Don’t Sleep on These 7 Growth Stocks That Will Mint Millionaires


  • Quanta (PWR): PWR is benefiting from multiple, ongoing revolutions.
  • Xpeng (XPEV): XPEV’s recently announced deal looks like a game changer.
  • Workday (WDAY): Morgan Stanley is very bullish on WDAY stock.
  • Read more about these top growth stocks to buy!
growth stocks to buy - Don’t Sleep on These 7 Growth Stocks That Will Mint Millionaires

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Nearly everyone in the financial media missed what was by far the most important line of  Fed Chairman Jerome Powell’s speech. Specifically, Powell said, “We are prepared to raise rates further if appropriate, and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down toward our objective.”  Since everyone, including the Chairman, believes that the Fed’s current interest rate is “restrictive,” the words “toward our objective” in that sentence apparently mean that the central bank is willing to consider cutting rates if inflation is falling, but is above its 2% nominal target. Moreover, the fact that Powell is willing to consider cutting relatively soon likely means that — absent a major increase in inflation — the Fed is done raising rates. As the market wakes up to that, I expect growth stocks to buy to climb much further.

Growth Stocks to Buy: Quanta Services (PWR)

Hand of woman watering small plant in pot shaped like growing graph representing growth stocks. Sleeper Growth Stocks
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Quanta (NYSE:PWR) builds electrical power stations, infrastructure, and facilities for renewable energy and the transmission of natural gas. With that, Quanta is well-positioned to benefit from the renewable-energy revolution, and the electrification of transportation.

Helping, Quanta just delivered “beat-and-raise” fiscal first quarter results. Revenues jumped 20% year over year, as its net income jumped to $1.12, one-cent above the mean estimate. With guidance, Quanta increased its sales outlook to $19.6 billion to $20 billion from its previous guidance of $18.40 billion to $18.9 billion. It also hiked its net income guidance to $705 million to $765 million from $692 million to $766 million. In addition, the company has a record backlog of $27.2 billion.

Also, as noted by Quanta CEO Duke Austin, the firm’s strong results were driven by powerful demand from electric utilities, renewable energy generators and “the move towards a reduced-carbon economy.”

Xpeng (XPEV)

Xpeng (XPEV) car logo in Shanghai International Automobile Industry Exhibition
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Chinese electric-vehicle (EV) maker Xpeng (NYSE:XPEV) announced that it formed a new alliance with Chinese ride-sharing giant DiDi Global (OTCMKTS:DIDIY). The two will create affordable electric vehicles. Moreover, Xpeng stated that “it would explore collaborations with Didi on fleet management, marketing, insurance, charging facilities, robotaxis and international markets.”

Such a joint venture, I believe, would be very profitable and would meaningfully boost Xpeng’s financial results, making it one of the best growth stocks to buy. Bank of America believes that the deal will boost Xpeng’s brand, and the bank kept a $22 price target and a “buy” rating on the shares.

Growth Stocks to Buy: MGM Resorts (MGM)

A photo of the MGM logo on the MGM casino building.
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MGM Resorts (NYSE:MGM) is benefiting from multiple, strong, positive catalysts, making it one of the best growth stocks to buy. Two of the most  catalysts are the expansion of BetMGM, its online sports-betting venture, and the continued revival of Macau, China’s gambling hub.

On Aug. 17, MGM disclosed that BetMGM was expanding to the UK. The news shows that, in addition to entering new U.S. states that legalize online betting, it will also penetrate significant overseas markets, which could be a sizable catalyst to its bottom line. Helping, analysts at Jefferies reported that traffic in the Chinese region had reached its highest level in 2023. Further, last month MGM announced a partnership with hotel chain Marriott (NYSE:MAR), which could allow MGM to obtain a significant number of new customers.

Workday (WDAY)

Workday Layoffs. A close-up view of a Workday (WDAY Stock) sign in Pleasanton, California.
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In a previous article, I reported that “Workday’s (NASDAQ:WDAY) cloud applications enable companies to easily manage their finances and human resources functions. It also has apps that allow companies to efficiently analyze their operations and plan initiatives using AI.”

On Aug.. 24, Workday reported very strong second-quarter results as its revenue climbed 16% versus the same period a year earlier and its “24-month subscription revenue backlog” soared 23% year-over-year to a very impressive $10.27 billion.” Also noteworthy was that its earnings per share, excluding certain items, came in at $1.45, 17 cents above analysts’ average estimate and much higher than the 83 cents that it reported in Q2 of 2022.

Morgan Stanley was upbeat on WDAY stock in the wake of the results, contending that the company is benefiting from its new products and looks poised to increase its free cash flow at a compound annual growth rate of “25%+ over the next three years.” The bank kept an “overweight” rating on the shares.

Growth Stocks to Buy: EVgo (EVGO)

EVgo fast charging station
Source: Sundry Photography /

EVgo (NASDAQ:EVGO), one of America’s leading providers of EV chargers, continues to grow. It also continues to make multiple new deals that should enable further growth. Last quarter, the company’s top line soared an incredible 456% versus Q2 of 2022, coming in at $50.6 million, $21 million above analysts’ average estimate. And it reported a loss per share of 8 cents, ten cents above the mean estimate.

Also importantly, its customers utilized a record 24.9 gigawatt-hours of electricity, representing a 147% jump versus the same period a year earlier.As far as deals are concerned, EVgo, along with a number of its partners, was selected by Ohio earlier this month to receive $13.8 million. The funds will enable the company to introduce 20 new fast-charging stations in the state.

Additionally, the company recently announced that two popular EVs made by Rivian, the rapidly growing electric SUV and truck maker, would be able to start using EVgo’s  Autocharge+,service. The latter service “allows EV drivers to seamlessly initiate a charging session by simply plugging in their vehicle to an EVgo fast charger,” EVgo explained.

Powell Industries (POWL)

A businessman holding a coin with a tree that grows and a tree that grows on a pile of money representing growth stocks. growth stocks
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Powell Industries (NASDAQ:POWL) sells equipment used by electricity generators. Like Quanta, the company is well-positioned to benefit from the electrification of transportation and Washington’s spending on infrastructure improvements. Additionally, three of the company’s other major end markets –liquid natural gas producers, miners, and datacenters — also have strong, positive catalysts going forward.

Last quarter, the company’s revenue soared 42% versus the same period a year earlier to $192 million, while its backlog “nearly tripled to a record $1.3 billion” and its new orders soared $303 million year-over-year to $505 million. “Looking forward, we anticipate continued strength across most of our core end markets into fiscal 2024,” said CFO Michael Metcalf in a statement.

Vertiv Holdings (VRT)

Vertiv Holdings (NYSE:VRT) appears to be benefiting from the rapid expansion of data centers as the amount of data used in our society rapidly expands. This trend should accelerate further as artificial intelligence proliferates. Last quarter, the company’s top line climbed 23.6% versus the same period a year earlier and its operating profit, excluding certain items, jumped $169 million year-over-year to $251 million.

The midpoint of the company’s 2023 sales guidance range is  now $6.8 billion, $285 million above its previous outlook. “I am…encouraged by the (company’s) growth acceleration potential, which has just begun in our industry, represented by data center infrastructure necessary to meet the rapidly growing demand for compute capacity driven by AI,” Vertiv CEO Giordano Albertazzi said in a recent press release.

On the date of publication, Larry Ramer was long XPEV, MGM, EVGO, and RIVNThe opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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