After a rough 2022, where the bear market destroyed the valuation of many growth stocks, there's been a bit of a reversal to start this year. Many stocks that took a beating last year are already up more than 30% in 2023, including Tesla (NASDAQ: TSLA), Shopify (NYSE: SHOP), and Exact Sciences (NASDAQ: EXAS).

Here's a closer look at why investors have been bullish on these stocks of late, and whether their shares can continue to go higher.

Last year, shares of electric vehicle maker Tesla crashed an incredible 65%. But to start 2023, the company has been a red-hot buy, already up 55% after just one month of trading. Investors appeared to be bullish on news that Tesla released in January, saying it would be reducing prices of its vehicles. This should help improve demand and may end up accelerating revenue growth. On U.S. models, the price cuts range between 6% and 20%.

Continue reading

Source Fool.com