2 Popular Stocks I Won't Buy in 2024 (and 1 I Definitely Will)

Plug Power (NASDAQ: PLUG) and QuantumScape (NYSE: QS) are two of the most popular energy stocks among investors these days. Powering their popularity is their focus on the future of energy. Many investors believe these stocks can produce high-powered returns as they rev up their growth engines in the coming years.

I'm more skeptical about their ability to deliver returns for investors. Because of that, I won't be buying their shares this year. However, I'm still investing in the future of energy. I plan to buy more shares of several future-focused energy stocks in 2024, including NextEra Energy (NYSE: NEE).

Plug Power is an emerging leader in hydrogen. The company has grand growth ambitions. It expects to grow its revenue from $1.2 billion last year to $6 billion by 2027 and reach $20 billion by 2030. That's a staggering 50% compound annual growth rate. That scorching growth rate could enable Plug to produce powerful returns for investors.

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Source Fool.com