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3 Growth Stocks That Could Double

These three growth stocks could make shareholders rich over the next year

growth stocks - 3 Growth Stocks That Could Double

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Growth stocks have been leading the charge for the past few years, but as worries about the novel coronavirus continue to weigh on investor sentiment, picking winners has gotten harder. Investors looking for growth stocks to buy have to be prepared for some volatility in the near-term as the market copes with virus concerns, trade tension, and the upcoming Presidential election.

With that said, there are several growth stocks worth considering now that could see their share prices double over the next year. Perhaps the most important criteria for choosing winning growth stocks to buy is staying power. Coronavirus is expected to change the way people live their lives for years to come, which means companies whose services are in line with that trend will prosper.

Here’s a look at three growth stocks that could double by 2021:

  • Facebook (NASDAQ:FB)
  • Broadcom (NASDAQ:AVGO)
  • Remark (NASDAQ:MARK)

Growth Stocks to Buy: Facebook

fb stock growth stocks
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Social media giant Facebook is perhaps one of the most obvious picks right now. The company is struggling against backlash regarding its hate speech policies. A number of major advertisers have pulled their advertising spend from the platform in response to the firm’s decision not to police political figures’ posts.

Understandably, the mass exodus of big brands from Facebook’s advertising program has spooked investors. After all, ad revenue is the company’s bread and butter. But don’t count FB stock out just yet — this boycott is likely to be little more than a blip on its radar.

Now is an opportune time for companies to step away from Facebook. First of all, because their competitors are doing it. Take Pepsi (NYSE:PEP), who announced plans to stop advertising on Facebook over the weekend. The firm’s decision came soon after Coca-Cola (NYSE:KO) said the same. If neither firm is advertising on Facebook or its platforms, no one is getting an edge.

Plus, the pandemic has increased the need for budget cuts. A socially responsible boycott is the perfect excuse for big brands to save some pennies while earning brownie points from their customers. 

But they’ll be back. Most of the brands participating in the so-called boycott are still maintaining a business page on Facebook. Their reach is far smaller now that they’re not paying for it, but their threat is essentially empty as long as they keep the page up. It’s a reminder that they’re planning to come back.

Broadcom 

More Upside Seen for AVGO Stock as Chipmaker Sees Little Covid-19 Impact
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Broadcom is another tech name that stands out among growth stocks. The chipmaker is poised to benefit from the rollout of 5G networks because its components will be used in a wide range of 5G connected smartphones. 

But AVGO stock is also a great play on the trend towards working from home as more businesses shift their operations into the cloud. Broadcom’s chips are also used in the data centers that power cloud computing. The massive influx of new data means data center growth is likely to grow significantly over the next few years. Broadcom’s bottom line should grow right along with it.

Not only that, but investors are getting a 4.2% dividend yield to juice their overall returns. Broadcom is in a great position to weather the coronavirus storm and keep paying investors. The company is sitting on a mountain of cash after its proposed Qualcomm (NASDAQ:QCOM) acquisition was rejected.

Remark

mark stock
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MARK stock is a unique play on the post-pandemic world. The company has developed AI-enhanced temperature scanners that allow businesses to efficiently conduct temperature checks for a large crowd. The possibilities for that kind of technology are endless. From use in airports to schools, a quick way to move people through a temperature checkpoint is going to be a vital part of reopening the global economy quickly.

As InvestorPlace’s Larry Ramer pointed out, there’s more to Remark than just temperature checks. The firm’s facial recognition technology also puts it a step ahead of competitors and has a solid use case for law enforcement. Ramer gives the example of retailers using the technology to identify customers who’ve shoplifted previously upon entering. 

While MARK stock has rebounded alongside the rest of the market over the past few weeks, the company clearly has further to rise when you look at the firm’s impressive suite of technology. Remark is a gold mine that’s worth picking up now. 

Laura Hoy has a finance degree from Duquesne University and has been writing about financial markets for the past eight years. Her work can be seen in a variety of publications including InvestorPlace, Benzinga, Yahoo Finance and CCN. As of this writing, she did not hold a position in any of the aforementioned securities. 


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/3-growth-stocks-that-could-double/.

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