3 Undervalued Growth Stocks to Double Your Wealth in 2024


  • Get the best of both worlds with undervalued growth stocks.
  • Pfizer (PFE): Post-Covid challenges create undervalued potential.
  • Vaalco Energy (EGY): Hydrocarbon focus with geopolitical relevance.
  • Solo Brands (DTC): Outdoor lifestyle appeal, strong Q3 performance.
undervalued growth stocks - 3 Undervalued Growth Stocks to Double Your Wealth in 2024

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While a certain confidence in betting with the masses exist, investors wanting to up the ante may consider undervalued growth stocks. To better frame the discussion, it’s useful to consider the sport of baseball.

Generally speaking, managers – especially of the old school variety – prefer disciplined at-bats. In other words, good things happen with (good) contact. Sure, you can take a monster hack at a pitch. However, the consequences of getting it just wrong (i.e. a pop-up or a quick one-hop grounder to the shortstop) can be devastating.

Of course, when you’re down a few runs late in the game, you may not have the luxury of playing small ball. And that’s the allure of growth stocks with 2X potential. With one swing of the bat, the entire complex of the matchup can change.

Still, you must accept that higher-reward securities almost always carry greater risk. If you can handle the heat, these undervalued growth stocks could double your money next year.

Pfizer (PFE)

blue Pfizer logo on the windows of a corporate building PFR stock
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A simultaneously risky but also compelling opportunity among growth stocks with 2X potential, Pfizer (NYSE:PFE) during the early period of the Covid-19 crisis naturally benefited. As one of the leading providers of the vaccine against the SARS-CoV-2 virus, Pfizer’s share price skyrocketed into late 2021. Since then, however, PFE lost its mojo. Since the January opener, it stumbled more than 43%.

Contrarians might regard the red ink as a possible candidate for undervalued growth stocks with doubling potential. First, PFE trades with a forward earnings multiple of 8.82x, well lower than the sector median of 14.31x. Additionally, the market rates shares at a price/earnings-to-growth (PEG) ratio of only 0.47X. In contrast, the sector median stands at 1.81x.

Of course, Pfizer will probably have to leverage its messenger-RNA acumen to reinvigorate sentiment. Fortunately, analysts are willing to take that bet, rating PFE a moderate buy with a $39 price target. Further, the high-side target stands at $75, implying nearly 159% upside potential.


Panorama of Oil and Gas central processing platform in twilight, offshore hard work occupation twenty four working hours. Best oil stocks to buy
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As a hydrocarbon energy exploration (upstream) specialist, VAALCO Energy (NYSE:EGY) possibly faces relevancy risks. After all, the broader social and political winds favor clean and renewable energy integration and proliferation. However, EGY could be an attractive (albeit speculative) idea among undervalued growth stocks based on fundamentals. Amid escalating geopolitical tensions, hydrocarbon demand in the intermediate term should rise.

Also, last week, Vaalco stated that its profit increased 7.7% year-over-year in the third quarter to $32 million. As well, revenue increased 49% to hit $116.3 million. Even with this solid outing, EGY stock remains grossly undervalued. For example, shares trade hands at only 2.94X forward earnings. In contrast, the sector median stands at a much higher 7.56X.

What’s more, analysts believe that EGY represents one of the growth stocks with 2X potential. Regarding the most recent analyst take, Stifel Nicolaus’ Chris Wheaton pegs shares a “buy” with a $9.80 price target. That implies upside of over 138%.

Solo Brands (DTC)

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A most unusual idea for undervalued growth stocks (at least in my opinion), Solo Brands (NYSE:DTC) bills itself as a lifestyle brand operator. Its website features a word salad to describe itself, which I honestly find a tad annoying. Here’s the deal: Solo, through its various brands, provides outdoor equipment and apparel products. Fundamentally, it just might benefit from the trade-down effect.

Essentially, while revenge travel sentiments may be waning, people probably haven’t lost their sense of adventure. And the great outdoors provides a very cost-effective means of extracting entertainment. Along for the ride are social experiences and good old fashioned exercise. What’s not to love?

Solo also impressed investors with its upbeat Q3 earnings results. Specifically, the company reported earnings per share of 28 cents on revenue of $110.32 million. Both stats beat analysts’ consensus target. Even so, DTC trades for a wild discount of 4.18x forward earnings, below the sector median of 13.46x.

Finally, analysts rate shares a unanimous strong buy with a $10.67 price target, projecting almost 141% upside.

On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.

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