3 Terrific Travel Stocks for Your Summer Must-Buy List

As the summer of 2024 heats up, so does the travel industry, creating big opportunities for some of the best travel stocks to buy.

This year, the travel sector offers a plethora of exciting opportunities for those looking to capitalize on the anticipated boom. From airlines and hotels to online booking platforms and cruise lines, the market is brimming with potential.

The top travel stocks for this summer’s must-buy list are characterized by their strong financial health, innovative strategies, and robust post-pandemic recoveries. As travel demand continues to increase, you can position your portfolio for summer success.    

Now, let’s unpack the top 3 travel stocks to buy with the summer underway in 2024!

Uber (UBER)

Uber (NYSE:UBER) stands out as one of the best travel stocks to buy in 2024 due to its strong market presence, continuous innovation, and diverse service offerings. As the leading ride-hailing company, Uber has established a global footprint operating in 72 countries and more than 10,000 cities. 

Uber has shown significant improvements towards profitability, with increasing revenues and narrowing losses. The company’s focus on cost optimization and strategic partnerships has been a huge contribution to its progress.

In addition, Uber’s commitment to innovation is evident through its expanding portfolio beyond ride-hailing and Uber Eats. In the 2023 fiscal year, revenue increased 17% year over year (YOY) to $37.28 billion. Net earnings swung from negative to positive, with the company earning nearly $2 billion.

Plus, free cash flow ballooned 762% year over year to $3.36 billion. Uber’s diversified business model and gross booking volume. This makes Uber one of the top travel stocks to buy as the summer kicks off. 

Marriott International (MAR)

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Marriott International (NASDAQ:MAR), one of the world’s largest hotel chains, is a classic choice for travel investors. With a diverse portfolio of brands catering to different segments of the market, Marriott is well positioned to benefit from the resurgence in travel demand.

As the world’s largest hotel chain, Marriott benefits from an extensive portfolio of over 8,700 properties across 139 countries. This diverse offering not only provides stability but also captures a broad customer base, enhancing the company’s revenue streams.

The company’s strong loyalty program, Marriott Bonvoy, is a key driver of customer retention and repeat business. The loyalty program currently boasts more than 186 million members worldwide, with a growing presence in Latin America and the Caribbean.

Additionally, Marriott’s recent financial performance has been nothing short of impressive. In FY23, revenue increased 14% YOY to $23.7 billion. The company added 81,300 rooms globally, with revenue per average room (RevPAR) up 15% from the year prior. Management forecasts RevPAR to increase 3-5% in 2024, with adjusted EBITDA of approximately $5 billion.

When looking for the best travel stocks to buy this summer, MAR stock should certainly be on your list.

American Express (AXP)

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American Express (NYSE:AXP) might not be the first name that comes to mind when you think of the best travel stocks to buy. However, AMEX has a significant presence in the travel industry through its travel booking platform, AMEX Travel, and its extensive network of travel partners. 

American Express offers premium credit cards, which offer travel benefits like airport lounge access and travel insurance. Some of its travel rewards cards include the AMEX Platinum Card, AMEX Gold Rewards Card, and the Marriott Bonvoy Bevy Card. E

These cards have been popular among avid travelers, as consumers continue to spend more on travel and leisure experiences post-pandemic. This positive backdrop has been very advantageous for AXP stock.

Especially as it continues to win over the Millenial and Gen Z segments. In their latest quarterly financial results, revenue increased 11% year over year (YOY) to $15.8 billion. Earnings per share swelled 39% YOY to $3.33 per share, with Millenial and Gen Z customer accounts up 60% from the year prior.

With double-digit revenue and EPS guidance for FY24, AXP stock remains one of the top travel stocks to buy in June. 

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.