WORK - Could Slack Be a Millionaire-Maker Stock?
Well-known investor and author Peter Lynch coined the phrase multibagger in his book, One Up on Wall Street, to describe the price increase of a stock that more than doubles. A 10-bagger is a stock that's grown to 10x its initial investment, an uncommon event which can also coincide with that stock qualifying as a millionaire maker. Investors seeking these exceptional stocks should look for a leading company that's winning in a huge market.
One such company could be Slack Technologies (NYSE: WORK), which is being helped by recent events related to the coronavirus pandemic but is also dealing with a deep-pocketed competitor. Let's take a closer look at this company and wrap up our analysis by answering the question: Can this communication platform specialist be a millionaire-maker stock?
Slack's collaboration platform is the perfect pairing for remote work. Image source: Getty Images.