More upside is in the cards for the slate of stocks, including Nvidia, according to Bank of America. The company has recently called out the big stocks it’s talking about – and that includes artificial intelligence, which has seen its shares more than double in 2024. CNBC Pro combed through Bank of America’s research for buy-rated stocks. also positioned for additional revenue. In addition to Nvidia, the names include Apple, Nextracker, BJ’s Wholesale Club and Ralph Lauren. BJ’s Wholesale Club BJ’s is firing on all cylinders, according to analyst Robert Ohmes. In a recent note, he said BJ’s has “momentum in membership, traffic, and unit volume,” even as warehouse competition heats up. In particular, Ohmes highlighted the warehouse company’s digital strategy and noted that BJ’s continued launch of its own private label brands was not appreciated by investors. And that’s not all, according to analysts. “BJ also continued to gain shares in the gas business, while profits fell short of expectations in 1Q,” added Ohmes. The stock is up 32% in 2024, but analysts say investors should take advantage and buy down if the stock pulls back. “We reiterate our Buy and expect BJ’s to gain share in the current environment as consumers continue to adjust to higher prices, making BJ’s value proposition and price position more attractive,” he said. Ralph Lauren “Steady as she goes,” analyst Christopher Nardone wrote about the apparel company. Shares of Ralph Lauren are up nearly 30% this year, but the company says it has more room to run. The company is coming off a solid fiscal fourth quarter earnings report, with a very strong showing from its international business, Nardone said. “We are encouraged by the continued strength in global comparisons this quarter, particularly in Europe,” he wrote. In addition, confidence in management is strong, analysts say, while cost savings are a top priority for the company. “We keep Buy rated and continue to see RL is also positioned to outperform given the opportunity to further grow the margin (exceed expectations) and increase the heat of the brand,” Nardone added. Apple analyst Wamsi Mohan stands on the tech giant as the top choice. He said he is very confident about Apple’s prospects for an AI-enhanced iPhone. “With an installed base of more than 4bn Smartphones, we see the opportunity for the next upgrade cycle to be a once in a decade type of event,” wrote Mohan. In fact, the company reckons that AI-capable phones have the potential to make users switch to AI-enabled devices faster than consumers to smartphones. “As AI technology develops, the gap between IntelliPhones and traditional smartphones will widen by offering more sophisticated and personalized functions that drive the desire to upgrade,” Mohan said. The company’s stock is down about 0.2% in 2024. “Keeping Buy in a multi-year upgrade cycle, gross margin up and secular service growth,” the analyst wrote. Nextracker “Firing on all cylinders. … We reiterate our Buy rating on solar tracking company Nextracker Inc after a strong 4Q print. NXT reported a record backlog of $4bn with +$1bn in orders, reflecting strong underlying demand. In our view, this is more than a good entry point for stories of outsized, idiosyncratic and marginal expansion.” Nvidia “Reiterate Buy, top sector pick on NVDA’s unmatched combination: 1) turnkey system design that we think can maintain 80%+ market share in AI accelerator market that could double YoY to ~$100bn in CY24, and double again to $200 bn by CY27 & then $300bn + by CY30, 2) Incumbency across vertical customers, & 3) Consistent execution of the roadmap ensures a smooth transition to next-gen Blackwell products, as well as continued network growth. BJ’s Wholesale Club ” Our PO moves to $95, 21-22x F26E EPS from $4.35 given momentum in membership, traffic, and unit volume. … We reiterate Buy and expect BJ’s to gain share in the current environment as consumers continue to adjust to higher prices, making BJ’s value proposition and price position more attractive. Ralph Lauren “Stay as he goes. … We remain Buy rated and continue to see RL also positioned to outperform given the opportunity to further grow profits (beyond expectations) and increase the heat of the brand. … We are encouraged by the continued strength in Global comps this quarter, especially in Europe… We maintain our confidence in RL driving greater margin expansion. Apple “With an installed base of more than 4bn Smartphones, we see the opportunity for the next upgrade cycle to be a once in a decade type of event. … Maintain Purchases in multi-year upgrade cycles, gross margins rise & secular service growth. … As AI Technology develops the gap between IntelliPhones and traditional smartphones will widen by offering more sophisticated and personalized functions that drive the desire to upgrade.
Tech stocks to buy like Apple and Nvidia
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