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Multibagger Stocks For 2024: Best 4 Stocks You Should Know About

Multibagger stocks

In the realm of investment, while the stability of blue-chip stocks makes them a staple in the portfolios of many investors, there exists a thrilling opportunity for those seeking to amplify their returns significantly: the discovery of gems lying under the surface of the market i.e. multibagger stocks. These elusive investments hold the promise of skyrocketing in value, offering the potential to deliver massive returns over a relatively short period.

If the idea of uncovering such valuables gives you thrills and you are ready to handle the risks that come with high reward opportunities, this is the right place. In this blog, we are going to discuss four multibagger stocks for 2024 which integrate tremendous potential for massive growth in the years ahead.

Top 4 multibagger stocks for 2024

1. Dynatrace (DT)

Dynatrace is emerging as a multibagger stock to watch in 2024, presenting an intriguing opportunity for investors looking to capitalize on the burgeoning fields of artificial intelligence and automation.

This company stands out from the rest of the software platforms for its unique operational coverage having a footprint across North America, Europe, the Middle East, Africa, Asia-Pacific, and also Latin America. The firm is also a well-known provider of a range of high-end services, namely application and microservices monitoring, runtime security of applications, infrastructure monitoring, digital business analytics, and cloud automation among others.

A majority of the top analysts who have recently assessed the stock have given it a Buy rating. In aggregate, the team’s average 12-month price targets signal a very promising upside potential of nearly 22% for this year. This unwavering analyst opinion, coupled with Dynatrace’s critical position in the significant technological fields, firmly points to its potential for becoming a multibagger stock for 2024, bringing significant returns for the long-term investors.

2. Li Auto (LI)

Li Auto Inc. is poised to be a standout investment for 2024, representing a significant undervalued opportunity in the growth stock arena. This company, formerly known as Leading Ideal Inc., has become a major player in the new energy vehicle industry, specializing in the development and selling of electric vehicles (EVs).

Having strong financials with a cash reserve of $12.13 billion, in addition to free cash flow of $1.8 billion in Q3 2023, Li Auto is in a great position for future growth. These strong fundamentals imply that free cash flow could be in excess of $10 billion in the next 12 to 24 months.

Moreover, the target of 800,000 deliveries of vehicles in 2024, a 153% increase from vehicles delivered in 2023, shows Li Auto’s tremendous scale of growth. This goal is backed by the upcoming debut of Li MEGA, which is projected to significantly boost the number of deliveries.

As the Chinese market continues to recover, Li Auto Inc. provides a compelling investment choice, combining a solid foundation with a rapid development strategy. 

3. EVgo (EVGO)

EVgo is also one of the leading multibagger stocks for 2024 within the electric vehicle (EV) industry. The company, known for its widespread EV charging network, is pioneering solutions to the significant requirements for wider EV utilization. This crucial requirement is none other than the convenient and reliable charging infrastructure that can handle the huge number of electric vehicles on the roads.

Moreover, EVgo’s 10x return projection over the next 12 to 24 months highlights the fast-growing environment that the EV charging sector is in. Nevertheless, it is not only the speculative growth that distinguishes EVgo, but the firm has also introduced some concrete, fundamental improvements which indicate a steady growth path.

One of the most convincing factors that prove EVgo’s ability is its financial result for the third quarter of 2022. The company’s revenue is reported at $35.1 million and represents a massive increment of 234% as compared to the previous year. Furthermore, the company has successfully reduced its losses from $50 million to $28 million which is another strong indicator of better operational performance and cost reduction.

Aside from financial metrics, the rising number of EVgo’s customers is also a huge indicator of its promising  future. In Q3, the number of accounts grew by 106,000 to 785,000, reflecting the fact that EVgo is a brand that is appreciated by most EV drivers. This extension cannot be underestimated as it signifies not only the company’s ability to attract new users but also the contribution the EV system makes towards increasing the accessibility and user-friendliness of EVs.

4. Salesforce Inc. (CRM)

Salesforce Inc., a peerless player in the field of cloud-based customer relationship management (CRM) software, has become a notable option for investors who are looking for multibagger stocks for 2024. 

As the world’s largest CRM solution provider, Salesforce has solidified its position by offering a suite of many services including sales, customer service, marketing automation, e-commerce, analytics, and also application development. This multifaceted product line-up not only covers the whole gamut of business requirements but also provides a springboard for future organic growth as well as market expansion.

The strategic growth path of the company has been additionally strengthened by a set of acquisitions including the purchase of Slack in 2020 that has widened its ecosystem enhancing workplace communication and collaboration. This strong expansion strategy, which has produced great financial results, has given Salesforce an 11% revenue increase and a mind-blowing 483% net income growth in the third quarter. This data is a testament to the robust financial health of the company and its ability to create shareholder value.

Additionally, market analysts have been very closely monitoring the financial performance and also growth prospects of Salesforce. The company’s attractive valuation, besides its growing market share and capability to increase profitability, places it in a good position among other tech giants. 

CFRA’s “strong buy” rating and a $300 price target for CRM stock, reflect a positive outlook for the company’s future.

In conclusion, Salesforce’s strategic acquisitions, in addition to the organic growth and the growing demand for cloud-based solutions, make it a top pick for investors exploring multibagger stocks for 2024.

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