Growth Stocks on Steroids: 3 Names Set to Soar Despite Market Turmoil

Stocks to buy

The “magnificent seven” tech titans contributed $182 billion in market value, led by Nvidia (NASDAQ:NVDA) with $65 billion, to boost the Nasdaq Composite by 1% to a record high on Friday, but loading up on growth stocks is technical due to rising costs, global political instability, and the 2024 presidential contest are all concerns.

Rising costs, global political instability, and the 2024 presidential contest are all concerns, according to experts.

Due to corporations reacting effectively to increasing prices and interest rates, Bank of America (NYSE:BAC) has set a bullish 5,400 S&P 500 price target. Goldman Sachs (NYSE:GS) expects the S&P 500 to climb 8% in 2024 as inflation falls and profits grow.

Meanwhile, Morningstar predicts a slowdown to 1.1-1.7% GDP growth in 2024 due to high interest rates in numerous industries, notably commercial real estate.

Since there are six months until Election Day, the best bet is on growth stocks with “strong buy” grades and double-digit upsides.

A tax software company that is carefully shifting from free to high-value consumers is first among quality growth stocks. Next is a record-setting electric manufacturer that sold over 3 million vehicles last year. A heritage cruise company that beat Wall Street forecasts is last, introducing new, cutting-edge ships.

Intuit (INTU)

Source: T. Schneider / Shutterstock.com

Intuit (NASDAQ:INTU) stock is suffering from downward pressure ever since reporting that its tax software TurboTax saw a drop from 11 million free users to 10 million free users.

INTU, on the other hand, is going after complex taxpayers, which may be more profitable. This includes making its products smarter with AI and giving better online advice from experts. Sasan Goodarzi, CEO, said that free users weren’t important, which meant that the company stopped looking for them.

Analysts had predicted that Intuit’s third-quarter sales would be $6.65 billion, but they actually came in at $6.74 billion. The company lost free users, but the average amount paid customers spent went up.

This company made $8.63 per share, above the $8.12 average. Net profits soared from $208 million to $594 million this quarter.

For fiscal year 2024, small company and self-employed growth is expected to be 16–17%; the consumer group forecast is 7–8% growth due to TurboTax and other financial product sales. Credit Karma’s income might grow or decrease by 3% depending on the economy’s influence on personal loans and other financial goods.

On the product side, QuickBooks on Intuit platforms now features grouped email reminders and text invoices for client payment efficiency. Batch-importing journal entries for data consistency and correctness in QuickBooks Online requires no third-party software. To ease new hire training, QuickBooks Online Payroll now offers digital I-9 employment verification.

BYD Co (BYDDF)

Source: shutterstock.com/Trygve Finkelsen

BYD Co (OTCMKTS:BYDDF) set a new sales record at the end of 2023 by selling over 3 million electric cars, making it the world leader in sales of new energy vehicles (NEVs); it holds a potential 25% upside.

The company has many brands, such as the Dynasty and Ocean series, and newer names like YANGWANG and FANGCHENGBAO. In addition, BYD is introducing another electric vehicle, the Yuan Up, a compact SUV.

BYD aims to introduce smart driving capabilities to all its vehicles and invest heavily in them. High-end automobiles like the Yangwang U7 will soon have these tech features.

BYD intends to bring its high-performance SUVs, the YangWang U8 and Fang Cheng Bao 5, to the European market as an entry point into the luxury and high-performance segments. These cars are made to fight with high-end and fast models from well-known names like Land Rover.

At the same time, BYD and CATL have joined forces to make solid-state batteries for electric cars, a big technological step forward. The Chinese government is giving BYD a large support of 1.34 billion yuan to aid in its operations.

Royal Caribbean (RCL)

Source: Laszlo Halasi / Shutterstock.com

Royal Caribbean (NYSE:RCL) is firmly back in business among growth stocks, as it projects record profits in 2024, and starts sea trials for the brand-new cruise ship Utopia to get ready for its July launch from Port Canaveral.

Apart from bumper earnings, the “Utopia of the Seas” and the “Icon of the Seas” are two new additions to the fleet attracting attention. It’s understood that the Icon of the Seas is the world’s biggest cruise ship. It has some new features, like one of the biggest water parks at sea and the unique AquaDome theater

At the same time, the shipping line is taking steps to be more environmentally friendly by building the Reading Wind Facility, which will help offset between 10 and 12 percent of the company’s annual carbon emissions; younger investors are getting more conscious of environmental matters so these moves matter in the stock market as well.

Additionally, Royal Caribbean and The Bahamas have started the new Royal Beach Club on Nassau’s Paradise Island. It will open in 2025.

On the date of publication, Faizan Farooque 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.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

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