The most upgraded stocks at year’s end in 2024 are NVIDIA (NASDAQ:NVDA), Amazon (NASDAQ:AMZN), and Meta Platforms (NASDAQ:META). Each received more than 120 positive revisions, including price target increases and upgrades that have lifted their markets significantly. The question is whether these trends will continue in 2025, and the answer is yes. These stocks are indicated to move higher and have the business momentum to sustain the upgrade cycle. The real question is how high they might get.
1. NVIDIA Is the Most Upgraded Stock in 2024
NVIDIA is the most upgraded stock in 2024 by a wide margin. It has received 150 positive revisions, including upgrades and price target increases that have significantly lifted the consensus target. The consensus reported by MarketBeat is a split-adjuted $164, more than doubling consensus at the end of last year, indicating a 25% upside for the market. However, with the positive revision trend in play, a move to the high-end range near $200 is likely. That adds another 28% upside to the market, bringing the potential for price gain in 2025 to over 50%.
NVIDIA’s growth is slowing in 2024 and is expected to slow again in 2025, but it shouldn’t be a problem for the market. The growth is slowing to the high-double-digits, above 50%, and revenue is expected to remain strong well into 2026, probably longer. Blackwell, the next generation of GPUs explicitly designed for AI, is due in the first half of 2026 and may come to market sooner. Regardless, investors should expect updates throughout the year to drive positive sentiment.
Among the reasons for buying and holding NVIDIA stock is the balance sheet. The GPU demand surge generates robust margins and cash flow for NVIDIA, allowing the company to build its cash reserves while investing in infrastructure and R&D. Highlights at the end of FQ3 include $38.5 billion in cash, up nearly 50% year-over-year sufficient to cover the company’s total liability on a net-cash basis. The remainder is worth more than $8 billion. Regardless, the company is in an increasingly strong financial position capable of improved capital returns. 
2. Amazon: Another 25% of Upside Due in 2025
The analysts' trends are positive for Amazon, putting it in second place for most upgrade stocks with 123 positive revisions this year. The analysts peg it at Moderate Buy; sentiment is firming, and the price targets imply another 25% upside compared to the action in mid-December. Catalysts for its stock price in 2024 are sustained strength in both consumer and AWS operating segments and reinvigorated demand in the AWS segment. Amazon Web Services is growing at a 20% pace in 2024 and is expected to continue growing in 2025, maintaining its leadership position among the hyperscalers.
Other catalysts include consumer trends, economic health, and the incoming administration. Despite risks and fears, the U.S. economy is strong in 2024, growing at an above-target pace, supporting a solid labor market and consumer spending. Those trends are expected to be sustained or strengthened in 2025 as Trump policies take effect. 
3. Meta Platforms Is the Third Most Upgraded Stock in 2025
Meta Platforms turned a corner in 2024, maturing from an iffy tech into a blue-chip tech company capable of sustaining a leadership position while returning capital to investors. The story began in 2023 with the year of efficiency and gained momentum over the next 18 months as efficiency and AI led to improved user metrics, monetization, and operating margin.
Today, Meta is a budding dividend-growth stock paying less than 10% of its earnings. It is set up for sustained annual distribution increases that will likely outpace GDP, inflation, and the broad market. Analysts issued 120 positive revisions in 2024, lifting the price target by nearly 100%. The stock is fairly valued relative to consensus at $625, but the revision trend suggests upward stock price momentum will continue, and a move into the $700 to $800 range is likely in 2025. 