Wall Street loves these Nasdaq stocks that could lead the beaten-down index higher going forward

Published Mon, Nov 21 20222:51 PM ESTUpdated Mon, Nov 21 20223:04 PM EST

It's been a difficult year for technology stocks since the Nasdaq Composite traded at record levels. The tech-heavy index is down more than 30% since hitting a record closing high of 16,057.44 on Nov. 19, 2021. Back then, investors willingly paid a sharp premium for growth-oriented technology stocks trading at steep valuations and expected to continue climbing in a low-interest rate environment. But those names have sold off heavily in recent months, taking a hit as fears of an economic slowdown mount and the Federal Reserve hikes rates to curb elevated inflation. Even in this market shake-up, however, there's value to be found for investors who look carefully. Given this outlook, CNBC Pro screened the Nasdaq 100 — which is made up of the largest 100 names in the Composite — for names that could lead the Nasdaq higher in the months ahead. Despite slumping this year, these stocks are loved by analysts, with at least 60% saying to buy them. They also offer a minimum upside of at least 30% from Friday's close. Here are the names that made the list: Marvell Technology and CrowdStrike were among the most loved names by analysts, with more than 84% saying the stocks are a buy. Shares of both companies are down about 50% and 32% this year, respectively, but positioned to rally roughly 60% and 68% in the months ahead. Wells Fargo upgraded Marvell to overweight in October, saying the semiconductor stock is "heavily insulated" to weather an environment with a weakening consumer. "When the global economy does find more sure footing, we believe MRVL's fundamentals and share price can outperform peers' in the broader chip sector," analyst Gary Mobley wrote. Along with CrowdStrike, software stocks Datadog and Zscaler also made the cut, with shares down 57% each from Friday's close. Atlassian also met the criteria and could offer the greatest upside — 69% — from here. Shares of the software stock have plummeted more than 43% this month on the back of a disappointing quarterly earnings report and a weak outlook for the current fiscal period. At least 78% of analysts also view Amazon as buy despite shares falling nearly 44% as it faces ongoing macro challenges and consumers returning to in-person shopping. The e-commerce stock tumbled in October after reporting disappointing results and weak guidance for the fourth quarter, but shares could rally roughly 45% based on the consensus price target and Friday's closing price. Match Group , Intuit and MercadoLibre rounded out the list of stocks positioned to potentially lead the Nasdaq higher. — CNBC's Michael Bloom contributed reporting.