2 S&P 500 Stocks to Buy Before They Soar as Much as 80% According to Select Wall Street Analysts

After notching another all-time high earlier this month, the S&P 500 index has been taking a breather. The widely followed benchmark index -- composed of 500 of the largest U.S. companies -- has hit new highs 38 times thus far in 2024, so it's earned a break.

Some investors believe this pause could be a sign the rally is on its last legs, but others on Wall Street are unconcerned. Among the bulls is XM Investment analyst Marios Hadjikyriacos. "Stock markets are enjoying the best of all worlds, buoyed by a resilient U.S. economy and speculation that Fed rate cuts are just around the corner, helping to justify stretched valuations," he wrote.

UBS analyst Mark Haefele is equally optimistic. "All-time highs often generate investor concern that markets have peaked. Such worries are not supported by history," he wrote in a note to investors.

With that in mind, here are two S&P 500 stocks that still have serious room to run , according to select Wall Street analysts.

Image source: Getty Images.

CrowdStrike Holdings: Implied upside of 76%

Unless you've been living in a cave, you likely heard the news about CrowdStrike Holdings (NASDAQ: CRWD) last week, and it wasn't good. The cybersecurity specialist sent out a software update that crashed Microsoft Windows, causing a global tech meltdown that disrupted banks, airlines, and hospitals, among others. CrowdStrike was left with some high-profile egg on its face, and CEO George Kurtz has been summoned before Congress to testify about his company's role in the breakdown. In the days that followed the incident, the stock crashed by as much as 35%.

While the dust has yet to fully settle from the event, CrowdStrike did what it could to minimize the damage to its reputation. Executives were quick to communicate that the issue was "not a security incident or cyberattack" while also issuing an apology and deploying a fix within a matter of hours.

While some investment banks downgraded the stock or lowered their price targets, Oppenheimer took a different view. While acknowledging the short-term fallout and potential near-term impact, its analysts maintained their outperform rating and price target of $450 on the stock. That would equate to an upside of about 76% from Friday's closing price.

Anecdotal evidence suggests that most CrowdStrike customers are staying put, acknowledging the company's best-in-class cybersecurity solutions and recognizing that mistakes happen. Most on Wall Street seem to agree. Of the 52 analysts who cover the stock, 49 rate the stock a buy or strong buy, and none recommend selling.

CrowdStrike's recent results help illustrate the stock's appeal. In its fiscal 2025 first quarter (which ended April 30), revenue grew 33% year over year to $921 million, and annual recurring revenue also grew by 33%. This suggests CrowdStrike's growth streak could have staying power over the long term.

Furthermore, CrowdStrike's forward price/earnings-to-growth ratio -- a metric that factors in its impressive growth trajectory -- clocks in at less than 1, the standard for an undervalued stock.

Charter Communications: Implied upside of 80%

Charter Communications (NASDAQ: CHTR) provides a wide range of broadband internet, cable, and wireless phone services to roughly 32 million residential and business customers across the U.S.

The end of the federal Affordable Connectivity Program has spooked investors regarding the stock, and stunted the company's growth. In the first quarter, its revenue rose just 0.2% to $13.7 billion, though earnings per share surged by 14%. That top-line result fueled a panic-induced stock price decline. Shares are still 19% off their high.

MoffettNathanson partner and senior analyst Craig Moffett is realistic about the challenges ahead, but argues that a return to predictability in the broadband business will act as a catalyst for the company. He maintains a buy rating and $660 price target on the stock, which would equate to an upside of about 80% compared to Friday's closing price.

"We've long argued that Charter doesn't need to show 'broadband reacceleration,'" Moffett pointed out. "They merely need to show that broadband unit results are predictable enough ... to allow for focus on all the other good things ... (wireless, ARPU growth, margins)."

Trading at just 12 times trailing 12-month earnings, the stock looks like a steal for investors who have the proper time horizon and a cast-iron constitution.

Danny Vena has positions in CrowdStrike and Microsoft. The Motley Fool has positions in and recommends CrowdStrike and Microsoft. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy .