Analysts' favorite growth stocks for 2023 include two EV charging companies that are expected to double
It has been a year to forget for growth stocks. The iShares Russell 1000 Growth ETF has plunged 30% in 2022, on track for its biggest one-year loss since 2008, when it fell 39%. This also marks the first time since 2016 that growth has lagged value, comparing the growth ETF to the iShares Russell 1000 Value ETF . Growth stocks are characterized by those that tend to trade on the expectation of strong earnings expansion over several years in the future, rather than here and now.
However, JPMorgan named them top picks for the new year, noting : "While a weakening macro could present new challenges, as demand could be dampened, potentially delaying energy transition efforts, we still anticipate significant growth and inflection points and/or initial adoption across clean transport sub-sectors." Uber Technologies also made the cut, with 80% of analysts rating it a buy. The average price target on the stock implies upside of more than 90%.
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