1 Industry-Leading Growth Stock Down 53% to Buy in 2023
In this bear market, even posting great business results hasn't been enough to stop many companies with growth-dependent valuations from experiencing big stock sell-offs. The Nasdaq Composite index is down by roughly 29.4% from its all-time high (after having been down even further just a few weeks ago), and many growth stocks have seen even steeper pullbacks.
For long-term investors, when a company's business and stock performances diverge, it can provide the potential for strong gains. And if you're seeking opportunities of that type, Airbnb (NASDAQ: ABNB) looks like a great buy right now. With the stock trading down roughly 53% from its high, long-term investors can build a position in a great company at a price that opens the door for tremendous returns down the line.
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Airbnb offers plenty for long-term investors to be optimistic about
In terms of its business performance, 2022 was an incredible year for Airbnb. The company emerged from the pandemic-induced travel slowdown to post its best financial results ever, and the strengths and promise of its model were on full display. The third quarter, which includes the heart of the summer travel season, is typically Airbnb's biggest performance driver, and the quality of its results during that period speaks to the strength of the business at large.
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