Growth stocks are not just bought for what they are now, but also for what they could become in the future. In this context, let's take a look at three exciting growth stocks whose revenue could explode in the coming decade. Machine vision expert Cognex Corporation (NASDAQ: CGNX) , OLED technology and materials supplier Universal Display Corporation (NASDAQ: OLED) , and industrial software company PTC (NASDAQ: PTC) are all companies with a big future. Here's why.
OLED materials and technology owner Universal Display Corporation (UDC) is a play on the growing adoption of OLED displays and panels. While the primary market is centered on high-end smartphones and to a lesser extent TVs, the technology can also expand in developing markets such as lighting, IT/wearables (laptops, watches, etc.), and automotive. UDC's partners include many leading consumer electronics heavyweights like Samsung and LG .
UDC management believes the OLED display market will grow from $29.9 billion in 2020 to more than $44.5 billion in 2023, an increase of 49%. Wall Street analysts expect UDC's revenue to grow by 93% in the same period from $430 million to $830 million.
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3 Growth Stocks to Buy and Hold for the Next 10 Years