3 Stocks to Add to Your Portfolio in a Market Pullback
With the S 500 up more than 18% this year, it's getting very close to surpassing its previous high, which is about 5% above current levels. When that happens, we'll be back in a bull market. On average, valuations are just getting back to normal. The S 500's price-to-earnings ratio stands at 23 right now, which is a typical pre-pandemic valuation.
Still, some stocks do look a bit overvalued at this point even though the underlying companies have some wonderful businesses. Three in that category right now are (NYSE: SHOP), MercadoLibre (NASDAQ: MELI), and Nu Holdings (NYSE: NU). In the event of a market pullback, you'll want to load up on these stocks.
For any e-commerce company whose name isn't Amazon, getting online can be a challenge. Shopify offers tools and packages to make it a cinch, with turnkey websites and full payment options. It's no wonder it counts millions of clients and keeps growing.
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 38.73% compared to the current price of 54.06 € for Shopify Inc.
