With the Nasdaq at record highs, these are the benchmark's most beloved stocks that are expected to rally

Published Fri, Mar 1 20242:24 PM ESTUpdated Fri, Mar 1 20242:51 PM EST

Even as the Nasdaq Composite is surging to new highs, investors can still find stocks within the index that have room to run. The tech-heavy Nasdaq rose more than 1% to reach an all-time high on Friday. Just a day earlier, it closed at a record high — a first since November 2021. The index, which has climbed as megacap tech stocks and semiconductors rally amid the hype over artificial intelligence, was the last of the three major averages to reach a record close this year. We used the CNBC Pro Stock Screener tool to search for the top 100 nonfinancial companies in the Nasdaq and found names such as AstraZeneca and Warner Bros. Discovery that could make a comeback, according to analysts. These stocks have a consensus buy rating from analysts and have an upside of 20% or more from their average price targets. Take a look at the list of names below that met these criteria: Biotechnology companies AstraZeneca and Biogen , which are down 4% and 14% year to date, respectively, made the cut. Analysts have a consensus buy rating on both stocks, and think AstraZeneca could rally more than 26%, while Biogen could jump roughly 40%. Deutsche Bank downgraded AstraZeneca in early February to sell from hold, citing "underwhelming" and "soft" fourth-quarter earnings, when the biopharma missed earnings expectations. AstraZeneca had said it expects revenue and core earnings per share to grow by double-digit percentages in 2024, however. Analysts think Biogen also has further momentum. The company missed the Street's expectations in its fourth quarter, however, which led Wells Fargo to downgrade the stock to equal weight from overweight. The firm noted "too many uncertainties" moving forward that would limit the stock's growth. Moderna , another health-care name that made the list, was downgraded by HSBC on Monday to reduce from hold on hesitancies about the company's Covid vaccines and personalized cancer vaccine program. Twelve out of 25 analysts covering the stock rate it a buy or strong buy, according to LSEG, formerly Refinitiv, and consensus price targets suggest 35% upside from here. Outside of the health-care universe, analysts are still bullish on energy company Baker Hughes and beaten-down media conglomerate Warner Bros. Discovery, expecting the stocks could rally more than 36% and 53%, respectively. Bank of America last month reiterated its buy rating on Baker Hughes. The firm slightly lowered its price target on the stock by $1.50 to $37.50. Twenty-two of the 27 analysts polled by LSEG rate the stock a buy or strong buy, and the average price target suggests 35% upside from here. "We see the company as a key beneficiary of the increased focus on LNG (equipment & services) and new energy / CCS while continuing to generate strong FCF and returning 60-80% of it to shareholders," Bank of America analyst Saurabh Pant wrote in the note.