NVIDIA Corporation, Meta Platforms Inc., Royal Caribbean Cruises Ltd., Carnival Corporation & plc, and Palo Alto Networks Inc. ranked among the top five S&P 500 growth stocks in 2023. We will talk about the financial performance of these leading companies, conduct a technical analysis of their stocks, and share analysts' 2024 forecasts.

Selection criteria for companies

  • The stocks are included in the S&P 500 index
  • The companies are not classified as investment funds
  • The companies are not involved in mergers or acquisitions at the time of writing

Growth values were determined as the percentage difference between the opening prices on 3 January and the closing prices on 12 December 2023. The market capitalisation of the companies was valid as of the time of writing on 12 December 2023.

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1. NVIDIA Corporation: +221.05%

Founded in: 1993

Registered in: the US

Headquarters: Santa Clara, California

Sector: technology

Platform: NASDAQ

Market capitalisation: 1.18 trillion USD

NVIDIA Corporation specialises in developing and producing GPUs and other technological products for high-performance computing. Its products find extensive use in the gaming industry and the sectors of data processing, artificial intelligence, autonomous vehicles, and various other industries.

NVIDIA Corporation (NASDAQ: NVDA) stock skyrocketed by 221.05%, soaring from 148.44 to 476.57 USD per unit in 2023. According to the Q3 fiscal 2024 report, revenue from February to October 2023 increased by 85.53% compared to the same period in 2022, reaching 38.82 billion USD. Net profit surged by 491.57% to 17.48 billion USD or 7.07 USD per share.

Technical analysis of NVIDIA stock

Since 14 August 2023 and as of the time of writing, NVIDIA Corporation stock has been consolidating within a sideways channel, with the upper boundary at 505.60 USD and the lower at 400,20 USD. The last rebound from the upper boundary led to the establishment of support at the 454.05 USD level.

This signal may suggest mounting pressure from buyers and an attempt to breach the channel’s upper boundary. If bulls surpass the 505.60 USD level, a potential growth target could be 640.35 USD. A successful rebound from the ascending trendline on the RSI may serve as an additional signal in favour of the possible development of a bullish scenario.

A negative scenario for buyers would be a price drop below 454.05 USD, likely triggering a further price decline towards the lower boundary of the sideways channel at 400.20 USD.

Technical analysis of NVIDIA Corporation stock*

Analysts’ forecasts for NVIDIA stock in 2024

  • According to Business Insider, 91 out of 98 analysts rated the tech stock as Buy, while seven assigned it a Neutral rating. The average price target is 534.57 USD
  • Based on Fintel data, 21 out of 60 experts have designated a Strong Buy rating for these shares, 35 analysts rated them as Buy, and four gave a Hold rating to the stock. The average one-year price target is 654.06 USD
  • As Tipranks informs, 31 out of 34 specialists assigned a Strong Buy rating to NVIDIA Corporation stock, and three rated it as Hold. The average price target is 661.00 USD

2. Meta Platforms: +172.12%

Founded in: 2004

Registered in: the US

Headquarters: Menlo Park, California

Sector: communication services

Platform: NASDAQ

Market capitalisation: 858.9 billion USD

Meta Platforms Inc. owns popular social networking services Facebook, Instagram, and WhatsApp Messenger. Advertising revenue from these platforms is the largest of the corporation’s revenue. It also heavily invests in developing artificial intelligence and augmented and virtual reality products.

Since January 2023, Meta Platforms Inc. (NASDAQ: META) stock has surged by 172.12% from 122.82 to 334.22 USD per unit. According to the Q3 2023 report, revenue from January to September 2023 inclusive rose by 12.25% compared to the statistics for the corresponding period in 2022, reaching 94.79 billion USD. Net profit increased by 35.23% to 25.08 billion USD or 9.73 USD per share.

Technical analysis of Meta Platforms stock

On 5 December 2023, Meta Platforms Inc.'s quotes rebounded from the lower band of Bollinger Bands at 314.65 USD, potentially signalling that the price might continue rising to the indicator’s upper band at 345.00 USD. It can be assumed that for the full-fledged development of potential upward momentum, it is essential for buyers to consolidate above the 350.00 USD level.

This scenario likely indicates a breakout of the upper boundary of the bullish channel, with such signals viewed as strong in technical analysis. In this case, a potential growth target could be 408.50 USD. A rebound from the support level on the RSI could serve as an additional signal confirming potential further growth. A previous rebound from this line was observed on 26 October 2023, driving the price up by nearly 23%.

A negative scenario for bulls could be a price consolidation below the 310.00 USD mark, which could trigger a correction to the 280.00 USD support level.

Technical analysis of Meta Platforms Inc. stock*

Analysts’ forecasts for Meta Platforms stock for 2024

  • According to Business Insider, 89 out of 95 analysts rated the company’s stock as Buy, four as Neutral, and two as Sell, with the maximum price target of 425.00 USD
  • Based on information from Fintel, 20 out of 64 experts designated a Strong Buy rating for the stock, 36 gave a Buy rating, six assigned a Hold rating, and two rated the shares as Sell. The average one-year price target is 379.84 USD
  • As Tipranks reports, 37 out of 38 specialists rated Meta Platforms Inc. stock as Strong Buy, with one assigning a Hold rating to the shares. The average price target is 387.71 USD

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3. Royal Caribbean Cruises: +138.03%

Founded in: 1985

Registered in: Liberia

Headquarters: Miami, Florida

Sector: consumer cyclical

Platform: NYSE

Market capitalisation: 30.83 billion USD

Royal Caribbean Cruises Ltd. is the world’s second-largest cruise company. According to the Q3 2023 report, the number of passengers carried in January-September reached 5.7 million. The company operates a fleet of 60 cruise ships. From 3 January to 12 December 2023 inclusive, Royal Caribbean Cruises Ltd. (NYSE: RCL) stock soared by 138.03% from 50.54 to 120.30 USD.

In its Q3 2023 report, the company announced that revenue for January to September 2023 inclusive increased by 69.46% compared to the same period in 2022, to 10.57 billion USD. Net profit reached 1.43 billion USD or 5.55 USD per share, in stark contrast to a year ago when the company posted a net loss of 1.66 billion USD or 6.49 USD per share.

Technical analysis of Royal Caribbean Cruises stock

Royal Caribbean Cruises Ltd. stock has demonstrated a robust surge of 53.70% since 26 October 2023. At the time of writing, buyers managed to establish themselves above the resistance level of 112.00 USD. However, the RSI values reached a critical level, surpassing 86.

The RSI values reached these levels on 27 June 2023, triggering the development of a bearish correction to 78.50 USD. It can be assumed that the oscillator’s current levels may also favour sellers.

If the price breaks the ascending trendline and secures below 110.00 USD, this might suggest an additional signal for a potential decline, where the price could return below the strong resistance level and continue falling to 96.50 USD. On the other hand, the price consolidating above 132.30 USD could be a favourable scenario for buyers.

See also  Apple, Meta, Spotify, Teladoc, and Trust Stamp: Weekly News Digest (25 – 29 April)

Technical analysis of Royal Caribbean Cruises Ltd. stock*

Analysts’ forecasts for Royal Caribbean Cruises stock for 2024

  • According to Business Insider, 37 out of 54 analysts rated the cruise company’s shares as Buy, 12 as Neutral, and five as Sell. The maximum price target is 132.00 USD
  • Based on Fintel data, 7 out of 25 experts gave the stock a Strong Buy recommendation, 13 assigned a Buy rating, and five gave a Hold rating. The average one-year price target stands at 129.84 USD
  • As Tipranks informs, eight of ten specialists rated Royal Caribbean Cruises Ltd.’s stock as a Strong Buy and two as Hold. The average price target is 122.67 USD

4. Carnival Corporation: +116.26%

Founded in: 1972

Registered in: Panama 

Headquarters: Miami, Florida

Sector: consumer cyclical

Platform: NYSE

Market capitalisation: 22.55 billion USD

Carnival Corporation & plc (NYSE: CCL) is the world’s largest cruise company by passengers carried. The company’s fleet comprises over 100 cruise vessels. According to the Q3 fiscal 2023 report, the number of passengers transported from December 2022 to August 2023 reached 9.3 million, and the corporation’s stock value soared by 116.26% from 8.24 USD to 17.82 USD per unit.

According to Carnival Corporation & plc’s report for Q3 fiscal 2023, revenue for January to August inclusive rose by 94.47% compared to the same period in fiscal 2022, reaching 16.20 billion USD, with net loss decreasing by 99.42% to 26 million USD or 0.02 USD per share.

Technical analysis of Carnival stock

Despite Carnival Corporation & plc quotes surging by 66.8% since 23 October 2023, it can be assumed that there is a risk of a Head and Shoulders reversal pattern forming on a daily timeframe, with its potential target at 6.00 USD.

The first signal confirming a possible price decline can be a breakout of the ascending trendline, with the price consolidating below 15.50 USD. The price will likely go entirely by the reversal pattern as soon as it finds a foothold below 11.00 USD.

A rebound from the resistance level on the RSI could serve as an additional signal confirming the potential development of a bearish scenario. A previous rebound was observed on 6 July 2023, resulting in a price decline of more than 41.00%.

For the cancellation of the Head and Shoulders pattern formation, it is likely sufficient for buyers to establish themselves above 19.65 USD. This could suggest a breakout of the pattern’s upper boundary and the potential resumption of an uptrend, with a potential target of 24.00 USD.

Technical analysis of Carnival Corporation & plc stock*

Analysts’ forecasts for Carnival stock for 2024

  • According to Business Insider, 36 out of 66 analysts rated the cruise corporation’s stock as Buy, 17 as Neutral, and 13 as Sell. The maximum price target is 38.00 USD
  • Based on Fintel data, 9 out of 25 experts assigned a Strong Buy rating to the shares, eight gave a Buy recommendation, five designated a Hold rating, and three rated them as Sell. The average one-year price target is 17.14 USD
  • As Tipranks reports, 12 of 15 specialists gave Carnival Corporation & plc’s stock a Strong Buy recommendation, while three analysts rated it as Hold. The average price target stands at 18.23 USD

5. Palo Alto Networks: +116.23%

Founded in: 1999

Registered in: the US

Headquarters: Santa Clara, California

Sector: technology

Platform: NASDAQ

Market capitalisation: 96.35 billion USD

Palo Alto Networks Inc. is a US-based company specialising in cybersecurity services. The company develops and offers products and solutions for enterprise network and data protection.

Palo Alto Networks Inc. (NASDAQ: PANW) shares gained 116.23% in 2023, surging from 141.32 to 305.58 USD per unit.

According to the fiscal 2023 report, revenue from August 2022 to July 2023 was up 25.29% compared to the same period in the previous year, reaching 6.89 billion USD. Net profit reached 439.7 million USD or 1.45 USD per share, in contrast to a year ago, when the corporation reported a net loss of 267 million USD or 0.90 USD per share.

Technical analysis of Palo Alto Networks stock

On 21 November 2023, Palo Alto Networks Inc.’s quotes secured their position on the upper boundary of the Ascending Triangle pattern at 258.45 USD, with a potential pattern target at 340.50 USD. A breakout of this level will likely open the way to the next crucial level of 400.00 USD.

At the time of writing, the RSI values reached 73. The oscillator's values over 80 will likely be critical for buyers. The current values below this mark may suggest that there will unlikely be any hurdles for bulls. A negative scenario for buyers could be a price drop below 280.00 USD, suggesting that the price could return below the nearest support level and move towards the 260.00 USD mark.

Technical analysis of Palo Alto Networks Inc. stock*

Analysts’ forecasts for Palo Alto Networks stock for 2024

  • According to Business Insider, 94 out of 99 analysts rated the tech stock as Buy, four as Neutral, and one as Sell. The maximum price target is 326.00 USD
  • As Fintel informs, 15 out of 52 experts designated a Strong Buy rating for the shares, 30 gave a Buy recommendation, and seven assigned a Hold rating. The average one-year price target is 287.07 USD
  • Based on Tipranks data, 29 of 33 specialists gave Palo Alto Networks Inc.’s stock a Strong Buy recommendation, while four analysts rated it as Hold. The average price target stands at 290.16 USD

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Conclusion

The top performers in stock price gains for 2023 within the S&P 500 index were NVIDIA Corporation, Meta Platforms Inc., Royal Caribbean Cruises Ltd., Carnival Corporation & plc, and Palo Alto Networks Inc. Notably, the first and fifth companies represent the technology sector, the second one is in communication services, while the third and fourth companies represent the consumer cyclical sector.

The impressive performance of these stocks can be attributed to robust financial statistics in 2023. In addition, we also share experts’ forecasts for the shares of the above companies for the year 2024.

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* – Past performance is not a reliable indicator of future results or future performance.

The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.

The stock charts in this article are provided by the TradingView platform, which offers a wide range of tools for analysing the financial markets. It is a convenient, high-tech online market data charting service that allows users to perform technical analysis, research financial data, and communicate with other traders and investors.