With the sharp rise in the equities space since the beginning of the year, it’s been difficult to find undervalued growth stocks. Still, there are opportunities to be had if you dig around.

Fortunately, the Federal Reserve may help in this department. With an acknowledgment that inflation has been stubbornly elevated, the benchmark interest will be held at current levels. That’s not exactly the news the market wanted to hear, leading to some choppy waters.

Nevertheless, with the red ink comes ideas that are on a compelling discount. Below are undervalued growth stocks that contrarian speculators can pick up.

Las Vegas Sands (LVS)

Casino and resort company Las Vegas Sands (NYSE:LVS) initially went through the wringer due to the Covid-19 disaster. It’s been trying to come back though the results on the charts are rather choppy. Nevertheless, LVS makes for a reasonable idea for undervalued growth stocks. This is a company that’s not only profitable but also carries a three-year revenue growth rate of 52.2%.

Fundamentally, the concept of revenge travel appears to be a faded phenomenon. However, in its place is the concept of travel prioritization. If this trend continues, people may be attracted to resorts such as Las Vegas Sands. It’s a bucket-list experience and Las Vegas offers American tourists a relative discount compared to going abroad.

For fiscal 2024, experts anticipate that sales will reach $11.8 billion, up 13.7% from last year’s haul of $10.37 billion. The most optimistic target calls for sales of $12.16 billion.

Objectively, LVS trades at 3.03X trailing-year sales, which isn’t discounted per say. However, it’s a sizable drop from when the multiple reached 10.68X back in the first quarter last year.

Coursera (COUR)

A for-profit open online course provider, Coursera (NYSE:COUR) started off life with much fanfare. However, when artificial intelligence – especially the generative kind – garnered momentum and adoption, Coursera was in trouble. How bad were the company’s woes? Well, since the start of the year, COUR stock lost almost 51% of equity value. Since its public market debut, it’s down more than 79%.

I don’t want to say that Coursera is on life support but I’m sure the thought has crossed observers’ minds. With the company incurring an operating loss of 20.44%, it’s natural to feel uncomfortable. However, if you’re willing to overlook the warts, COUR could be one of the speculative undervalued growth stocks to consider. After all, this is an enterprise that posted a three-year revenue growth rate of 23.2%.

For fiscal 2024, analysts project sales to reach $699.76 million, up 10.1% from last year’s print of $635.76 million. Moreover, the high-side target rises up to $704.5 million. These targets are credible because AI can’t award recognized certifications (yet).

Presently, COUR trades at 2.27X trailing-year revenue. Back in Q1 2023, the multiple was up to 10.68X.

Pfizer (PFE)

Pharmaceutical giant Pfizer (NYSE:PFE) is a tricky company to call among undervalued growth stocks. Back during the worst of the Covid-19 pandemic, seemingly everyone sought a vaccine for the SARS-CoV-2 virus. Having reached the approval and distribution finish line as among the first entities, Pfizer looked a compelling investment. Then, people stopped caring about Covid and down went PFE stock.

Still, because Pfizer remains powerfully relevant, the red ink makes PFE appear as one of the undervalued growth stocks. If the company can leverage its acumen from developing its Covid vaccine, then it’s possible to spark another growth cycle. It’s a risky idea, though. Over the past 52 weeks, PFE lost 29% of market value.

At the same time, it’s interesting that PFE shot up more than 9% in the past five sessions. It may be that investors sense a bottom is near. For fiscal 2024, analysts are looking for revenue of $60.03 billion, up a modest 2.6% year-over-year. For fiscal 2025, sales could rise to $62.57 billion.

At some point, this pharma giant has to come back, one would think. Therefore, it could be one of the undervalued growth stocks to consider.

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.