If you think you’ve missed the rally in high-flying growth stocks, think again. Even though the market is close to all-time highs, many well-known growth stocks still have plenty of room to run. Owing to the bear market that ran for most of 2022 and into 2023, many growth stocks are still in recovery mode and only now approaching their former highs.

Additionally, many growth stocks are benefiting from sector-specific catalysts, whether it be demand for artificial intelligence products, a rebound in online advertisements, or the continued strength of consumer spending. Growth stocks should also catch a tailwind once the Federal Reserve finally starts to lower interest rates later this year and into 2025.

Here is a look at Wall Street favorites: three growth stocks with strong buy ratings for May 2024.

Broadcom (AVGO)

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The consensus view among 24 Wall Street analysts is that chipmaker Broadcom (NASDAQ:AVGO) is a strong buy. The median price target on the shares is $1,571.55, implying an 18% upside from current levels.

Analysts agree that Broadcom is likely to benefit from continued demand for microchips and semiconductors, particularly the ones that power artificial intelligence models.

Broadcom is next scheduled to report earnings on June 12. Astute investors might want to take a position in AVGO stock before the next financial results are released, given that the company’s most recent print in March was strong.

Broadcom managed to beat Wall Street forecasts on the top and bottom lines. Management emphasized that they continue to see strong demand for their chips in AI data centers.

One of Broadcom’s strengths is its diversification. The company’s chips and semiconductors are used in sectors ranging from networking and broadband to wireless and industrial applications. Moreover, AVGO stock has more doubled in the last 12 months.

Amazon (AMZN)

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E-commerce giant Amazon (NASDAQ:AMZN) rates a strong buy from the 41 professional analysts covering its progress. The median price target on AMZN stock is $220, which is nearly 20% higher than the current share price.

It’s worth noting that the lowest price target of $200 a share is about 8% higher than where the stock is trading right now. Analysts like both the improved growth and cost controls they’re seeing from Amazon.

The company’s financial results from this year’s first quarter were exceptional, driven by accelerating growth in online advertising and cloud computing. Amazon Web Services, the company’s cloud computing unit, recorded $25 billion of revenue and accounted for 62% of total operating profit in the quarter. Advertising sales surged 24% from a year earlier to $11.80 billion.

In a sign that the company’s cost-cutting measures are working, operating income soared more than 200% during the first quarter to $15.30 billion. About the only thing people could criticize about the earnings report is that Amazon didn’t declare its first quarterly dividend payment to shareholders. AMZN stock is up about 65% in the last 12 months.

Eli Lilly & Co. (LLY)

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Shares of pharmaceutical giant Eli Lilly & Co. (NYSE:LLY) have enjoyed a big run, rising about 80% in the last year and gaining more than 550% over the past five years.

Still, analysts see more runway ahead.

The 19 analysts tracking Eli Lilly rate its stock a strong buy with a median price target of $891.59, which is 17% higher than current levels. The lowest price target of $740 is closer to where the shares are trading now.

At the end of April, Eli Lilly delivered solid Q1 financial results and raised its forward guidance as sales of its weight-loss drug takeoff. The Q1 print included the first full quarter of weight-loss drug Zepbound’s sales. The drug, which was approved by regulators last fall, reported $517.4 million in Q1 revenue. Executives said they’re struggling with shortages of Zepbound due to exceptionally strong global demand.

Some analysts have forecast that Zepbound could post more than $1 billion in sales in its first year on the market, and that it might become the biggest selling drug of all time. Analysts also agree that the weight-loss drug will continue to power Eli Lilly’s revenue.

On the date of publication, Joel Baglole held a long position in LLY. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.