These 3 stocks are preferred by top Wall Street analysts for long-term growth.

Despite a gloomy beginning to the U.S. stock market in 2024, investors must focus on the long-term and disregard the temporary uncertainties.

Instead of fretting about the sluggish beginning of the year, investors should concentrate on incorporating stocks with promising long-term potential into their investment portfolios.

According to TipRanks, Wall Street's top pros have favored these three stocks.

Booking Holdings

Despite a challenging macroeconomic environment, the online travel agency (BKNG) is experiencing strong demand and is benefiting from it.

Ivan Feinseth, an analyst at Tigress Financial Partners, has maintained a buy rating on Booking Holdings and raised his price target from $3,855 to $4,285. Feinseth believes that the company is well-positioned to benefit from the shift in consumer spending trends towards travel and entertainment.

The analyst predicts that BKNG will experience increased bookings due to the sustained demand for travel and the company's AI innovations. Specifically, he believes that BKNG's AI developments, such as its Connected Trip product, will reduce expenses and improve operational efficiency.

Feinseth stated that BKNG's robust financials and cash flow will enable the company to continue investing in growth initiatives and resuming share buybacks.

The analyst anticipates that Booking Holdings will achieve a greater return on capital due to its dominant market position, strong execution, robust brand equity, diverse global presence, and advanced technological platform.

Feinseth ranks 253rd among over 8,600 analysts on TipRanks, with a profitable rating 62% of the time and an average return of 10.9%. Check out the insider trading activity of Booking Holdings on TipRanks.

Nike

NKE reported better-than-anticipated earnings per share in the fiscal second quarter, but its stock declined after the results as the company's revenue fell short of estimates. Additionally, Nike lowered its full-year revenue outlook due to increased macro challenges, particularly in China and EMEA.

Although the results were mixed, Baird analyst Jonathan Komp maintained a buy rating on Nike stock with a price target of $140. The analyst believes that the reset in NKE shares after the fiscal Q2 print presents a better entry point for investors, as he expects the company's margins to recover in fiscal years 2025 to 2027.

The analyst is optimistic about NKE's future growth prospects, despite potential macroeconomic challenges, due to its $2 billion cost-savings plan, gross margin improvement opportunity, and focus on expanding its product line. This outlook supports a more attractive entry at a valuation of approximately 25 times P/E on F2025E.

In his research note, Komp emphasized Nike's brand strength, solid execution, competitive positioning, and digital leadership, in addition to its other positives.

On TipRanks, Komp ranks 376th among over 8,600 analysts, with a successful rating rate of 53% and an average return of 13.6%. Check out the trading activity of Nike hedge funds on TipRanks.

Micron Technology

We now shift our focus to MU, a leading semiconductor company that specializes in memory and storage chips globally. The company has recently released impressive first-quarter results for fiscal 2024 and provided robust guidance for the future.

The company anticipates enhancing its business foundations and is confident in meeting the expanding demand for AI technology this year.

JPMorgan analyst Harlan Sur has reaffirmed a buy rating on MU stock and increased the price target from $90 to $105. The analyst believes that the company's strong fiscal first quarter results and optimistic guidance for the fiscal second quarter indicate improved demand trends and the normalization of excess customer inventories.

These positive advancements are increasing the prices of DRAM and NAND products in various markets, including smartphones, PCs, IoT, automotive, and the industrial sector. Although the demand in data center and enterprise end-markets is still somewhat sluggish, management anticipates that the inventory surplus among its customers will gradually decrease and return to more typical levels during the first half of this year.

Sur stated that he considers MU to be one of his top semiconductor picks for 2024, as he believes the stock will continue to outperform through 2024 as the market continues to discount improving revenue/margin/earnings power into CY25.

Among more than 8,600 analysts tracked by TipRanks, Sur ranks No. 98. His ratings have been successful 67% of the time, with each delivering an average return of 19.6%. Check out Micron's financial statements on TipRanks.