1 Magnificent Growth Stock to Buy Hand Over Fist Before It Soars 53%, According to Wall Street
Technology stocks are showing signs of recovery in 2023 amid cooling inflation, a new growth catalyst in the form of artificial intelligence (AI), and a reduction in the pace of interest rate hikes by the Federal Reserve. These factors have sent the Nasdaq-100 index up close to 20% so far this year.
It is worth noting that the tech-laden Nasdaq-100 is up 22% since hitting a low on Dec. 28, 2022. This indicates that the Nasdaq may have already entered a bull market, which usually represents a sustained rally of at least 20% in stock prices. Also, history suggests that the Nasdaq could end 2023 strongly following last year's terrible performance.
These indicators are part of why investors looking to buy a growth stock may want to buy shares of cloud-based data streaming platform provider Confluent (NASDAQ: CFLT). This fast-growing cloud company lost 39% of its value in the past year, but it is expected to soar big-time in the next year and beyond. A bull market could give Confluent stock a nice shot in the arm and help it deliver a healthy upside. Let's see why that may be the case.
Source Fool.com
