Another banner year for stocks in 2024 is now over and 2025 is here. The problem with bull markets is that there are some companies, or whole sectors, which get left behind. Some large cap stocks have even performed so poorly that their shareholders may have felt like it was a bear market.
Oggonomics has prepared a review of some of the worst performing large-cap stocks of 2024. With value investors always looking for deals at the start of each year, could the worst stocks of 2024 actually offer some of the great stealth opportunities in 2025?
The review of the worst performing stocks used a screening from Finviz as well as the same site for consensus analyst price targets. There have been some of the worst-performing stocks excluded here, with some “honorable mentions” and rivals that may be in the same boat.
Be advised that Oggonomics does not maintain formal ratings or price targets on any of the companies mentioned herein. This review is for informational purposes only and is not to be interpreted as investment advice. It should be clear based on the less-than-flattering commentary that there is no recommendation being signaled here to buy or sell these and the related stocks.
Some of these companies mentioned are in trouble. Some of the stocks may get even worse for their investors. And some of the stocks may improve. There are absolutely no assurances at this point that the companies will continue to suffer or that they will rapidly turn around. That said, here is a review of some of the worst performing large stocks of 2024.
Walgreens Boots Alliance Inc. (NASDAQ: WBA)
-64.2% in 2024
Walgreens Boots Alliance was the worst of the worst in 2024 for the S&P 500 stocks by closing down 64% for the year at $9.33. It’s no longer a Dow member either. That turnaround is looking elusive as a way to “shrink into more profits” but time will tell. Walgreens has less of an insurance operation like Aetna under rival CVS Health Corp. (NYSE: CVS) — and CVS was -43% for the year’s stock move lower as well. Analysts were issuing target prices up at $50 just two years ago, but now those targets are far lower, and the consensus price target is right at $10 now. Some analysts still have $13 to $16 price targets, although the trajectory has been almost all “price target cuts to…” in the 2024 analyst calls.
Intel Corporation (NASDAQ: INTC)
-60.1% in 2024
Intel was the second worst performer of the S&P 500 and the worst performer of the NASDAQ-100 Index in 2024. Everything it touches is behind the mark and it was booted out of the Dow. Intel would have also been worst Dow stock of the year except it was booted out before it could be ranked at year-end. Foundry, Altera, CEO summary execution, and even being a “cheap AI play”… Who cares? Closing out 2024 at $20.05, it is within 10% of absolute lows not seen since 2013. Intel’s consensus analyst price target is still closer to $24.50. And after all that, Intel’s $87 billion valuation probably makes a bailout or buyout that much more difficult to expect. Intel’s fate may be in its own hands when new leadership is permanent and its structure is clearer.
Moderna Inc. (NASDAQ: MRNA)
-58.2% in 2024
Moderna was the worst performer of biohealth in the S&P 500 and the third worst overall performer of the S&P 500 in 2024. People are not going for Covid vaccines like they used to. While the stock was down 58% for the year, Moderna is down over 75% from its $170 high earlier in 2024 and is down almost 90% from its vaccination-led zenith in 2021. One thing to remember is that Moderna’s original focus was going to be on cancer vaccines rather than targeting the pandemic. It also has around $9 billion in net cash. Analysts are now issuing lower price targets than the $71 consensus analyst price target.
Celanese Corporation (NYSE: CE)
-55.5% in 2024
Celanese was the worst performing chemicals and specialty materials stock of the S&P 500 in 2024. After a gross earnings disappointment in November, poor guidance ahead, and after slashing its dividend, Celanese closed out 2024 at $69.21. Its 52-week range is $66.73 to $172.16 and analysts have been slashing their price targets. Still, some see the valuation as dirt cheap valued under 10-times current and expected earnings. Celanese’s consensus price target is still $89.95. With a valuation under $8 billion and the stock near multi-yar lows, would suitors or turnaround/activist investors dare to show up knocking to make things better?
Biogen Inc. (NASDAQ: BIIB)
-40.9% in 2024
From MS dominance facing patent risks to a slow Alzheimer’s drug launch, the patent risk was put at 40% by Morgan Stanley over the summer. Apparently its stock mirrored the risk. For the last three-month period analysts have been cutting targets, downgrading the stock and initiating coverage with cautious ratings. At $152.92 at year-end, its consensus analyst price target is still up at $240 but the target is based on older price that may have not been adjusted downward yet.
Dexcom Inc. (NASDAQ: DXCM)
-37.3% in 2024
Poor earnings reports and management-led missteps caused its stock to perform poorly in 2024. The pressure from weight-loss drugs is also taking away the need for many to constantly monitor their glucose levels. Will a new generative-AI powered glucose monitor help turn things around? Analysts were issuing price targets in the $150 and $160 level early in 2024. Now those price targets are being issued under the $100 mark. At $77.77 at year-end after trading as low as $63 in the summer, Dexcom’s consensus analyst price target is $97.19.
Estee Lauder Companies, Inc. (NYSE: EL)
-48.7% in 2024
Aren’t makeup and beauty products supposed to be back in vogue now that the pandemic is over and with the work-from-home trend being reversed? Apparently, Estee Lauder’s customers are either going for cheaper labels or they like brands from other companies better. Poor earnings, ongoing restructuring efforts and cutting the dividend payout didn’t win any favors from investors. Analysts have also downgraded the stock harshly, cutting $110 to $120 price targets down in the $70s. After closing at $74.98 at year-end, the stock’s 52-week range of $62.29 to $159.75 is back down to a decade low.
Enphase Energy Inc. (NASDAQ: ENPH)
-48% in 2024
Enphase was the sixth worst performer of the S&P in 2024. Solar bankruptcies have been an ongoing bruising and battering for the solar inverter market, and the incoming Trump administration is not a huge fan of subsidizing money-losing solar installations. Enphase closed out 2024 at $68.68 with a 52-week range of $58.33 to $141.63. This used to be a $300 stock in 2023. Surprisingly in retrospect, this stock actually surged in 2028 to 2020 under the Trump administration at the time, and it continued to do well in 2020 up to its final surge in 2022. Enphase is now down close to 80% from its all-time high and the brigade of analyst coverage is either all downgrades or price targets being cut. Its consensus analyst price target is currently $91.99.
Dollar Tree Inc. (NASDAQ: DLTR)
-47.2% in 2024
Dollar Tree had a horrible 2024, but this stock peaked in 2022 before the effects of inflation started putting a major squeeze on low-priced retailers like dollar stores. And now there are many reports and datapoints signaling that the lower-end consumer is in far worse shape heading into 2025 than median and higher income workers. And the lower-end consumers and the lower-end retail stores may have a harder time dealing with tariffs under the incoming Trump administration. Dollar Tree just named a new permanent CEO in late-December and has been closing Family Dollar locations and will continue to close stores as it may separate the companies after a 2015 merger. After closing at $74.94, Dollar Tree’s consensus is still $83.17 despite so many price target cuts and downgrades. While this company fared worse, the more prominent Dollar General Corporation (NYSE: DG) closed down 44.2% in 2024 but is down over 70% from its 2022 peak at $260.
Humana Inc. (NYSE: HUM)
-44.6% in 2024
Humana was the worst performing standalone health insurance provider in 2024 with worse than a 44% drop. The health insurance stocks as a whole have performed poorly in the wake of the murder of the CEO at UnitedHealth Group, Inc. (NYSE: UNH). Humana stock was already down handily versus peers at that time. The company is now under a new CEO who took over earlier in the year and now its CFO left the company as the shakeup continued late into the year. With difficult guidance ahead from disappointing government Medicare reimbursement rates and with multiple challenges on its Medicare Advantage government-backed operations, the challenges for 2025 are many. At $253.71 at the end of the year, Humana’s consensus analyst price target is $281.67.
Albermarle Corporation (NYSE: ALB)
-40.4% in 2024
Albermarle is a specialty chemicals company by classification, but it is perhaps best known for coming up as the top domestic lithium player. The incoming Trump administration is not as favorable toward electric vehicles, but the Elon Musk affiliation may have an influence on this. Its stock was above $250 and even very briefly went above $300 in 2022. At $86.08, its consensus analyst price target is $114.14 after multiple analyst downgrades earlier this year.
Lamb Weston Holdings Inc. (NYSE: LW)
-38.2% in 2024
Lamb Weston Holdings should perhaps consider changing its name to “The Frozen Potato” based on its focus on spuds and having a stock stuck in the ice. From 2017 to 2023, it rallied 250%, from $30 to $115. Now its stock closed out 2024 at $66.83. The potato leader warned of a challenging year ahead back in the summer, and that was after a 5% sales drop resulted in a 40% earnings (EPS) drop. Restaurant traffic is down, food inflation has not reversed to disinflation, and being the largest supplier of French fries has to be hurting in a weight-loss drug-inspired world. With a plant closure and activist Jana Partners pushing for changes perhaps it may not be a dead end route for The Frozen Potato. Could it become a private equity takeover, or does its $9.5 billion market cap need to shrink more first? Lamb Weston’s consensus analyst price target is only $68.83.
Boeing Co. (NYSE: BA)
-32.1% in 2024
Boeing as a selection may be skipping the order of the worst S&P 500 stocks of 2024, but it deserves an “elevated ‘honorable’ mention” after having been the single worst performer of 2024 still left in the Dow Jones Industrial Average index. It has been an ongoing nightmare for shareholders and Boeing has had to raise massive amounts of capital as a buffer. After plane crashes and major structural malfunctions, Boeing’s workers even went on strike for more money at the height of its problems. Plane production is down and many investors are not even that excited about Boeing’s defense and space orders at the moment as an offset. That said, Boeing closed out 2024 at $177, well above its lows seen late in the year. Its 52-week range is $137.03 to $258.59. The consensus analyst price target is $184.
