4 Beaten-Down Nasdaq Stocks With 57% to 78% Upside, According to Wall Street

Over the past four weeks, growth stock investors have been given a stern reminder that stocks move in both directions. In particular, the tech-heavy Nasdaq Composite has declined by a double-digit percentage since hitting an all-time closing high of 14,095 on Feb. 12…

The highflying index has primarily been battered by rising Treasury yields. Rapidly rising yields could signify an upcoming uptick in inflation, and they might lure some investors out of stocks and into bonds. Either way, investors are clearly perturbed.

But if there’s one constant when it comes to stock market corrections, it’s that they’re always buying opportunities. Eventually, all crashes and corrections are put into the rearview mirror by bull market rallies.

Following the pummeling high-growth stocks have taken, even Wall Street agrees that bargains abound. The following four Nasdaq stocks all have 12-month consensus price targets from Wall Street investment banks that imply upside ranging from a low of 57% to as much as 78%.

Zoom Video Communications: Implied upside of 57%

One of the hottest stocks in 2020Zoom Video Communications (NASDAQ:ZM), has thus far been an abysmal performer in 2021. But Wall Street paints a different picture for the company. With a consensus one-year price target of almost $484 a share, Zoom has an implied upside of 57%.

As you might imagine, Zoom benefited immensely from the coronavirus disease 2019 (COVID-19) pandemic. With workplaces shuttered, businesses turned to web conferencing as a means to stay connected and get things done. Zoom’s “freemium” model allow users to try things out, while the scalability of its platform hooked businesses big and small during the crisis. Zoom ultimately recorded $2.65 billion in sales last year, which was a cool 326% higher than the previous year.

The thing about Zoom is that the platform isn’t going away, even after life returns to some semblance of normal. Getting workers back into offices doesn’t change the fact that many businesses can operate remotely. In fact, efficiency has improved outside the office, in some instances. With Zoom controlling the lion’s share of U.S. web conferencing, it has a good chance to deliver significant sales growth throughout the decade.

Novavax: Implied upside of 78%

Another high-flying Nasdaq stock that’s taken it on the chin in recent weeks in clinical-stage drug developer Novavax (NASDAQ:NVAX). But despite closing below $158 on Monday, March 8, Wall Street has a consensus 12-month price target of $281.25 on the company. That implies upside of 78%.

The buzz surrounding Novavax primarily has to do with its coronavirus vaccine candidate, NVX-CoV2373 (rolls right off the tongue, doesn’t it?). In the company’s late-stage trial in the U.K., vaccine efficacy came in at 89.3%, with 95.6% efficacy against the original SARS-CoV-2 strain, and 85.6% efficacy against the U.K. variant. This two-dose vaccine looks highly effective, based on this initial data.

On the other hand, management doesn’t expect approval from the Food and Drug Administration in the U.S. until sometime in…

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