The AI boom and technological advances have generated significant interest in growth stocks, presenting high potential for investors willing to manage the associated risks. Below, we explore eight of the best growth stocks for 2024, highlighting a mix of companies across various sectors with strong potential for future expansion.
1. Viavi Solutions Inc. (NASDAQ: VIAV)
Viavi Solutions plays a critical role in network testing and monitoring, making it a key player in the expanding 5G and fiber optic industries. With a presence in network communications and optical security, Viavi has an edge as global demand for faster, more reliable telecommunications infrastructure grows. While financial challenges have plagued it recently, missing earnings estimates in two of its last four quarters, Viavi’s market leadership and innovation make it a compelling growth stock.
2. Endeavour Silver Corp. (NYSE: EXK)
Endeavour Silver, a mining company specializing in silver and gold, is poised to benefit from rising industrial demand for silver, particularly in green technologies like solar panels. Based in Canada with significant operations in Mexico, Endeavour has made impressive strides in 2024, notably progressing in the development of its Mexican mine, which is now over 50% complete. With favorable market conditions for precious metals, EXK offers a promising outlook for investors seeking exposure to the metals sector.
3. B2Gold Corp. (NYSE: BTG)
B2Gold is a leading gold mining company with operations in Africa and Asia. Amid ongoing inflationary concerns and economic uncertainty, gold remains a valuable safe-haven asset. Despite some challenges in Mali’s industrial gold production, B2Gold’s diverse portfolio and strong financials offer resilience and growth potential. Analysts maintain a strong buy rating for BTG, making it an appealing pick for those looking to invest in the precious metals market at a relatively low price point.
4. Borr Drilling Limited (NYSE: BORR)
Borr Drilling Limited, an oil and gas drilling firm, operates in shallow water drilling, primarily serving major energy players like Saudi Aramco. The company has faced challenges, including a suspension from Aramco in 2024, but with rising global energy demand and renewed investment in oil infrastructure, Borr Drilling is positioned for recovery and growth. Investors like William B. Gray’s Orbis Investment Management have maintained significant stakes, indicating confidence in the company’s potential.
5. DocGo Inc. (NASDAQ: DCGO)
DocGo, a healthcare transportation services provider, is gaining attention as healthcare logistics become increasingly crucial. With operations in medical transportation, including ambulances and wheelchairs, DocGo stands to benefit from an aging population and growing demand for healthcare services. Despite being undervalued at just $3.57 per share, analysts see significant upside, with a price target nearing $10, making it an appealing growth stock in the healthcare sector.
6. Applied Digital Corporation (NASDAQ: APLD)
Applied Digital Corporation, previously Applied DNA, has pivoted toward AI and data solutions, making it a prime candidate for growth as the demand for high-performance computing infrastructure skyrockets. Recently, APLD secured a strategic investment from NVIDIA, aligning its business with AI data processing and cloud computing needs. As AI continues to evolve, Applied Digital’s infrastructure solutions for AI workloads, including its state-of-the-art data centers, position it well for long-term growth in the tech space. This partnership with NVIDIA further solidifies its potential, offering a unique opportunity for investors looking to tap into AI-driven growth.
7. CEMEX, S.A.B. de C.V. (NYSE: CX)
CEMEX is a global leader in building materials, particularly cement and concrete. As infrastructure spending continues to rise globally, particularly in developing regions, CEMEX is set to benefit from increased demand for construction materials. The company also recently achieved an investment-grade credit rating, improving its financial standing. Trading at just over $8 per share, CEMEX offers significant growth potential for those looking to invest in infrastructure.
8. Palantir Technologies Inc. (NYSE: PLTR)
Palantir is a leader in developing advanced data analytics platforms that cater to both governmental and commercial clients. The company’s software is used to analyze large datasets, assisting organizations in making data-driven decisions. As AI adoption accelerates across industries, Palantir’s Artificial Intelligence Platform (AIP) is gaining significant traction, positioning the company for substantial growth. Recently, analysts have raised their price targets for Palantir due to its strategic expansion and increasing enterprise demand for AI solutions. Currently trading at approximately $36 per share, Palantir presents strong growth potential in the emerging AI and big data space.
These eight stocks provide a balanced selection of growth opportunities across various industries. Whether you’re interested in AI infrastructure, precious metals, or energy, these companies present promising growth prospects for 2024 and beyond.
by Steve Macalbry
Senior Editor,
BestGrowthStocks.Com
Disclaimer: The author of this article is not a licensed financial advisor. This article is intended for informational purposes only. It should not be considered financial or investment advice. We have not been compensated for the creation or distribution of this article and we do not hold any form of equity in the securities mentioned in this article. Always consult with a certified financial professional before making any financial decisions. Growth stocks carry a high degree of risk, and you could lose your entire investment.
