The Ultimate Growth Stock to Buy Right Now

September 11, 2024

Coinbase Global (NASDAQ: COIN) is a strong investment option for those seeking broad exposure to the cryptocurrency market. As a diverse platform, Coinbase is not reliant on any single cryptocurrency, making it a safer bet amid market volatility. The company has reduced its dependence on transaction fees by expanding into services like staking and custodial fees, improving resilience. Moreover, its venture-capital arm invests in high-potential crypto projects, similar to how Google invested in early tech ventures. With this strategic innovation and diversification, Coinbase is well-positioned for long-term growth in the evolving crypto space.

Morgan Stanley named Anheuser-Busch (BUD) a top investment pick, raising its price target to $73, highlighting its valuation upside despite short-term uncertainties. Most analysts are optimistic, with six of eight recommending a "buy" or better. BUD's 12-month price target of $71.89 suggests an 11.9% premium over current levels. Options traders are also bullish, with a 50-day call/put ratio of 3.52, showing strong positive sentiment. While BUD has gained 10.3% quarter-to-date, it is down 0.7% year-to-date, but aiming to surpass its recent high of $67.49.

DaVita (DVA) is a promising investment, trading in a buy zone with strong earnings growth and sales. In Q2, it reported a 25% earnings increase and slight sales beat, driven by higher revenue per treatment. DaVita expects further growth through improved treatment rates and declining mortality. The company raised its revenue outlook and operating income guidance, reflecting confidence in its future performance. Despite some challenges like patient mortality, DaVita's strong EPS and Composite ratings make it an attractive stock, outperforming 90% of others in 12-month performance and ranking in the top 8% for technical and fundamental strength.

Broadcom's stock fell 10% after a disappointing outlook, but analysts see this as a potential buying opportunity due to the company’s strong AI growth prospects. Bank of America and Jefferies emphasized Broadcom's position as a “top compute pick,” driven by rising demand for AI and expected reacceleration in revenue. Analysts view the company as undergoing a positive transformation, with growth shifting to higher-value AI and VMware segments. All analysts tracked by Visible Alpha maintain a "buy" rating, with a consensus price target indicating about 40% upside potential from current levels, making it an attractive investment option.

HSBC is bullish on AMD as an investment, citing its potential to close the AI GPU gap with Nvidia by fiscal year 2025. The bank projects AI-driven revenue of $12.3 billion in 2025, far exceeding market estimates, and believes AMD's new MI325X GPU could compete strongly with Nvidia's offerings. Nvidia’s roadmap delays and AMD’s acquisition of ZT Systems may further enhance AMD’s competitive position. HSBC maintains a "Buy" rating with a target price of $200, suggesting a 43% upside, making AMD an attractive investment for those seeking AI growth opportunities.

1 Growth Stock to Buy and Hold for Long-Term Upside

Live Nation Entertainment (LYV) presents a potential long-term investment opportunity despite mixed recent performance. Valued at $21.77 billion, the company has underperformed in 2024, but analysts are optimistic about future growth. Its Q2 earnings beat expectations with $1.03 per share, though revenue slightly missed targets. Ticketmaster's performance was weaker than anticipated. Analysts foresee significant upside in the coming years, with a consensus "Strong Buy" rating and a price target suggesting a 27.4% increase. Bank of America projects double-digit growth, viewing LYV as well-positioned for sustained expansion, even with potential regulatory risks for Ticketmaster.

Nvidia's stock rebounded after a decline caused by concerns over regulatory issues and slowing growth. Despite these challenges, Bank of America analysts maintained their bullish outlook, calling Nvidia their "top sector pick." They see the current headwinds as a potential buying opportunity, citing the company's long-term growth potential driven by AI technology. Near-term catalysts, such as improvements in supply chain data and upcoming product shipments, could support recovery. Nvidia's stock has already more than doubled in value this year, underscoring its strong position despite recent setbacks.

Thanks for reading,

The Nexus Forecast Team