Economic uncertainty dragged the S&P 500 into a bear market in 2022. The broad-based index is down 21% year to date, meaning more than $8 trillion went up in smoke. But many Wall Street analysts view that downturn as a buying opportunity. In some cases, analysts are even forecasting triple-digit returns in the next 12 months, meaning shareholders could double their money before the end of 2023.
For instance, Phil Winslow of Credit Suisse put a price target of $275 per share on Zscaler (NASDAQ: ZS) , which implies a 127% upside from its current share price. And Keith Weiss of Morgan Stanley has a 12-month price target of $375 per share on Atlassian (NASDAQ: TEAM) , which implies a 203% upside from its current price.
Of course, price targets should never be taken too seriously. Even the smartest investors cannot predict the future, and triple-digit returns in the current economic environment may be a little too optimistic. That said, both of these growth stocks look like rewarding long-term investments.
For further details see:
2 Top Growth Stocks That Could Double Your Money in 2023, According to Wall Street