Morgan Stanley is Recommending These 5 Stocks for 2024

This article presents an overview of Morgan Stanley is Recommending These 5 Stocks for 2024. For a detailed overview of such stocks, read our article, Morgan Stanley is Recommending These 13 Stocks for 2024.

5. Target Corp. (NYSE:TGT)

Number of Hedge Fund Investors: 58

Morgan Stanley said in its December 2023 report that Target Corp. (NYSE:TGT) had a 39% upside to bull case. In a separate report, Morgan Stanley included Target Corp. (NYSE:TGT) in its list of high quality growth stocks it believes could outperform.

As of the end of the third quarter of 2023, 58 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Target Corp. (NYSE:TGT). The biggest hedge fund stakeholder of Target Corp. (NYSE:TGT) during this period was Ric Dillon’s Diamond Hill Capital which owns a $314 million stake in Target Corp. (NYSE:TGT).

In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Target Corporation (NYSE:TGT):

“Other meaningful moves during the quarter included additions to cyclical growers we consider early cycle consumer plays: Target Corporation (NYSE:TGT), a position initiated in the third quarter, and Estee Lauder. As earnings start to recover, these stocks and semiconductors tend to be among the first to move. We may be a little early and could see some choppiness in stock prices as job growth and consumer spending cool due to the lagged effects of Fed tightening, but we believe we’re closer to the bottom in terms of economic activity and that both companies, as well as Union Pacific, are well-positioned to benefit as consumer sentiment improves and the economy begins to recover.”