Invest in These 3 Growth Stocks for Massive Upside Potential in 2024

It appears the Federal Reserve is clearly done raising interest rates, and large investors are becoming more bullish. So, with the economic outlook strong, investing in growth stocks now is smart.

On Jan. 10, New York Fed Governor John Williams said that rates “are tight enough” to meet the Fed’s inflation goals. Some believe that statement officially ends the possibility of the Central Bank raising rates again. Meanwhile, the S&P 500 is close to its record high of 4,796.56. This shows that investors are becoming much more comfortable with the macro environment and stocks.

Finally, the Fed estimates the economy grew at a 2.2% annualized seasonally adjusted rate above inflation last quarter. Therefore, this suggests economic growth remaining robust.

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

ServiceNow (NOW)

ServiceNow office building in Silicon Valley;

Source: Sundry Photography / Shutterstock.com

The Street is clearly becoming more bullish on IT automation company ServiceNow (NASDAQ:NOW). It is trading near its all-time record high of $720.68.

And importantly, NOW is focusing on helping hundreds of its clients implement its artificial intelligence-powered solution, Vancouver. Also, the firm is greatly improving other solutions by adding AI to them, efforts that boost financial results.

Bank of America named ServiceNow as one of its top software picks alongside Salesforce (NYSE:CRM) and Microsoft (NASDAQ:MSFT). It expects NOW’s growth to accelerate as a result of its AI initiatives and reduced competition in its key markets.

Also bullish on the company’s shares is Australian bank Macquarie. It has recently called NOW one of the best AI stocks to buy. It believes that AI can make the company’s core offerings more efficient and the demand for Vancouver is strong.

Quanta Services (PWR)

Environmental technology concept. Picture of mountains with icons of infrastructure on top of it. Infrastructure stocks.

Source: metamorworks / Shutterstock

Quanta (NYSE:PWR) builds infrastructure for electrical power stations, renewable energy facilities, underground utilities, and natural gas transmission.

PWR will deliver wind power generated by the largest clean energy infrastructure project in U.S. history, SunZia. As the SunZia project progresses this year, investors will likely become excited revenue that Quanta will obtain from the initiative. And, the project is moving forward. General Electric (NASDAQ:GE) was chosen to provide 2.4 gigawatts of wind turbines for the initiative.

Additionally, Goldman Sachs included Quanta on its list of growth at a reasonable price stocks. And Bank of America incorporated the name on a list of companies with momentum in earnings, price, and news.

The shares have an attractive forward P/E ratio of 23.8 times.

Intel (INTC)

Close up of Intel (INTC) sign at entrance of The Intel Museum in Silicon Valley. Intel is an American multinational corporation and technology company.

Source: JHVEPhoto / Shutterstock.com

A recent note from investment advisor Argus Research suggests that Intel (NASDAQ:INTC) is becoming a major AI chip player. Specifically, the bank indicated the firm should benefit from significant demand for its upcoming AI chips.

Also, the chip maker’s top and bottom lines increased last quarter versus the same period a year earlier. It raised its price target on the shares to $60 from $42 while keeping a buy rating on the name.

Further, Wells Fargo’s forecast for revenue generated by server chips to surge 33% this year is another positive for INTC.

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

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.

More From InvestorPlace

• ChatGPT IPO Could Shock the World, Make This Move Before the Announcement

• Musk’s “Project Omega” May Be Set to Mint New Millionaires. Here’s How to Get In.

• The Rich Use This Income Secret (NOT Dividends) Far More Than Regular Investors

The post Invest in These 3 Growth Stocks for Massive Upside Potential in 2024 appeared first on InvestorPlace.