These 3 Growth Stocks Are Screaming Buys for 2024
2023 was a comeback year for most growth stocks as they rebounded, led largely by big names in tech. Growth stocks can build you a fortune if chosen right, and a new year is a perfect time to evaluate your investments and add some stocks to your portfolio. Salesforce (NYSE: CRM), (NYSE: ALB), and Symbotic (NASDAQ: SYM) are three such incredible growth stocks that are screaming buys for 2024 right now. Here's why.
You wouldn't expect a commodity stock to make it to a list of growth stocks, but Albemarle is an exception. The lithium stock was hammered in 2023 as lithium prices plunged on fears of a slowdown in demand for electric vehicle (EV) batteries. Although Albemarle also sells bromine and specialty chemicals, it is the world's largest lithium producer and relies heavily on lithium for growth. The stock, however, is a no-brainer buy for 2024 and beyond at its current price.
Albemarle stock is currently trading at a price-to-earnings (P/E) ratio of only 5 times and a price to cash flow of only around 7 times. It also pays a dividend that has increased every year for 28 consecutive years. Further, Albemarle's top line is still growing despite falling lithium prices -- it expects to grow sales by at least 30% in 2023, led by higher volumes under long-term contracts.
Source Fool.com
Albemarle Corp Stock
Currently there is a rather positive sentiment for Albemarle Corp with 31 Buy predictions and 5 Sell predictions.
With a target price of 149 € there is potential for a 106.94% increase which would mean more than doubling the current price of 72.0 € for Albemarle Corp.
