1 Growth Stock Set to Soar 110% From Its 52-Week Low, According to Wall Street
The bear market that has mauled the Nasdaq Composite continues, with the highly followed index down roughly 29% from its highs of late last year. However, many individual tech stocks have suffered far more, with many down 50% or more. Fears regarding rising interest rates, inflation at 40-year-highs, and the potential of a long, drawn-out recession are weighing on consumers and investors alike.
Company-specific challenges have added to investors' anxieties, with some worried that the sky is falling. Roku (NASDAQ: ROKU) is one of the tech companies dealing with high hurdles now. The combination of supply chain constraints and slowing streaming video growth have crushed Roku stock, which has lost as much as 72% of its value in 2022. It even managed to hit its 52-week low of $62 earlier this month.
At least one Wall Street Investment bank believes the selling has simply gone too far. D.A. Davidson analyst Tom Forte predicts that Roku stock could soar to $130 within the next 12 to 18 months. Roku stock has already recovered slightly to $68.40 as of this writing, but assuming it can reach $130, it still provides plenty of upside potential for investors who buy now.
Source Fool.com
