The S&P 500 fell by 19% in 2022, but it has rallied about % to start the new year. I've seen some investors and traders call this a "junk rally," suggesting that it's all due to speculation and will likely fizzle out quickly.

And while that may be true for many risky stocks, there are a couple of growth stocks I can see rising even higher from where they are today. Both Roku (NASDAQ: ROKU) and Cano Health (NYSE: CANO) are up more than 30%. Here's why their shares may not have peaked just yet.

Roku has been red hot in 2023, up an incredible 62% already. Unfortunately, due to the 82% decline it suffered last year as growth stocks nosedived, it is still well down from where it was a year ago when it was trading at around $140.

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Source Fool.com