1 Growth Stock to Buy Ahead of 2024, and 1 to Avoid
After performing poorly in 2022, growth stocks have largely rebounded this year, and some have far outshone the broader market's solid performance. That was the case with e-commerce giant (NYSE: SHOP) and sports streaming specialist fuboTV (NYSE: FUBO). The former is up by 112% year to date, while the latter has risen by 95%.
However, these two stocks are unlikely to move in the same directions over the medium term; in fact, Shopify's prospects look much brighter than fuboTV's. Here's why.
Shopify made important changes to its business this year. The company increased the prices of its services, which, together with a recovering economy, helped boost its revenue. In the third quarter, Shopify's top line grew by 25% year over year to $1.7 billion. That was on the high end of the revenue growth rates it has recorded in the past year and a half.
Source Fool.com
Shopify Inc Stock
Currently there is a rather positive sentiment for Shopify Inc with 4 Buy predictions and 0 Sell predictions.
As a result the target price of 75 € shows a positive potential of 37.89% compared to the current price of 54.39 € for Shopify Inc.
