Wall Street's big-cap Nasdaq picks
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Hey Insiders, So far in 2022, the Nasdaq has performed the worst of the three major U.S. indexes. The index primarily comprises technology stocks and is heavily impacted by big-cap stocks. Early next week, we will take a deep dive into the technology industry and look at some specific stocks worth keeping an eye on in 2023 as rebound candidates. Still, today, I wanted to look at seven big-cap Nasdaq stocks that Wall Street analysts are recommending to their clients. Specifically, we will look at stocks with (i) a market capitalization of $5B or more that (ii) have been rated by 30 or more analysts, with (iii) their average predictions estimating that the stock will return over 30% in 2023. Upward and onward,
Liam |
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 Stock To Watch: Tesla (TSLA) - Tesla is an automotive stock (often now reclassified as a Consumer Cyclicals stock) with a market cap of ~$396B.
- The company is followed by 38 analysts, with 48.8% recommending that their clients buy the stock.
- The average upside given by these analysts in 2023 is a 115.2% return on investment.
- In a private investor note, Canaccord Genuity said that although the sentiment around Tesla is "cosmically bad" and that the shareholder base is "distraught," Tesla has faced similar bearish sentiments in the past and always has surprised investors.
- Recently Tesla shares fell nearly 10% in one trading session after the company offered $7,500 discounts and free supercharging to consumers who would purchase Model 3 and Model Y cars before the end of 2023, showing a significant decline in consumer demand from last year when wait times for a new Tesla were as high as a year in part of the US and Canada.
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 Stock To Watch: Alphabet (GOOGL) - Alphabet is a technology stock with a ~$1.14B market cap.
- The stock is covered by 45 analysts, with 76% recommending their clients purchase it.
- Those analysts' average upside in 2023 is a 41.7% return on investment.
- YouTube recently closed a seven-year deal worth ~$2B a year for NFL's Sunday Ticket, which will attract a new audience at a time when advertising revenues are falling for the firm. It will also open up new content creation opportunities for influencers on YouTube.
- NFL Sunday Ticket should also increase YouTube TV subscriptions. The service has more than 5 million subscribers paying a minimum of $64.99/month.
- So far this year, Alphabet stock is down nearly 40%.
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 Stock To Watch: Amazon (AMZN) - Amazon is a technology stock (recently being reclassified as a consumer non-cyclical stock) with a market cap of ~$854.8B.
- The company is followed by 47 analysts and has a buy rating from 75.9% of them.
- The average upside to those analysts' target prices is 60.7%.
- Amazon shares are down nearly 50% this year with slowing growth and rising inflation.
- Analysts are becoming concerned with Amazon's decision to continue operating with minimal to no profit despite having already attained economies of scale with $510B in annual revenue. This is a strategy employed by growing firms, but Amazon has failed to start capturing value from its significant market position effectively.
- Amazon also announced a restructuring, including laying off thousands of employees in November.
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 Stock To Watch: Apple (AAPL) - Apple is a technology stock with a market cap of ~$2.1B.
- The stock is followed by 41 analysts, with 59.5% recommending that it be purchased.
- Those analysts predict an average 31.2% return on investment in 2023.
- Apple's stock could benefit from an increase in iPhone sales in 2023 after failing to see its regular surge in December due to supply chain issues limiting sales.
- Apple is also expected to launch an AR/VR headset in 2023.
- Apple also has more than $110B in share buybacks and dividends planned, meaning significant capital could be returned to investors throughout 2023.
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 Stock To Watch: Micron Technology (MU) - Micron is a technology stock with a ~$53.7B market cap.
- The stock is followed by 30 analysts and has a buy rating from 59% of them.
- The average upside predicted by those analysts is 31%.
- The stock is down over 45% so far in 2022.
- The company announced that it will shrink its workforce by 10% in 2023 to reduce costs.
- Micron recently reported its Q4 earnings estimates, which were worse than expected, with a $0.04 loss per share instead of a $0.01 loss per share and revenues ~$20 million below expectations.
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 Stock To Watch: Zoom Video (ZM) - Zoom is a technology stock with a market cap of ~$19.3B.
- The company is followed by 34 analysts, with 21.6% recommending their clients purchase the stock.
- The average upside given by those analysts for 2023 is 31.2%.
- Zoom is down 64.2% so far this year and has recently announced that it expects its 2022 revenues to be lower than previously expected.
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 Stock To Watch: Advanced Micro Devices (AMD) - AMD is a technology company with a market cap of ~$103B.
- The stock is followed by 38 analysts, with 66.7% recommending their clients purchase the stock.
- The average upside given by those analysts is 37.6%.
- This year AMD surpassed Intel in market capitalization for the first time.
- This year, the stock is down 55.6% due to supply chain challenges.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law in Vancouver, Canada.
|   | | Editor | Brian Warmoth oversees research and editorial strategy at Inside.com. He previously held editorial and director roles at American City Business Journals' Inno websites and Industry Dive. | |
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