Want Triple-Digit Returns This Year? 2 Growth Stocks to Buy, According to Wall Street

In 2021, the S&P 500 delivered its third-best performance of the past decade, rising 26.9% during the year. Unfortunately, the market has given up some of those gains in 2022, as uncertainty surrounding high inflation and rising interest rates has sparked a selling spree. But the sell-off may be overdone, as some Wall Street analysts see significant upside in certain growth stocks.

For instance, Oppenheimer analyst Timothy Horan recently raised his price target on DigitalOcean (NYSE: DOCN) stock to $130, implying 142% upside. Likewise, Naved Khan of Truist Securities has a price target of $88 on Redfin (NASDAQ: RDFN), implying 227% upside. Generally speaking, price targets reflect Wall Street's expectations over the next 12 to 18 months, meaning they are short-term in nature. For that reason, I never put too much weight on any analyst's opinion -- but given the potential gains, it's worth taking a closer look at both of these stocks.

Here's what you should know about these two growth stocks with strong upside potential.

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Source Fool.com