Looking ahead to this year, analysts believe some of the losers in 2023 could top the list, while shares of other winners who tried last year, such as Nvidia and Warner Bros., could continue to rise. Stocks enjoyed a bull run in 2023, defeating the bearish sentiment that weighed on investors early last year. The S&P 500 rose 24.2% in 2023, nearly hitting a new record high, as a handful of megacap tech names led the market's historic gains. Using the CNBC Pro Stock Screener tool, we looked for S&P 500 stocks that will outperform in 2024 according to analysts' consensus price targets. Many stocks are expected to bounce back after a tough run this year. Below is the full list of winners and why analysts are so bullish on the names. Analysts are optimistic about a rebound in some energy names, including oil and gas giants Halliburton and Marathon Oil. Shares of many energy stocks have tumbled in the past year. As U.S. crude ended 10% lower last year on concerns that the market is oversupplied from historic oil production outside OPEC, the overall sector underperformed in 2023, losing 4.8%. Analysts are bullish on the sector due to expectations that US manufacturing growth will slow this year, helping to push up prices. Morgan Stanley thinks that if U.S. crude oil hits $100 a barrel, the shareholder's exploration and production shares will rise 13%. However, this is still a positive. Halliburton's stock price fell 8.1% last year, while Marathon Oil's shares lost 10.9%. Analysts' consensus price targets on both stocks point to an upside of more than 34% over the next 12 months from Friday's close. UBS downgraded Marathon Oil from buy to neutral on December 14, and Morgan Stanley also cut its rating on the stock from overweight to equal weight. Both companies have lowered their price targets, but still forecast upside. Raymond James, however, kept its strong buy rating on Marathon but lowered its price target in mid-December. Airlines also had a strong year, according to analysts. Above their average price targets, Delta Air Lines and United Airlines Holdings shares are up 31% and 42%, respectively. Delta is TD Cowen's “best idea” for 2024, the company said in its overall aviation outlook on Dec. 21. Shares of the airline closed last year up about 22.4%. “The company is well-positioned in international markets, which should outperform domestic markets. Delta continues to focus on improving its balance sheet,” analyst Helen Becker wrote in a note. Becker said Delta's SkyMiles program has more runway as the American Express card continues to gain acceptance in international markets. Another headwind, the analyst said, is that Delta pays wages in line with the industry average and has only one union for its pilots, giving the airline an advantage over heavily unionized peers. Nvidia, the S&P 500's winningest stock in 2023, is expected to have more runway, gaining nearly 239%. Analysts have a consensus price target on the chipmaker of $641.23, implying an upside of more than 28% over the next year. Most analysts are bullish on the stock, including Bernstein senior analyst Stacy Rasken, who told CNBC on Wednesday that Nvidia is cheaper now than it has been in a decade, given its skyrocketing earnings estimates. Some, however, think AI-fueled stocks are due for a pullback. Insurer Arch Capital, a little-known winner last year, could see further gains. Analysts have a consensus price target of $95.20 on the stock, suggesting the stock could gain roughly 28% this year, adding to its 18.3% gains in 2023. Evercore ISI initiated coverage on Arch Capital on December 14 with an in-line rating and $88. Price target. Other projected winners for 2024 include media company Warner Bros. Discovery, pharmaceutical company Viatris and vaccine maker Moderna.
