market following cool inflation data. There may be choppiness ahead due to election uncertainties, but bullish signals persist. Micron is attractive, trading 33% below highs with a strong growth potential driven by AI demand.

Micron Technology’s stock is down 33% from its peaks, presenting a buy opportunity. The company is set for over 50% sales growth in FY24 and FY25, driven by its expanding memory chip business and AI super-cycle. Micron expects robust AI demand to generate record revenue in FY25.

Advanced Micro Devices is a key player in the GPU and CPU industries, despite lagging behind Nvidia in the AI chip market. AMD, projected to grow earnings by 26% this year and 54% next year, has tumbled 30% from its March highs. AMD is focused on seizing long-term AI growth opportunities.

Zacks Investment Research’s top stock-picking strategies have outperformed the S&P since 2000, averaging gains of +44.9% to +55.2% per year. Micron, AMD, and Nvidia are highlighted as strong buys for long-term investors seeking growth potential in the AI and semiconductor sectors. Explore Zacks’ top stock picks for free to access live recommendations.



Read more at Nasdaq: Zacks Investment Ideas feature highlights: Micron, Advanced Micro Devices and Nvidia