SHOP - Ignore Shopify: Here Are 2 Growth Stocks to Buy for 2024
2023-12-30 09:42:00 ET
After watching the stock more than double in 2023, it's understandable that some investors would think they've missed the boat on Shopify (NYSE: SHOP) . Sure, there's a bright outlook for the software-as-a-service specialist as it benefits from lower costs and soaring sales growth. Yet, much of that enthusiasm is reflected in Shopify's elevated valuation.
There are other good options for growth stock investors to consider if Shopify's big premium turns them off. Amazon (NASDAQ: AMZN) and Okta (NASDAQ: OKTA) shares could be even better buys for 2024 and beyond.
E-commerce sales have finally started growing again after big declines following the pandemic, but that's not the only factor driving Amazon's stock higher these days. Wall Street is salivating over robust sales gains in the tech giant's cloud services segment, home to the Amazon Web Services (AWS) juggernaut. This unit accounts for well over half of Amazon's business and will likely grow in importance over the coming decades.
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Ignore Shopify: Here Are 2 Growth Stocks to Buy for 2024