The stock market is surging, with many growth stocks benefiting from the positive momentum. The S&P 500 index confirmed the bull market earlier this year, reaching record highs and continuing to set new records.
Despite the gains, there are still some winning stocks from this year that present great investment opportunities. It’s important to keep an eye on growth stocks that have not yet taken off, as they may offer good bargains.
Two stocks worth considering are Carnival and Chewy. Carnival, a major cruise company, faced challenges during the early stages of the pandemic but has since rebounded. The company’s efforts to streamline operations and lower costs have paid off, with positive cash flow and debt reduction. Demand for cruises has also been on the rise, with record revenue reported in the most recent quarter.
Chewy, an e-commerce platform for pet products, has seen profitability in recent years. The company’s Autoship service, which accounts for a majority of its sales, provides visibility into future growth. Chewy has also expanded into Canada and opened veterinary clinics, diversifying its revenue base.
Both Carnival and Chewy offer strong growth potential and are trading at attractive valuations. Now could be a good time to consider investing in these stocks before they potentially skyrocket in 2024 and beyond.