The surge in artificial intelligence has elevated cybersecurity giants CrowdStrike (CRWD), Palo Alto Networks (PANW), Zscaler (ZS), and Gen Digital (GEN) to the forefront of the stock market. These top-rated stocks, handpicked by our stock screener, are setting the stage for dynamic growth in 2024.
AI-Powered Cybersecurity Dominance: CrowdStrike, Palo Alto Networks, Zscaler, and Gen Digital, fueled by the AI boom, have demonstrated robust performance in the defense, intelligence, and critical infrastructure sectors. Despite PANW, CRWD, ZS, and GEN stocks surpassing their buy zones, they continue to command attention, with both Palo Alto Networks and CrowdStrike testing new all-time highs this week.
Homebuilders and Biotech on the Radar: This watchlist extends beyond the tech realm, featuring prominent homebuilders like Dream Finders Homes, D.R. Horton, Lennar, PulteGroup, and Toll Brothers. Biotech leaders Regeneron Pharmaceuticals and Vertex Pharmaceuticals also make the cut, with Vertex recently clearing a three-week tight entry.
Emerging Players and Trendsetters: GigaCloud Technology, a 2022 IPO, makes an appearance, highlighting the prominence of tech services in the current landscape. Additionally, trendsetting companies like Lululemon Athletica, Burlington Stores, and Ross Stores secure spots on the screen, with LULU and ROST stocks extending beyond their recent buy zones.
Top Stocks Criteria: To make it to this elite list, each company must meet stringent criteria, including a Composite Rating of 95 or higher, EPS Rating of 80 or higher, Relative Strength Rating of 80 or higher, SMR Rating of A or B, and an Accumulation/Distribution Rating of A or B. The stock prices must be $12 or more, with a 50-day daily average volume of 400,000 shares or more.
Key Metrics and Future Outlook: These companies not only boast top ratings but are also outpacing at least 95% of all stocks in critical factors. As the AI and tech leaders dominate the watchlist, investors are keenly observing how these stocks evolve and potentially shape market trends in 2024.
Actionable Insights for Investors: While stock ratings provide valuable insights, investors are reminded to evaluate stock charts to gauge optimal buy, sell, or hold decisions. Utilizing the IBD Stock Screener or MarketSmith for stock screens and IBD Stock Checkup for detailed fundamental and technical analysis can streamline the research process. Understanding market conditions and relying on charts for precise entry and exit points are crucial in navigating the ever-changing stock market environment.
