PAYC - 2 Undervalued Growth Stocks to Buy Before They Soar 68% and 93% According to These Wall Street Analysts
2023-12-02 07:25:00 ET
The S&P 500 (SNPINDEX: ^GSPC) has added 19% year to date as signs of economic resilience helped quell recession fears to some degree. Despite that momentum in the broader market, Etsy (NASDAQ: ETSY) and Paycom Software (NYSE: PAYC) have seen their share prices slip 37% and 43%, respectively, over the same timeframe.
In both cases, disappointing financial results and weak guidance were the driving forces behind the declines. However, certain Wall Street analysts believe the stocks are significantly oversold, creating a buying opportunity for investors. Let's take a closer look at these two undervalued growth stocks.
Etsy runs multiple online marketplaces, including Depop for fashion resale and Reverb for musical instruments. But the best known is the namesake Etsy marketplace, which specializes in vintage, artisanal, and handmade goods. Morningstar analyst Sean Dunlop has a 12-month price target of $145 per share on Etsy, implying a 93% upside from its current price.
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2 Undervalued Growth Stocks to Buy Before They Soar 68% and 93%, According to These Wall Street Analysts