Stocks That Are Expected to Soar in 2023
2022 has not been favorable to growth stocks. 2023 may bring better stock news. According to Wall Street, the following three growth stocks could increase by 50% or more this year.
Amazon (AMZN -0.79%)
Amazon had its worst year in more than ten years in 2022. The cloud and e-commerce giant’s stock dropped nearly 50%. Investors were alarmed by Amazon’s sluggish growth and heavy spending. However, analysts on Wall Street remain bullish on Amazon. The consensus twelve-month target price represents a nearly 70% upside potential. In December, 43 of 47 analysts polled by Refinitiv rated the shares as a buy or solid buy. There are a number of factors why Amazon stocks could skyrocket in 2023. Amazon Web Services’ growth should resume if the United States does not experiences recession and if if it does, it should be mild. This would also contribute to an increase in Amazon’s online advertising revenue.
CRISPR Therapeutics (CRSP 9.76%)
CRISPR Therapeutics, like Amazon, saw its stock price fall by nearly 50% in 2022. Most biotech stocks had another bad year, but investors seemed to believe that CRISPR Therapeutics’ pricing had gotten ahead of its relatively close prospects. CRISPR Therapeutics’ average analyst price target is far more than 140% greater than the current share price.
PayPal Holdings (PYPL 4.17%)
PayPal Holdings faced a decline in 2022. The fintech stock dropped more than 60%, owing to slowing growth. However, many on Wall Street believe that a significant rebound for PayPal is imminent. The median price target for the shares represents a nearly 55% upside potential. Refinitiv surveyed 44 analysts about PayPal in December, and 32 rated it as a buy or solid buy.
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