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Wall Street Favorites: 3 Magnificent 7 Stocks With Strong Buy Ratings for June 2024 

The Magnificent 7 stocks, which consist of the largest technology companies by market weighting, are continuing to show strong performance. Even the previously lagging stock of Apple (NASDAQ: AAPL) has seen a rebound in recent weeks. These mega-cap tech stocks have played a significant role in the overall gains of the stock market over the past 18 months.

Despite their dominance in the market, analysts remain optimistic about the future of mega-cap tech companies. The superior business models, strong earnings, and substantial cash reserves of these companies make them attractive investments for capital.

Three Magnificent 7 stocks that stand out for June 2024 are:

1. Nvidia (NVDA): Nvidia has been a standout performer in the market, surpassing Microsoft to become the world’s most valuable publicly traded company after a 10-for-1 stock split. With a 165% gain so far this year and a tripling of its share price over the last 12 months, Wall Street analysts continue to be bullish on Nvidia. The company is seen as a top producer of microchips and semiconductors, making it a prime investment in artificial intelligence (AI).

2. Amazon (AMZN): With all 42 analysts giving Amazon a Buy rating, the stock has a consensus Strong Buy rating. The company’s share price has risen by 48% over the past 12 months, with a 23% increase this year. Analysts commend Amazon for its cost controls, job cuts, growth in cloud computing, and expansion into new areas like streaming, all of which have contributed to strong quarterly financial results and a rise in share price.

3. Meta Platforms (META): META stock has seen a 77% increase over the past year, making it a top performer in the tech sector. Analysts rate Meta Platforms as a Strong Buy, with a median price target that is 5% higher than current levels. The company recently started paying a quarterly dividend, offering a yield of 0.40%. With an attractive valuation and expectations of benefiting from the resurgence in online advertising, Meta Platforms remains a compelling investment.

In DailyBubble’s view, these Magnificent 7 stocks represent solid investment opportunities for June 2024. Their strong performance, innovative business models, and growth prospects make them well-positioned for continued success in the market.

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