Investors on the path toward financial freedom seek the power of unstoppable growth stocks to build wealth. But this appetite for risk can come with its fair share of challenges. If this is not your first time investing, there is a chance that you lost money on what you thought was a great opportunity.
The reality is that the stock market is filled with a tremendous amount of opportunities. But picking the right growth stocks at the right price is what will set your portfolio up for future success. As we approach a new year, investors should not forfeit the opportunities that are present.
Now, let’s explore the three unstoppable growth stocks to buy before 2024!
Broadcom (AVGO)
Broadcom (NASDAQ:AVGO) is an American semiconductor company headquartered in San Jose, California. The stock is on a tear this year as the company has become a cash-generating machine.
Broadcom has continued to see positive momentum in AI and its core business. CEO Hock E. Tan has been a pivotal driver of the company’s AI strategy. Their custom silicon chips are well-positioned to meet the growing demands of generative AI offerings. For FY23, Broadcom’s revenue increased 8% YOY to $35.8 billion. Additionally, the company achieved a record adjusted EBITDA margin of 65%.
However, what investors should be excited about is the company’s cash-generation capabilities. For the 2023 fiscal year, Broadcom generated $17.6 billion in FCF from operations. Now, with the acquisition of VMWare under its belt, the company expects FCF to increase substantially for FY24.
Netflix (NFLX)
Netflix (NASDAQ:NFLX) is slowly making its way back into the spotlight and the stock has had a transformative year. Restructuring efforts by management have Wall Street excited and management has given a bullish outlook on FY23.
The company has made big changes in the last year and a broad slowdown in the advertising market has impacted revenue growth. But the prospects of the Fed cutting interest rates in the back half of 2024 can strengthen growth prospects.
Netflix has made material changes in its business model in 2023 and its strategy to crack down on password sharing has boosted subscriber growth. In Q3 2023, Netflix added 8.76 million global subscribers, well above Wall Street’s estimates. Their ad-plan membership model has also gained momentum, suggesting that consumers are willing to watch ads in order to access Netflix at a lower price. If you’re bullish on the future of streaming, Netflix is one of the best unstoppable growth stocks to buy.
Shopify (SHOP)
Shopify (NYSE:SHOP) is on its way to reaching mega-cap technology status. While global e-commerce sales have accelerated over the last decade, the momentum in AI will continue to drive the industry forward.
Shopify stock has had a strong year so far in 2023. The stock is up more than 100% YTD, driven by cost-cutting efforts that have boosted profitability. In May 2023, Shopify announced that they would cut 20% of their workforce. Shareholders were pleased with this announcement as profitability has been a major concern.
So far, in 2023 the business has seen a complete turnaround. More recently, Shopify sold off its logistics business to Flexport, creating stronger liquidity. This resulted in the company’s operating income swinging from negative to positive in Q3 2023. With cost-cutting at the forefront, Shopify is one of the best growth stocks for getting rich.
On the date of publication, Terel Miles did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
