In 2024, investors have already witnessed some significant stock price jumps, with companies like Nvidia and Meta Platforms leading the way in the artificial intelligence (AI) space. However, there are also some surprising top performers, such as Chipotle, making waves in the market.
One standout growth stock to keep an eye on is Garmin (NYSE: GRMN). The navigation technology specialist has been outperforming the market this year, with stellar sales results across its product portfolio. Revenue has seen impressive growth, with the fitness wearables segment jumping 40% and the smartwatch division improving by 11%. Overall sales have increased by 20%, showcasing Garmin’s ability to capitalize on strong demand trends.
CEO Cliff Pemble attributes Garmin’s success to its robust product portfolio and market demand. With Wall Street analysts projecting a 12% revenue increase for the year, Garmin could exceed expectations, especially with a strong holiday season performance. The company’s focus on gaining market share and boosting profit margins above 20% of sales bodes well for shareholder returns.
Another growth stock to watch is Amazon (NASDAQ: AMZN), which continues to expand its business despite its already massive sales footprint. The e-commerce giant recently reported a 13% increase in sales, driven by its Amazon Web Services segment. With a strong focus on cloud services and other growth areas like Prime subscriptions and digital advertising, Amazon is poised for further growth in the coming years.
Investors can expect strong returns from both Garmin and Amazon in 2024 and beyond, making them attractive investment opportunities in the current market landscape.