Party like it’s 1999: That’s what many stocks in the Nasdaq-100 did in 2023. The index delivered its biggest gains since the end of the 20th century, skyrocketing nearly 54%.

The sizzling momentum could fade for some Nasdaq stocks. Others, though, could keep the good times rolling, and some laggards could rebound, based on analysts’ projections. Here are three Nasdaq-100 stocks Wall Street thinks will soar another 29% or more in 2024.

1. Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) started 2023 with a bang, with its shares jumping as much as 68% by late February. Although the stock subsequently gave up much of those early gains, it still ended the year up 20%.

Several analysts look for Warner Bros. Discovery to bounce back in 2024. The average 12-month price target is 36% above the company’s current share price.

The big story for Warner Bros. Discovery right now is its discussions about a potential merger with Paramount Global. A combination of the two companies would create an entertainment giant but would also increase Warner Bros. Discovery’s debt load.

With Warner’s total debt already approaching $45 billion, it’s understandable why investors aren’t exactly enamored with the idea of a merger with Paramount. Should a deal be announced, we could see some revisions to Wall Street’s price targets.

2. Nvidia

Nvidia (NASDAQ: NVDA) ranked as the hottest Nasdaq-100 stock last year. Shares of the chipmaker more than tripled on surging demand for its graphics processing units (GPUs).

Wall Street doesn’t expect Nvidia to keep up that torrid pace in 2024. But analysts nonetheless anticipate another great performance. The consensus 12-month price target reflects an upside potential of 33%.

The boom in generative artificial intelligence (AI) shows no signs of ending anytime soon. That should translate into sustained demand for Nvidia’s GPUs, which are widely viewed as the gold standard for powering AI apps.

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There’s one potential fly in the ointment, though. Rivals including Advanced Micro Devices and customers such as Alphabet’s Google Cloud are rolling out their own powerful AI chips. Nvidia’s almost total dominance of the market might come to an end in the not-too-distant future.

3. PayPal Holdings

Not every Nasdaq-100 stock was a solid winner in 2023. PayPal Holdings‘ (NASDAQ: PYPL) shares sank nearly 14% last year after plunging 62% in 2022.

The fintech pioneer could have a light at the end of the tunnel, though, if Wall Street is right. The average analysts’ 12-month price target for PayPal is more than 29% above the current share price.

Despite the dismal stock performance in recent years, PayPal’s underlying business appears to be in pretty good shape. The company’s net revenue rose 8% year over year in the third quarter of 2023. Adjusted earnings per share soared 20%. Total payment volume jumped 15%.

There’s still uncertainty for PayPal, though. The company has a new leadership team. Competition in the digital payments market is intensifying. Its business loans portfolio has deteriorated.

But with a price/earnings-to-growth (PEG) ratio of only 0.51, PayPal’s valuation looks quite attractive and reflects analysts’ expectations of more robust growth in the future.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Keith Speights has positions in Alphabet and PayPal. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Nvidia, PayPal, and Warner Bros. Discovery. The Motley Fool recommends the following options: short March 2024 $67.50 calls on PayPal. The Motley Fool has a disclosure policy.

The Nasdaq-100 Just Had Its Best Year Since 1999: Here Are 3 Stocks Wall Street Thinks Will Soar Another 29% or More in 2024 was originally published by The Motley Fool