After the impressive October Consumer Price Index report, it is time to double down on growth stocks. In the third quarter, they performed poorly as yield rose. However, now that yields are backing off, it is time to look for some growth stocks to buy.

Seasonally, the fourth quarter is usually a strong month for stocks. According to Ryan Detrick at the Carson Group, November is the best month for the market. Considering these trends, overweighting growth stocks here could provide solid gains into year-end.

From a technical standpoint, market momentum is favorable. In the first two weeks of the month, markets have rallied as expected from the oversold October levels. However, this rally might extend into December as yields retreat. It was encouraging that 10-year yields fell below 4.5% after a lower-than-expected CPI report.

CPI was flat month-over-month and increased only 3.2% year-over-year, a two-year low. Falling inflation has raised investor hopes that the Federal Reserve might be done hiking rates. That’s a big deal for growth stocks since rising rates have pressured valuations. With the rates outlook improving, these growth stocks to buy could have a strong year-end rally.

MercadoLibre (MELI)

Once again, MercadoLibre (NASDAQ:MELI) delivered another impressive quarter. E-commerce adoption and the growth in fintech services continue to drive revenue growth in the Amazon of Latin America. Despite the year-to-date rally, the stock presents over 30% upside to its previous all-time highs of $2000.

Looking at the financial results, management is executing flawlessly. In the third quarter of the fiscal year 2023, revenues were $3.8 billion, up 40% YOY and 69.1% YOY on an FX-neutral basis. Meanwhile, total payment volume surged 121% YOY on a currency-neutral basis. What’s more, YOY growth in items sold on the e-commerce site accelerated from the previous quarter’s 18% to 26%.

The advertising segment grew by more than 70% YOY on a currency-neutral basis. Revenues from the segment are high margin. As a result, Mercardo’s overall gross margin improved. From a profitability standpoint, the company is leveraging its scale to drive cost efficiency. Operating income hit a quarterly record, reaching $685 million, a 131% YOY growth rate.

In terms of market share gains, these results highlighted solid progress. In Brazil, GMV accelerated 28% YoY on an FX-neutral basis due to share gains and increased items sold. Items sold increased 27% YOY, the best growth rate since Q4 fiscal year 2021.

The e-commerce giant also outperformed in Mexico, delivering 34% YOY growth. Indeed, due to the stellar growth, MELI stock is one of the growth stocks to buy. Analysts rate the stock a “Buy” with a consensus price target of $1,693.

First Solar (FSLR)

One sector that has been under pressure due to high rates is solar stocks. That’s why the sector surged higher after the October CPI results were released. Unfortunately, First Solar (NASDAQ:FSLR) has been caught in the selloff, yet it has some unique catalysts.

Unlike other solar stocks like inverter companies such as Enphase (NASDAQ:ENPH) and SolarEdge Technologies (NASDAQ:SEDG) that rely on the residential market, First Solar sells to commercial and industrial markets. Notably, most of its customers are utilities investing in renewable energy sources. Indeed, the stock has been unfairly punished, considering that solar power generation capacity is expanding.

Besides, First Solar is among growth stocks to buy, benefiting from the Inflation Reduction Act. The IRA will direct over $400 billion towards clean energy. The solar firm is the largest producer of photovoltaic modules and will benefit from tax credits.

First Solar will benefit from Solar PV demand as the world moves towards clean solar energy sources. In the third quarter results, the company revealed an 81.8 GW backlog extending up to 2030. To supply this demand, the company plans to double its manufacturing capacity by 2025.

Regarding earnings, management expects $670 to $700 million in tax benefits from the IRA in FY2023. As a result, FY2023 EPS will accelerate to a range between $7.20 to $8.00 from a net loss per diluted share of $0.41 in FY2022. With backlog stretching to 2030, FSLR is too cheap at 20 times 2023 earnings. Interest rates are falling and FSLR stock could have a resurgence into year-end.

Medpace Holdings (MEDP)

Medpace Holdings (NASDAQ:MEDP) is one of the growth stocks to buy in the healthcare sector. It is a clinical contract research organization that offers outsourced clinical development services to pharmaceutical and biotechnology companies.

Over the past year, the contract research industry has been challenging due to biotech struggles. With the end of the pandemic, revenues have fallen, and big pharma is facing patent cliffs. However, the most significant impact has been rising rates, making it difficult for smaller biotech to access funding. However, Medpace has brushed off these challenges and delivered impressive results.

Over the past two years, the firm has delivered seven consecutive quarters of over 25% year-over-year growth. In the third quarter of FY2023, it reported revenues of $383.7 million, representing 28.3% growth. Demand at the end of September 2023 was still healthy, with a backlog of $2.6 billion.

Considering management’s guidance, the growth story is still intact. They expect $1.87 billion to $1.89 billion in revenues for 2023, which equates to 28.1% to 29.5% growth. Looking ahead, they expect 2024 revenue in the range of $2.15 billion to $2.2 billion, representing over 10% growth.

Despite the short-term funding challenges, we are in one of the most innovative medical eras. Thus, demand for Medpace services will continue to grow. Management reported the highest new awards ever in Q3, highlighting underlying demand. At 20x forward EBITDA, MEDP stock remains one of the best growth stocks to buy. As the stock breaks out to new all-time highs, buy for further gains.

On the date of publication, Charles Munyi did not hold (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.