Stocks as a whole have rallied off the October low — but some have seen more outsized gains than others. The S & P 500 recently climbed nearly 20% to fresh all-time highs from its low point on Oct. 27, 2023. It marks the start of a new bull run , which typically brings a return of more than 150% and lasts more than 1,700 days (4.5 years). While the major market averages have soared to new heights, some investors have been wary of the exact drivers of those gains. In particular, they’ve been watchful of some of the handful of mega-cap technology companies called the ” Magnificent 7 ,” which have been credited with helping the market continuously grind higher despite signs of weakness elsewhere. In this environment, CNBC Pro analyzed which stocks have performed the best since the late October bottom. Below is a chart of the top 10 gainers, along with how many Wall Street analysts hold buy ratings and where they expect shares to go from here: While Nvidia would seem the leading example of stocks driving up the market given its 238% gain in 2023, another chipmaker has rallied more since the latest rally began: Advanced Micro Devices . Shares have surged nearly 77% since Oct. 27. AMD took a leg down on Wednesday after the company offered lighter guidance for current-quarter revenue than analysts had estimated. But multiple analysts reiterated bullish ratings on the stock following the earnings report, with some arguing that the drop has created a good entry point. “We reiterate our Buy rating on AMD and would view a near-term correction in the stock as an opportunity to add exposure,” said Goldman Sachs’ Toshiya Hari. Still, other analysts see a pullback ahead. Fewer than three out of every five polled by FactSet have a buy rating, and the average price target implies AMD could slip almost 4% in the year ahead. To be sure, Nvidia was still on the biggest winners list — albeit ranked number seven. The artificial intelligence darling and dominant maker of artificial intelligence processors member has added more than 54% since late October. More than three out of every four analysts on Wall Street surveyed by FactSet have a buy rating onJensen Huang’s Nvidia. They see more upside ahead, with the average price target implying shares can gain another 7.6%. That comes after the stock has already advanced 24% in the new year. NVDA AMD mountain 2023-01-01 Nvidia and AMD since the start of 2023 Cantor Fitzgerald came late to the party, with analyst C.J. Muse initiating coverage on the semiconductor sector last week. Muse named Nvidia one of his top picks to play the space. “NVDA is ‘the AI Platform,’ offering both hardware and end-to-end software stack capabilities to support this once-in-a-generation investment cycle,” he wrote to clients. “Add in the fact that NVDA is moving to an annual technology cadence as well as a historical willingness to do anything to stay competitive/remain the leader, and we expect NVDA’s leading competitive position to continue.” Outside of tech, Bath & Body Works also made the list by gaining more than 53% since October. In all of 2023, the retailer only rose 2%. BBWI 1Y mountain Bath & Body Works over the last year Analysts anticipate a rangebound period ahead for the stock. Less than half the analysts covering the company hold buy ratings on the stock, with the average price target predicting the shares will barely budge over the next year, according to FactSet.
These are the best-performing stocks since the market low in October
