The new year has begun, and it is time for investors to establish new investment portfolios or make changes to existing ones.Today we will build a portfolio and look at five stocks to consider for 2024. On Wednesday, January 10, the second part of this article will include some additional stocks to consider. Looking to outperform the market in 2024? Allow our AI-powered ProPicks to do the heavy lifting for you, and you’ll never miss another bull market again.
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On Wall Street, the winners of 2024 are expected to closely resemble this year’s winners. However, in our quest to build the best portfolio for 2024, this post will delve into five stocks and examine the reasons for their inclusion.
Stay tuned for next week’s analysis of the remaining stocks, which will be published on Wednesday, January 10. To gain access to interesting data and insights, I will use the professional tool InvestingPro.
Gilead
Gilead Sciences’ (NASDAQ:GILD) portfolio is built around oncology drugs, with data expected later this year. It was the most popular biotech company at the time, curing hepatitis C. It has a strong balance sheet and can easily cover its net debt of $10 billion with expected earnings. Trode lvy is currently being tested in the treatment of lung cancer, and the results will be published later this year. The stock is cheaper than the S&P 500 index at 11 times expected earnings per share.
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Alphabet
Alphabet is expected to grow at the same rate as Microsoft, with earnings expected to increase by +15% by 2024, three times faster than Apple’s +5% growth. Despite a strong rise in 2023, its shares trade at only 20 times earnings, a discount to Microsoft and Apple’s 30 times.It has more than $100 billion in net cash, enough to repurchase shares and possibly begin paying dividends. It will present its results on February 1 and is expected to increase earnings per share (EPS) by +8.76%. In 2024, the increase could be +16.1%, with revenue increasing by 11.3%.
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Barrick Gold
Due to higher costs and lower gold production, Barrick Gold’s (NYSE:GOLD) stock has been unable to keep pace with gold prices. But this year could be the year that changes that. It faces several challenges, including the fact that the company owns some of the best mines in the world, is Africa’s leading gold producer, and intends to increase mine output. It also has no net debt on its balance sheet. The stock is currently trading at about 16 times next year’s projected earnings. It has a dividend yield of +2.31%.
Berkshire Hathaway
Berkshire Hathaway’s (NYSE:BRKb) earnings are increasing, with after-tax operating earnings expected to increase by nearly 20% in 2023. They could reach $40 billion this year, owing to higher cash interest income. The stock is currently trading at about 18 times the company’s projected earnings for the year. Class B shares trade at a lower price than Class A shares, at $362. On February 26, their revenue and earnings per share are expected to increase by +8.62% and +2.86%, respectively. EPS is expected to rise by 3.7% by 2024. Its shares have increased by +16.98% in the last year and by +5.68% in the last three months. Investing’s model predicts a 12-month forward potential of $462.99.
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BioNTech
BioNTech (NASDAQ:BNTX), like all other Covid vaccine manufacturers, will be hit in 2023. Covid vaccine suppliers, including BioNTech, its partner Pfizer (NYSE:PFE), and competitor Moderna (NASDAQ:MRNA), have fallen as demand for the shots has dwindled. However, it is expected to be profitable by 2024, and the company’s oncology-focused pipeline may be more promising than some believe. It also has a lot of cash, more than $18 billion. Its financial results will be available on March 20. The previous ones, presented in November, were fantastic, with EPS increasing by 200.5% and revenue increasing by 15.5%.
