$10,000 to Invest? 3 Growth Stocks Set to Surge Higher in 2024  

Stocks to buy

The stock market provides discerning investors with the opportunity to build wealth. Growth stocks set to surge represent companies expected to expand their earnings and revenue faster than their industry or the overall market. 

These companies often reinvest their profits into developing new products and services or growth through acquisitions. Growth stocks are often associated with higher volatility but promise substantial returns. As 2024 unfolds, there exists a unique class of growth stocks that show strong potential for significant surges. 

Now, let’s discover the top growth stocks to surge in 2024 and beyond!

Amphenol (APH)

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Amphenol (NYSE:APH) is a leading global manufacturer of high-performance interconnect products, sensors and antennas. The company’s products are essential to various industries, including automotive, communications, industrial and defense. 

Amphenol has benefited from the significant growth of trends such as electric vehicles (EVs), 5G networks and expanding industrial automation. Their commitment to innovation and R&D has enabled them to grow profitability over the last decade. Some of their high-demand products are connectors, cable assemblers, sensors, raw cables and printed circuits. Diversifying critical hardware and focusing on high-growth markets provides resilience and stability. Furthermore, Amphenol has a strong track record of financial performance, characterized by healthy profit margins and expanding revenue growth potential.

The company’s strategic acquisitions, coupled with its strong cash flows, have contributed to a 15% CAGR in its dividend over the last decade. As AI, 5G and other emerging technologies continue to grow rapidly, APH stock is among the top growth stocks set to surge higher in 2024. 

Emcor Group (EME)

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Emcor Group (NYSE:EME) makes the case for the best growth stocks set to surge. They are one of America’s top electrical and mechanical construction and facilities services providers. 

Emcor covers a wide range of projects, including commercial, industrial, infrastructure and energy sectors. They stand to benefit from the emerging infrastructure boom in the United States, and the increasing focus on energy efficiency systems. Their consistent profitability, strong balance sheet and proven management team make it an attractive growth stock to watch. In FY23, Emcor saw record revenue of 12.6 billion. EPS increased 64% YOY to 13.31 per share, while generating record FCF from operations of $835 million. Emcor is particularly well positioned to take advantage of the growing market for sustainable energy solutions in electrical construction. With a strong focus on energy and infrastructure, Emcor looks set for continued growth.

Comfort Systems USA (FIX)

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Comfort Systems USA (NYSE:FIX) is a national provider of commercial, industrial and institutional heating ventilation, as well as air conditioning (HVAC) services. It is prepared to capitalize on this demand as the need for energy efficiency and building automation grows. 

Comfort Systems remains a top growth stock set to surge. The company has an extensive presence in the large and fragmented HVAC market, with significant room for growth and consolidated potential. Their focus on green building solutions and recurring revenue model helps stabilize their business.

Moreover, they have seen a huge acceleration in growth over the past few years, which is set to continue in 2024. In FY23, revenue increased 26% YOY to $5.2 billion. EPS increased 32% YOY to 9.01 per share, with their annual FCF more than doubling to $550 million. Business is booming, and their contracted backlog is up 27% from the year prior. With strong first quarter results, FIX stock remains on pace to outperform the market in 2024.

On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Terel Miles is a contributing writer at InvestorPlace.com, with more than seven years of experience investing in the financial markets.

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