Analysts have been discussing stocks that could potentially pop in 2024 over the last few months. To be clear, it’s not the market in general. There are certainly going to be areas that continue to struggle over the next year. So, it’s important to be aware that while there are stocks that could climb, not necessarily all of them will.
Yet, in the case of these three stocks, that could certainly happen. These are stocks that analysts identify as providing some positive growth in the very near future. So, let’s get into them.
Shopify stock
Shopify (TSX: SHOP) stock continues to be a major player as a leading e-commerce platform in the tech sector. Analysts continue to like its potential growth as well as its competition and impact from broader economic factors.
Shopify stock posted its latest earnings, and this has sparked many analysts to start discussing the stock once more. These factors that could result in growth included revenue growth, profitability, and future guidance. Analysts were also impressed by its strategic moves, such as product launches, as well as the continued focus on producing profitability to create the best platform in e-commerce.
So, while there is a broader economic concern, it seems that Shopify stock has learned from its past. The tech stock is now more streamlined and focused on growth. And that growth includes profitability. It looks like this year could be another winner, in this case for Shopify stock.
Nuvei stock
Another stock that’s being discussed a lot by analysts lately is Nuvei (TSX: NVEI). Nuvei stock and its payment technology company has been in the news particularly lately because of its recent acquisition. It continues to be a major player in the payments field as well as a player in the growing digital payments space.
The recent acquisition in February was major. Nuvei stock bought up rival payment company Paya, significantly expanding Nuvei stock’s reach and capabilities in the integrated payments space. This has certainly led to many considering the growth of the company in both the near and distant future.
And that’s needed. The digital payments market is a large and growing one. This has been driven by a significant shift towards online and mobile commerce. So, while Nuvei stock hasn’t been immune to stock volatility, it could easily see its share price increase over the next year — especially once this acquisition is up and running.
TELUS stock
Finally, we have another company that could see major growth in the future as it continues to battle among the top three telecommunications companies. TELUS (TSX: T) continues to be discussed for its role in the 5G rollout, broadband expansion, and overall industry trends.
The 5G expansion in particular has been of interest for analysts, with TELUS stock potentially seeing a large increase in average revenue per user from attracting new customers. However, it won’t be an easy battle to win.
There are many mergers and acquisitions underway in the space, edging in on TELUS stock and its territory. This industry seems to be consolidating at the present, yet this could be of benefit to TELUS stock for retaining loyal customers. It may also mean the company is seeking a way to expand further to take on its peers. Meanwhile, you can grab hold of a 6.45% dividend yield while it lasts!
