5 Winning Stocks of 2023 That Could Soar Further In 2024
With Wall Street closing the curtains on a remarkable year, the five stocks discussed in this article have experienced a strong surge in their value as investors turned bullish on their prospects.
These stocks' substantial rise in 2023 was propelled by specific catalysts, and a closer look reveals compelling reasons why these stocks are poised for further gains in 2024.
Looking ahead, the drivers that fueled their rise remain strong, setting the stage for continued growth in 2024.
2023 Surge: Uber (NYSE:UBER)'s ascent in 2023 was fueled by multiple factors. The mobility-as-a-service company’s diversification beyond ride-hailing services into food delivery and freight logistics contributed significantly to revenue growth.
Moreover, the gradual recovery from pandemic-induced restrictions boosted demand for its transportation and food delivery services.
UBER stock — which began trading at $25.37 on January 3 and rose all the way to a 2023 peak of $63.53 on December 15 — has gained 155.3% in 2023.
Source: InvestingPro
2024 Potential: Uber's expansion into new markets and continued innovation in services, including its focus on electric vehicles and autonomous driving technology, positions it favorably for growth.
Additionally, the ride-hailing and delivery specialist’s relentless focus on achieving profitability through cost-cutting measures and strategic acquisitions sets the stage for another strong performance in 2024.
It is worth mentioning that Uber currently has an above-average InvestingPro ‘Financial Health’ score due to strong earnings and sales growth prospects.
2023 Surge: Blackstone (NYSE:BX)'s stellar performance in 2023 was underpinned by the strength of its alternative asset management business amid a robust
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