S&P 500’s biggest 2023 winners and where analysts see them going next year

Published Thu, Dec 28 202311:44 AM ESTUpdated Thu, Dec 28 202312:55 PM EST

The S & P 500 's biggest winners this year — which includes names such as Tesla , Intel and Advanced Micro Devices — may not keep the lead in 2024, according to analysts. There are a couple of notable exceptions, however. The S & P 500 has rallied more than 24% this year, and 11% this quarter alone, as investors embrace the Federal Reserve's indication that central bankers will start cutting rates in 2024. The broader index is on pace to notch its ninth week in a row with gains, which would be a first since 2017. As the S & P 500 gets its Santa Claus rally bump, it's also nearing an all-time high closing level. Using the CNBC Pro Stock Screener Tool , we looked for S & P 500 stocks with the best performance in 2023 and then how analysts view they will do in 2024 according to consensus price targets. Below is the full list of winners and what analysts have to say about them. Analysts see further momentum for Nvidia and Amazon , two names that have already boasted significant returns this year as excitement bubbled around artificial intelligence. Nvidia boasts the largest return from the winners pack, outperforming the rest of the names in the S & P 500 by gaining more than 230% this year. Analysts have a consensus price target of $641.23, indicating nearly 30% upside over the next year. Although the stock has had a monster bull run, Bernstein senior analyst Stacy Rasgon told CNBC on Wednesday that Nvidia is the "cheapest" now than it has been in a decade, given its soaring earnings estimates. The U.S. chipmaking giant brought in $17.5 billion in net income through the first three quarters of this year, which was more than sixfold from a year earlier. Some analysts think the stock is due for a pullback, however, with a recent technical analysis from UBS Investment Bank Advisory Sales indicating a "negative surprise" in store for Nvidia in the first half of next year. Amazon, similarly buoyed by this year's AI craze and a bounce back in tech stocks, has seen its shares jump more than 80% in 2023. With a consensus price target of $177.14, analysts project roughly 15% upside over the next year. Analysts remain enthused by Amazon's growth potential in several key markets, including generative AI, cloud computing and e-commerce. Raymond James analyst Josh Beck recently selected Amazon as the firm's top pick, saying in a December note that the e-commerce giant is no longer a "GenAI laggard" after its most recent re:Invent conference highlighted major AI-related advancements in the company's products, such as Amazon Web Services' Neuron platform and cloud-based machine learning platform Amazon SageMaker. Beyond these tech players, investors are optimistic about manufacturing solutions provider Jabil , gaining more than 87.5% in 2023. According to analysts' consensus target on the stock, shares could pop more than 17% next year. In mid-December, the company posted a beat on earnings and revenue expectations for the first quarter. Among the list of winners, Tesla is projected to have the steepest losses next year. Analysts forecast shares could decline more than 13% in 2024. The electric vehicle maker has popped about 110% this year, even as competitors have seen modest share price growth amid concerns over high pricing and public charging infrastructure . Investors are growing concerned that appetite for EVs may be slowing into the new year. Recently, Ford and GM have been pivoting away from their one-time big EV growth plans. Another stock that seems to have rallied too much according to Wall Street this year is chipmaker Intel. The stock is up more than 91% in 2023, but analysts think shares could fall more than 22% given their average price target of $39.33. Other S & P 500 winners include cloud networking solutions provider Arista Networks , Facebook parent Meta Platforms and analytics company Fair Isaac .