Morgan Stanley added some of the biggest tech names on Wall Street to its list of top stock picks to hold for the next year. The firms "Vintage Values" list combines stock picking fundamentals with quantitative analysis, according to analyst Michelle Weaver. In the last year alone, the list returned 19.49%, beating the S & P 500 by 9.41 percentage points.
mountain Microsoft year to date Chipmaker Nvidia also made the list. The stock is the best performer in the S & P 500 this year, soaring more than 217%. Enthusiasm around artificial intelligence and expectations for high demand for Nvidia's semiconductors have driven the stock higher in that time. Morgan Stanley rates Nvidia as overweight with a $630 per share price target, which equates to roughly 36% upside from Thursday's close.
mountain Nvidia in 2023 The bank also added Google-parent company Alphabet to the latest edition of the list. Morgan Stanley rates the stock as overweight with a $155 per share price target. That outlook points to a gain of approximately 15%. Weaver said Alphabet will continue to expand its integration of AI platform functions into its Google search and YouTube segments, while "other offerings [will] improve confidence in the durability of long term growth.