2 Growth Stocks Down More Than 50% to Buy Now, According to Wall Street
Recession fears have sent the S&P 500 tumbling into a bear market this year, erasing more than $8 trillion in wealth. The broad-based index is currently 22% off its high, but many stocks have slipped much farther. For instance, Datadog (NASDAQ: DDOG) and Atlassian (NASDAQ: TEAM) are down 58% and 56%, respectively.
However, Wall Street says the stocks are oversold. Datadog and Atlassian have consensus ratings of "buy" among analysts. In fact, not a single analyst recommends selling shares of either company right now, and both stocks have more than 100% upside in the next 12 months, according to the highest price targets.
Of course, investors should never buy a stock based solely on its short-term price target. The market is too unpredictable over short periods of time. But Datadog and Atlassian are both backed by compelling long-term investment theses.
Source Fool.com
