Sizzling hot. Those two words just might be the best description of the Nasdaq-100 Index in 2023. The tech-heavy index skyrocketed nearly 54%, its best performance so far in the 21st century.

But will the Nasdaq-100 keep its momentum going in the new year? Analysts don't seem to think so. Their average 12-month price targets don't point to any stock in the index beating the return that it achieved last year.

However, a handful of stocks could nonetheless deliver impressive gains if analysts are right. These could be the biggest Nasdaq-100 winners in 2024, according to Wall Street.

1. Warner Bros. Discovery

Warner Bros. Discovery (WBD -2.17%) didn't rank among the biggest Nasdaq-100 stocks last year. Shares of the media and entertainment company still jumped 20%, though, after rising in early 2023.

Investors had two main reasons to cheer for Warner Bros. Discovery. First, the company promised that the huge write-offs made in 2022 wouldn't continue. Second, Warner Bros. Discovery raised the subscription price for the streaming service that was then known as HBO Max (it's now named Max).

Wall Street thinks that the good times should keep rolling for Warner Bros. Discovery in 2024. The average 12-month price target for the stock reflects an upside potential of 45%.

2. Biogen

2023 wasn't such a great year for Biogen (BIIB 3.18%). The biotech stock fell nearly 7% -- a disappointing finish after shares were up by a double-digit percentage by early May.

This lackluster performance might be somewhat surprising. Biogen and its partner Eisai won full U.S. regulatory approval for Leqembi in treating Alzheimer's disease in July after securing accelerated approval in January. However, it was too soon in Biogen's latest quarterly update for Leqembi to have made a significant financial impact.

Analysts think that will change, though. Peak annual sales for Leqembi could reach nearly $13 billion. With expectations of accelerating sales for the Alzheimer's disease drug this year, the average 12-month price target for Biogen is 30% above the current share price.

3. Charter Communications

Unlike Warner Bros. Discovery and Biogen, Charter Communications (CHTR -1.73%) performed better in the second half of 2023 than in the first half. Shares of the telecommunications and media company ended the year up nearly 15%.

One key factor behind Charter's second-half boost especially stands out. The company's dispute with Disney was resolved. Although it was a short-lived fight, Charter came away with full access to all of Disney's channels for its Spectrum cable service.

Wall Street looks for Charter to have an even better year in 2024. The average 12-month price target for the stock reflects an upside potential of 26%.

Should you buy these Nasdaq-100 stocks?

Analysts have their reasons for favoring Warner Bros. Discovery, Biogen, and Charter Communications. However, it's important to note some headwinds for these three Nasdaq-100 stocks

There's some apprehension about Warner Bros. Discovery's potential merger with Paramount Global. The deal would create a colossus in the entertainment industry but also add more debt to Warner Bros. Discovery's balance sheet.

Leqembi should be a big positive for Biogen. Unfortunately, the drugmaker still faces the ongoing sales decline for its flagship multiple sclerosis franchise.

Cord-cutting remains a problematic issue for Charter Communications. The company's mobile service business is booming. However, it makes up a relatively small portion of overall revenue.

Wall Street could very well be right that Warner Bros. Discovery, Biogen, and Charter Communications will be the biggest Nasdaq-100 winners this year. However, I wouldn't bet the farm on it. I think there are better stocks to buy right now.