You Could Buy These 2 Growth Stocks on the Dip
The stock market has started to recover from a painful 2022, but many of yesteryear's high-priced market darlings are still trading far below their two-year peaks. In fact, some of them look downright undervalued by traditional metrics such as price to earnings (P/E) and price to free cash flow (P/FCF) ratios. You know, those sky-high numbers that growth investors just tend to accept as long as the company keeps delivering that sweet, sweet sales growth.
In this market, it's like we're at a garage sale near the intersection of Wall Street and Silicon Valley -- a virtual Sand Hill Road, if you will. Amid that clutter, we might just find some valuable items that have been discarded for all the wrong reasons. Two such potential treasures are (NYSE: RNG) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). The cloud-based communications veteran and Google's parent company have been through the wringer but now seem poised for wealth-building comebacks.
At that virtual garage sale, you stumble upon an old rotary phone. It's a bit dusty, maybe even a bit rusty, but you see potential. That's kind of like RingCentral right now. Sure, it's been a bit roughed up by the market recently, but this digital communications expert could be just the connection your portfolio needs.
Source Fool.com
