There’s a good reason to consider the best stocks to buy in 2024. The future of the U.S. economy remains uncertain, with conflicting predictions about the possibility of a recession. While some experts anticipate a soft landing, others predict a mild recession starting in the second quarter.
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Rising inflation and the Federal Reserve’s interest rate hikes contribute to economic uncertainty, and concerns persist about layoffs and financial challenges for individuals. With this unpredictable outlook, the best stocks to buy in 2024 will be companies with tremendous runways that are heading for trillion-dollar status.
Ionis Pharmaceuticals (IONS)
Ionis Pharmaceuticals (NASDAQ:IONS) is a biotechnology company based in Carlsbad, California, that specializes in discovering and developing RNA-targeted therapeutics. The company has three commercially approved medicines and has four drugs in pivotal studies.
IONS stock is up by around 34% in the past year, putting it in an attractive position for investors.
IONS boasts strong financials. Cash and short-term investments YoY increased 12.73% to $2.24 billion, and total assets are up 21.14% YoY to $2.93B. Additionally, cash from investing has increased by 137.36% to $68.71 million, and net change in cash has gone up to $-72.73 million, showing confidence and stability in the financials of IONS.
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According to Yahoo Finance, the U.S. Food and Drug Administration (FDA) has recently approved the drug WAINUA.
WAINUA is the only approved medicine for the treatment of ATTRv-PN that is able to be self-administered through auto-injection. This is one of the more interesting stocks to buy in 2024.
UnitedHealth Group (UNH)
UnitedHealth Group Incorporated (NYSE:UNH) is a world-leading health insurance and healthcare services company. Yahoo! Finance has 23 analysts predicting a 1-year price range on UNH to be between $480.00 and $675.00, with a mean of $592.09.
UNH boasts healthy financials which include $92.2 billion in revenue in the third quarter. That figure represents a 14% year-over-year growth rate.
UnitedHealth has developed a new coverage plan and made key partnerships this year, giving it a trillion-dollar potential in 2024. UnitedHealth announced plans to reach 96% of medicare customers with its Medicare Advantage plan.
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With a predicted increase of 700,000 members, this coverage plan will expand UnitedHealth’s customer base. UnitedHealth has also partnered with Uber (NYSE:UBER) to make health service accounts. This payment option targets seniors for health-related rideshares and product deliveries on Uber, simplifying payment and increasing UnitedHealth revenue.
Taiwan Semiconductor Manufacturing (TSM)
Taiwan Semiconductor Manufacturing (NYSE:TSM) is a Taiwanese business focused on the creation of semiconductor chips for various tech giants. TSM has seen great growth Year-to-Date with a valuation increase of 40%.
Q3 2023 marked a down quarter for TSM financially, reporting YoY declines in figures. Revenue came in at $17.3 billion in the third quarter which represents a 10.8% year-over-year drop.
Net income and EPS also declined year-over-year which was expected. Overall, the down quarter was attributed to global economic conditions, which are projected to finish at the start of 2024.
The largest catalyst boosting Taiwan Semiconductor’s stock valuation is its net zero renewable energy initiative. Aiming for 2040, TSM aims to run its company solely on renewable energy, along with the increased goal of 60% renewable energy usage by 2030.
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With large tech companies holding goals that parallel TSM, it is no surprise that businesses are beginning to look towards Taiwan Semiconductor for supply and products compared to competitors without similar goals.
Expect TSM’s revenue to receive a massive surge as the result of increased business, launching it to be a trillion-dollar company.
