10 Hot New Stocks to Buy Now

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1. GE Vernova Inc. (NYSE:GEV)

6-Months Performance: 101.19%

Analyst Upside Potential: 16.67%

Number of Hedge Fund Holders: 111

GE Vernova Inc. (NYSE:GEV) is a global energy company focused on creating a sustainable electric power system. It works to electrify and decarbonize the world through its Power, Wind, and Electrification segments.

On January 29, Maheep Mandloi analyst at Mizuho Securities reiterated his bullish sentiment on the stock with a Buy rating. The firm sees strong potential for growth and market position for the company. This is mainly because of the pricing power it has in the gas business. In addition, the analyst also likes the power and electrification segments of the company which have remained strong with expectations of continued improvement in free cash flow conversion.

During the fiscal fourth quarter of 2024, GE Vernova Inc. (NYSE:GEV) received record orders of $13.2 billion up 22% organically. The growth was led by a robust performance by the Power and Electrification segment. It is the top hot new stock to buy now.

Fidelity Dividend Growth Fund stated the following regarding GE Vernova Inc. (NYSE:GEV) in its Q3 2024 investor letter:

“Among individual holdings, the top relative contributor was an overweight stake in GE Vernova Inc. (NYSE:GEV). The company’s shares gained about 49% the past three months, as the power-generation business that split from General Electric on April 2 continued to fare well as a stand-alone entity. On July 24, the company reported quarterly earnings that were better than expected, boosted by its natural gas power-turbine business, and released an optimistic financial forecast for the rest of 2024.”

While we acknowledge the potential of GE Vernova Inc. (NYSE:GEV) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GEV but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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