You might find it hard to be optimistic about the stock market right now. The Nasdaq Composite index is in a bear market. The S&P 500 is in a correction. Former high-flying growth stocks are especially getting pummeled. However…
analysts remain quite optimistic about some stocks. Here are three unstoppable stocks that could soar 58% to 97% over the next 12 months, according to Wall Street.
1. Intuitive Surgical
The consensus 12-month price target for Intuitive Surgical (ISRG 0.14%) reflects a 58% premium to the current share price. All the robotic surgical systems maker needs to do to hit that target is to return to where its stock traded in early January.
Intuitive Surgical has beaten analysts’ expectations in both of its quarterly updates so far this year. However, the stock has fallen more than 40% primarily because of worries that growth will slow significantly.
CEO Gary Guthart acknowledged on Intuitive’s recent first-quarter conference call, “We are challenged by environmental stresses, including regional waves of COVID, staffing pressure at hospitals, component and raw material availability, and logistic delays.” He noted that “it’s difficult to forecast how long these headwinds will persist.”
But Wall Street analysts know that these challenges will only be temporary ones. The robotic surgical systems market continues to grow. Intuitive Surgical remains the clear leader in that market. It should be only a matter of time before the stock returns to its winning ways.
There’s a similar story with Nvidia (NVDA -2.69%). The average analyst price target is 82% higher than the chipmaker’s current share price. Nvidia stock only needs to regain its levels from early December 2021 to nearly reach that target.
Much of Nvidia’s share decline in recent months has been unrelated to the company’s business performance. Instead, the overall slump for tech stocks has pulled Nvidia down in its wake.
Nvidia’s revenue continues to increase robustly on nearly every front. The company is best known for its graphics processing units (GPUs) used in gaming apps. However, it probably won’t be long before Nvidia’s biggest revenue source is in the data center market.
The company also has excellent growth opportunities for its self-driving car technology and its Omniverse metaverse. Even with Nvidia’s shares trading at more than 33 times expected earnings, Wall Street believes that there’s plenty of room for this stock to run.
3. 10x Genomics
It’s probably no coincidence that the stock on this list that has been beaten down the most is also the one that Wall Street is most bullish about. 10x Genomics (TXG 2.75%) stock has plunged nearly 80% from its peak last summer. And the consensus price target for the stock is close to 97% above its current price.
Why has 10x Genomics stock fallen so much? The shift away from growth stocks certainly contributed to the decline. 10x also provided disappointing full-year 2022 revenue guidance earlier…
Continue reading at THE MOTLEY FOOL