After a brutal 2022, investors had lost hope in growth stocks that generally thrive in a low-interest rate environment. 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, whose price targets reflect an upside potential of more than 20%.
According to the screener, the following stocks have the potential to grow and are analysts’ favorites.
- Block (NYSE:SQ) – The company operates as a financial services and digital payments company. SQ stock has an analyst consensus upside of 58.8%. Following the better-than-expected Q1 results yesterday, SQ stock received Buy ratings from three analysts.
- Amazon (NASDAQ:AMZN) – The e-commerce giant’s price forecast of $135.94 implies a nearly 31% upside from the current levels. The company reported Q1 earnings on April 27, after which 28 analysts rated the stock a Buy.
- Alphabet (NASDAQ:GOOGL) – The multinational technology conglomerate is widely known for its search engine, Google. The stock has an average price target of $129.03, which implies a 23.3% upside potential. It reported strong Q1 results on April 25, following which the stock was assigned 23 Buy ratings.
- Snowflake (NYSE:SNOW) – SNOW stock’s average price target implies a consensus upside of 21.3%. The company’s platform enables customers to consolidate data into a single source to drive meaningful business insights.
- T-Mobile US (NASDAQ:TMUS) – T-Mobile provides wireless communications services for postpaid and prepaid customers as well as wholesale customers. TMUS stock’s price forecast of $181.42 implies a nearly 28% upside. Despite mixed Q1 results, which were released on April 27, the stock was assigned 11 Buy ratings.