Growth stocks are enjoying huge gains in 2023 so far due to the hype surrounding artificial intelligence and expectations of a slowdown in interest rate hikes. Further, recent economic data reflects slowing inflation and a decrease in the yield on long-term government bonds. Interestingly, this makes for a favorable scenario for growth stocks.
To help investors choose the best growth stocks from the entire universe, TipRanks offers a
Stock Screener tool. Using this tool, we have shortlisted five stocks that have received a Strong Buy rating from analysts, and whose price targets reflect an upside potential of more than 20%. Also, they carry an Outperform
Smart Score (i.e., 8, 9, or 10) on TipRanks. Lastly, these companies’ revenues have witnessed a strong compound annual growth rate over the past three years.
According to the screener, the following stocks have the potential to grow and are analysts’ favorites.
Taiwan Semiconductor (
NYSE:TSM)
– The company engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. TSM stock has an analyst consensus upside of 21.1%. The
topline numbers have grown at a CAGR of 20.2%.
Enterprise Products Partners (
NYSE:EPD)
– The midstream natural gas and crude oil pipeline company’s price forecast of $32.14 implies a nearly 22% upside from the current levels.
The company’s revenue has grown at a CAGR of 28.9%.
Alibaba (
NYSE:BABA)
– The Chinese multinational company offers e-commerce, retail, Internet, and technology services. The stock has an average price target of $145, which implies a 68.3% upside potential.
BABA’s revenues have witnessed 18.8% CAGR.
ConocoPhillips (
NYSE:COP
) – The stock’s average price target implies a consensus upside of 31.4%. ConocoPhillips is a global oil and gas company.
Its revenues increased at a CAGR of 61%.
Uber Technologies (
NYSE:UBER)
– Uber provides ride-hailing and food and package delivery services. UBER stock’s price forecast of $50.92 implies a nearly 26% upside.
The company’s revenue has grown at a CAGR of 42%.
Disclosure
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Below is Validea's guru fundamental report for ALIBABA GROUP HOLDING LTD - ADR (BABA). Of the 22 guru strategies we follow, BABA rates highest using our Growth Investor model based on the published strategy of Martin Zweig. This strategy looks for growth stocks with persistent a
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What happened
Chinese stocks rallied today in the hope that the Chinese government will inject more stimulus into the economy. They also seem to be moving higher with the broader market, which seems to like new data from the recent U.S. jobs report.
Alibaba (BABA) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.
Below is Validea's guru fundamental report for ALIBABA GROUP HOLDING LTD - ADR (BABA). Of the 22 guru strategies we follow, BABA rates highest using our Growth Investor model based on the published strategy of Martin Zweig. This strategy looks for growth stocks with persistent a