ZS - 1 Nasdaq Stock to Buy Hand Over Fist Before It Triples in 5 Years
2023-09-14 05:10:00 ET
The tech-laden Nasdaq Composite index delivered solid gains of 32% so far in 2023 thanks to favorable factors such as cooling inflation, robust economic growth, the receding chances of a recession, and the proliferation of artificial intelligence (AI), which has given several technology stocks a big shot in the arm this year.
The Nasdaq could keep running higher along with the broader stock market . That wouldn't be surprising, as there are chances that the Federal Reserve could start cutting the federal funds rate beginning in the second quarter of 2024. It is worth noting that the Nasdaq was clobbered badly in 2022 and crashed 34% as the Fed raised interest rates to control inflation, but the situation seems to have changed for the better.
That's why now would be a good time for investors to buy shares of Zscaler (NASDAQ: ZS) , a Nasdaq Composite component that has clocked impressive gains of 47% so far in 2023. Let's look at the reasons why.
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1 Nasdaq Stock to Buy Hand Over Fist Before It Triples in 5 Years