After an encouraging rally to end 2023, the major indexes continued their winning streak in the new year. The Nasdaq Composite is just a couple of percentage points from setting new highs, up 36% over the past 12 months.

Amazon (NASDAQ: AMZN), Roku (NASDAQ: ROKU), and Alibaba (NYSE: BABA) are leaders in their respective markets spanning e-commerce, cloud services, and entertainment. These companies are reporting improving business results, but their share prices still trade at discounts from their previous peak.

Here's why these three turnaround stocks offer investors significant upside over the next few years.

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Source Fool.com