Heading into 2024, the prospects for growth stocks look bright owing to the improving economic conditions and the possibility of rate cuts in the next year. Investors can consider these stocks, which have the potential to deliver above-average earnings growth. However, growth stocks come with higher risk and volatility compared to other stocks. Thus, to help investors choose top-growth stocks, TipRanks offers a stock screener tool.
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Using this tool, we have shortlisted five stocks that have received Strong Buy ratings from analysts and whose price targets reflect an upside potential of more than 20%. These stocks also carry Outperform Smart Scores (i.e., 8, 9, or 10) on TipRanks. Lastly, these companies’ revenues have witnessed a compound annual growth rate of over 10% in the past three years.
Here are the five stocks that investors can consider.
- Nvidia (NASDAQ:NVDA) – The chip giant has a price forecast of $661.35, which implies a 35.4% upside potential. NVDA’s revenues have witnessed a 17.4% three-year CAGR. The stock has a Smart Score of nine.
- Cenovus Energy (NYSE:CVE) – Cenovus is a Canadian integrated oil and natural gas company. Its price forecast of $24.42 implies a 46% upside potential from the current levels. The company’s revenue has grown at a CAGR of about 73%. CVE stock carries a Smart Score of “Perfect 10.”
- Lamb Weston (NYSE:LW) – Lamb Weston is an American-based frozen potato product maker. The stock’s average price target implies an upside potential of 20.7%. Its revenues increased at a CAGR of 13.5% in the past three years. Also, LW has a Smart Score of eight.
- AstraZeneca (NASDAQ:AZN) – AZN is a multinational pharmaceutical and biotechnology company. Analysts currently see an upside potential of 22.2% in the stock. Also, it has a Smart Score of eight, and its topline has grown at a CAGR of 18.5%.
- Enterprise Products Partners (NYSE:EPD) – This company provides midstream energy services to producers and consumers of natural gas, natural gas liquids, and crude oil in North America. EPD stock’s average price target implies a consensus upside of 21.4%. Its revenues increased at a CAGR of 28.9% and has a Smart Score of “Perfect 10.”
