Wells Fargo is laying out its top names to play as the new quarter kicks off.
The second quarter is underway, and Wells Fargo has laid out its top stock ideas to maximize investor returns during the period. Stocks had a strong start to the year, powered by ongoing excitement around artificial intelligence and poster child Nvidia and expectations of Federal Reserve rate cuts later in 2024. The moves drove the S & P 500 to its best first-quarter performance since 2019 and to record highs.
mountain Amazon shares since the start of 2024 Amazon shares have rallied about 19% this year. Wells Fargo's $211 price target implies about 17% upside from Tuesday's close. Insmed offers the most upside of the bank's picks, with the $55 price target implying shares can more than double.
mountain Tesla shares in 2024 Analyst Colin Langan's $125 price target suggest that shares could fall another 29% from Monday's close, with shares already down 30% in 2024. He noted that the firm's 2024 delivery estimates sit 10% below consensus estimates. "Moreover, we are concerned about Model 2 demand & margins post 2025," he wrote. "We remain cautious on valuation vs Mag 7, and see risk to AI strategy.
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