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Wall Street Buzz: 3 Stocks Poised for Breakout Wall Street Buzz: 3 Stocks Poised for Breakout

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Considering Wall Street’s insights on specific stocks before making investment decisions is prudent. Analysts are paid to formulate opinions based on data and insider information. The following stocks are among the many that Wall Street suggests are ripe for a breakout in the near future.

Themes like artificial intelligence continue to dominate the investment landscape and analyst discussions. This trend is expected to persist throughout 2024. However, the discussions also cover sectors that are currently underperforming.

This list is not a definitive compilation of the absolute best stocks poised for a breakout. However, it spotlights stocks with a robust combination of strong buy ratings and significant price upside potential.

Advanced Micro Devices (AMD)

Advanced Micro Devices, Inc. (AMD) logo in the building at CNE in Toronto. AMD is an American semiconductor company.

Source: JHVEPhoto / Shutterstock.com

Advanced Micro Devices (NASDAQ:AMD) stock stands to benefit from its strong buy ratings and high price upside potential. The stock is covered by 30 analysts, with 13 rating it as a β€œStrong Buy,” 14 as a β€œBuy,” and 3 as a β€œHold.”

While AMD is indeed worth considering based on its ratings, the conversation on pricing upside is somewhat ambiguous. With a current share price of $211, exceeding the consensus price of $185, questions arise whether AMD is overvalued and in need of a correction.

Although AMD has more than doubled in value since the end of October, signaling a potential cooldown, Wall Street voices anticipate AMD shares could climb as high as $270.

Schlumberger (SLB)

slb stock

Source: Valentin Martynov / Shutterstock.com

Surveying price predictions for Schlumberger (NYSE:SLB) stock reveals its current undervaluation. With share prices at $50, they sit $12 below the low analyst price and $20 below the consensus price. Some analysts even project shares to soar to $81, including a dividend payout of $1.10.

The uncertainty revolving around energy prices in 2024 poses a challenge for Schlumberger, a supplier of energy industry products and services. Geopolitical volatility has cast a shadow over price projections, as opinions on oil market influences remain divided.

In a scenario of stagnant oil prices, Schlumberger faces hurdles in performance. Though the company’s fate hinges on geopolitical volatility, any significant shift could drive prices skyward, keeping Wall Street attentive to SLB.

Alphabet (GOOG, GOOGL)

Closeup logo of Google.com website on an iPhone on wooden table. GOOG stock and Google layoffs

Source: Koshiro K / Shutterstock.com

Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) isn’t currently the clear buy consensus it usually commands. Recent AI hiccups have impacted shareholder confidence.

The overemphasis on artificial intelligence’s significance has clouded the company’s standing, contrasting with Microsoft’s (NASDAQ:MSFT) AI success. Despite AI setbacks like the Gemini AI incident, Alphabet’s strengthening ad revenues and solid operating results bode well for bullish sentiments.

The real game-changer will be the successful monetization of AI, a milestone Alphabet is poised to reach in due course. Relative to other potential breakout stocks, investors can take solace in Alphabet’s attractive pricing and promising projections.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace, focusing on long-term, buy-and-hold stock investments. With experience across various industries like e-commerce, translation, and education, and holding an MBA from George Washington University, his diverse skills enrich his writing.

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The post Hear That? 3 Stocks Wall Street Is Hinting Will Break Out Soon. appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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