These Top Growth Stocks Could Soar More Than 50%, Wall Street Says
Though the S&P 500 has rallied from last year's bear market low, some growth stocks still haven't recovered from the tough market times. Amid ongoing economic uncertainty, investors have hesitated to go all in on certain players that depend on the consumer.
Two examples are e-commerce companies Chewy (NYSE: CHWY) and Etsy (NASDAQ: ETSY). They've each dropped more than 30% since the start of the year.
But Wall Street is optimistic about these beaten-down stocks and expects them to climb more than 50% over the coming 12 months. Both Chewy and Etsy have offered us some bright signs about the future.
Could Wall Street be right? Let's take a closer look at each stock and find out.
Chewy is an online seller of pet supplies -- and a lot more. At Chewy, you'll find just about everything for your pet, even prescription medicine and insurance. And that has won over plenty of pet owners, who are spending more and more at the e-commerce site.
Even though Chewy didn't grow its active customer base in the most recent quarter, the loyalty of current customers is reason to be optimistic. In the earnings report, Chewy said net sales per active customer rose more than 14%.