The Nasdaq Composite has been on fire so far in 2023. The tech-heavy index has soared nearly 29% this year and is currently on track for its best first half since 1983. That year, the Nasdaq rallied 37.1 % in the first half and finished 1983 almost 20%. Excitement around artificial intelligence propelled the benchmark index after a difficult 2022. Shares of Apple, parent Google, Alphabet, Meta Platforms and Nvidia soared in 2023. Other gainers include Ambrx Biopharma and Cipher Mining, with gains of more than 600% and 412%, respectively. . Against this backdrop, CNBC Pro evaluated the Nasdaq Composite to find which stocks can help the index maintain its momentum, based on the following criteria: Analysts’ average price targets imply at least a 30% lead. At least 65% of analysts maintain Buy ratings. Market capitalization of $5 billion or more. At least five analysts cover the stock. Texas-based oil and natural gas firm Diamondback Energy is on the list. The stock is down 6% this year. However, 76.7% of the 27 surveyed analysts who cover it rate the stock a Buy. His average price target implies an upside of around 34% compared to current levels. Shares of FANG YTD mountain Diamondback Energy have fallen more than 6% since January. Latin American online marketplace MercadoLibre also made the cut. The stock has gained more than 38% so far this year. Nearly 73% of analysts covering MercadoLibre rate the stock a Buy, and their average price target implies an upside of around 38% from current levels, FactSet data shows. MELI YTD’s mountain stocks have soared more than 38% year-to-date. Mobileye Global, a company that helps develop self-driving technology, software and cameras, is also expected to boost the Nasdaq in the future. Three-quarters of analysts covering the stock rate is a Buy, and the average price target indicates 30% upside potential over the next 12 months. Earlier this month, Canaccord Genuity kicked off the stock with a buy rating, noting, “We believe autonomous vehicles (AVs) are set to increase resource utilization, improve productivity, save lives and much more.” MBLY YTD mountain Mobileye stock has added about 4% since January. Sarepta Therapeutics also made the cut. While shares have fallen more than 17% this year, the company recently received US Food and Drug Administration approval for a gene therapy for Duchenne muscular dystrophy in boys ages 4 to 5. is a Buy, while analysts’ average price target implies an upside of nearly 64%. Sarepta shares of the SRPT YTD mountain are down more than 17% so far in 2023.
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