Analysts Are Bullish: 3 Tech Giants With Upgraded Price Targets
The stock market softened as 2024 ended, with equities retreating amid a more cautious Federal Reserve and lingering inflation concerns. However, while some investors are hesitating, others see this dip as a chance to buy strong stocks at attractive prices.
An easy way to find opportunities? Watch where analysts are raising their price targets, as this is signaling growing confidence in a company’s potential to deliver outsized returns. In the tech space, three names stand out in particular: Meta Platforms, Amazon, and Alphabet. Each has recently received notable price target boosts in recent weeks, reflecting expectations of a strong start to 2025.
If you’re ready to look beyond the short-term noise and set your portfolio up for success, these tech leaders deserve your attention. Let’s jump in and take a closer look at why.
Why Analysts Are Still Bullish on Meta Stock
Meta Platforms (NASDAQ: META) Though they sold off into the new year, shares of social media king Meta were tagging all-time highs as recently as the middle of last month. Overall, 2024 was a stellar year for them, with gains of more than 70%, making them a standout performer.
However, for those who were concerned that they may have missed the boat, their 8% drop over the past fortnight could be a welcome sight. It’s put Meta shares back trading at a strong line of support, and they’ve had several analysts in recent weeks calling for a return to further gains in the near term.
Take JPMorgan Chase, for example. In the week before Christmas, it reiterated its Overweight rating on the stock while boosting its price target to $725. From the $585 that Meta shares were set to start 2025 at, that’s pointing to a targeted upside of nearly 25%.
Amazon’s Impressive 180% Gain in 2024
Amazon.com Inc (NASDAQ: AMZN) Shares of e-commerce and cloud computing giant Amazon had a similar year to Meta. Coming into the middle of last month, they had logged more than 180% gains for 2024 alone before they, too, softened into the final few days of the year.
However, the likes of UBS Group, JMP Securities, and Tigress Financial, to name but a few, have all been reiterating their Buy ratings on Amazon shares in the past fortnight. Tigress, in particular, sees this dip as little more than some short-term profit-taking that’s coming off the back of a slightly more cautious market after the Fed’s update.
Their $290 price target, increased from $245, speaks volumes and points to a targeted upside of more than 30% from where Amazon shares closed on New Year’s Eve.
Bank of America and JPMorgan Back Alphabet as a Buy
Alphabet Inc (NASDAQ: GOOGL) It will come as no surprise that the final tech titan on our list also logged a super-strong 2024. Shares of Alphabet tagged an all-time high in December as part of a rally that saw them gain more than 135% at one point.
While it will have been frustrating for investors to watch them give up some gains ahead of the start of the new year, for those of us on the sidelines, it could be the entry opportunity we’ve been waiting for. Just last week, the team at Bank of America was reiterating their Buying rating on Alphabet shares, as was JPMorgan & Chase, who also boosted their price target up to $232.
This is close to a street-high and bodes well for Alphabet’s prospects heading into the new year. Considering they closed out 2024 just under the $190 mark, JPMorgan & Chase’s new price target would see them gain more than 20% in the coming weeks.
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