From Nasdaq:

The major indexes continued their winning streak in the new year, with the Nasdaq Composite just a couple of percentage points from setting new highs, up 36% over the past 12 months. Amazon, Roku, and Alibaba are leaders in their respective markets and offer investors significant upside over the next few years.

Amazon’s stock has risen 61% over the last year, but it’s still 16% off its previous 2021 high. An improving outlook in its most profitable business, Amazon Web Services (AWS), could send the stock to new highs in 2024. The stock still trades at a reasonable price-to-sales (P/S) ratio of 2.90, offering significant growth potential.

Roku, which makes most of its revenue from advertising, is poised to benefit from the shift towards streaming. The stock offers significant upside over the next five years, as it has the potential to win over a sizable share of the ad dollars that will shift to streaming services.

Alibaba, which dominates the Chinese e-commerce market with a market share of nearly 50%, operates several business units across logistics and entertainment. The stock offers significant upside as China’s economy emerges from pandemic-related disruptions. The shares currently trade at a cheap forward price-to-earnings ratio of 7.5, presenting a top turnaround candidate to bet on in 2024 and beyond.



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