2 No-Brainer Growth Stocks to Buy Now With $35 and Hold Long Term
The U.S. stock market has had a dream run in 2023, driven mainly by the exceptional performance of the "Magnificent Seven" tech stocks. Fundstrat analyst Tom Lee expects many more U.S. stocks to rally in 2024, thanks to the Federal Reserve's anticipated interest rate cuts, falling yields on the 10-year Treasury note, a loosening housing market, improving outlook for business capex, and anticipated fund flows in money market funds.
Although shares of many companies are already trading at higher valuations than a year ago, investors can still find reasonably priced high-quality growth stocks, such as UiPath (NYSE: PATH) and Confluent (NASDAQ: CFLT), all set to soar much higher in 2024. Here's why investors should consider these stocks -- currently trading at less than $35 per share -- as potential long-term investments.
UiPath is leveraging robotic process automation (RPA) tools and artificial intelligence (AI) technologies to help companies automate and streamline repetitive and rule-based tasks, which, in turn, helps boost the latter's cost efficiency and productivity. The company is already seeing solid demand for its automation tools in traditional industries -- such as telecommunications, retail, manufacturing, and consumer packaged goods -- to drive efficiencies in areas like store openings, employee onboarding, and pricing strategies.
Source Fool.com
