Some of the best stock market performers during the first quarter could see even more gains ahead. The S & P 500 is up 10% during the first three months of the year, putting it on track for its biggest first-quarter gain since 2019. The Dow Jones Industrial Average and Nasdaq Composite have climbed 5.5% and 9.3%, respectively, during the period. The major indexes are also headed for solid monthly gains. Artificial intelligence powered a chunk of early 2024, with Nvidia and Micron Technology, among others, leading the charge higher. The question now is, can these names sustain their momentum through the April to June period? To find out, we used the CNBC Pro stock screener tool to find the 10 best-performing stocks in the index and where analysts expect them to go from here. All targets and year-to-date performance metrics are as of midday March 27. Click here to add this screener to your Pro stock screener. You can also further customize it yourself. Nvidia stock has soared more than 80% in 2024, as the company continues to benefit from investor excitement over AI. The chipmaker recently hosted its inaugural GTC Conference where it unveiled its latest suite of AI chips, Blackwell . Most analysts said that while the conference did not offer any surprises, it further solidified Nvidia’s spot as the dominating player in the AI space. NVDA YTD mountain Nvidia stock. Analysts think Nvidia can add a further 8% moving forward. Analysts remain exceedingly bullish on the key AI play, with 88% of those surveyed by FactSet maintaining a buy rating. Micron is another top performer this year, gaining around 40% as the computer memory and data storage company also benefits from the rise of AI. Data centers are a key component of the immense power needed to run AI programs and systems, making Micron a key player in the space. Shares got a boost in recent weeks after the company issued better-than-expected third-quarter revenue guidance alongside a beat on the top and bottom lines in the second quarter. Moving forward, analysts forecast Micron stock to climb a further 7.3%. MU YTD mountain Micron Technology stock. Super Micro Computer has also had a stellar start to the year, with shares rising more than 260%. The stock has been a key beneficiary alongside Nvidia as the AI hype continues. Alongside the company’s strong foot as a semiconductor firm, Super Micro Computer also provides liquid cooling for data centers, further widening its exposure to the rise of AI. SMCI YTD mountain Super Micro Computer stock. Analysts think shares may have gotten ahead of themselves, however, with average price targets implying a more than 10% decline. Elsewhere, Disney has climbed more than 32% to start the year. In February, the stock recorded its best one-day performance since 2020 on the heels of a strong earnings report. CEO Bob Iger also said the company would invest $1.5 billion in Epic Games, the maker of Fortnite. DIS YTD mountain Disney stock. Analysts think shares of Disney will tick down roughly 1.1% moving forward, according to consensus estimates.
Here are the biggest first-quarter stock winners, and what analysts think they’ll do from here
Mar 28, 2024
