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3 High-Potential Tech Stocks to Consider for Long-Term Growth

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Introduction

The recent market rebound has brought the S&P 500 and Nasdaq back above key technical levels, indicating potential for further gains. In this article, we will discuss three tech stocksβ€”Uber, AppLovin, and Pure Storageβ€”that are currently ranked as Zacks Rank #1 (Strong Buys). These stocks offer long-term upside, making them attractive options for investors as they prepare to release their quarterly earnings.

Why Invest in Strong Tech Stocks

Timing the market is challenging, which is why investing in strong tech stocks and holding them for the long term can be a profitable strategy. By focusing on innovative tech companies that are poised for growth, investors can benefit from the potential upside while minimizing short-term market volatility.

1. Uber Technologies, Inc. (UBER)

Uber has experienced significant growth, with its stock soaring over 90% in 2023. As the company expands its ride-hailing and delivery businesses and emphasizes profitability and autonomous driving, investors have rewarded its performance. Uber’s projected revenue and consumer base growth show promising signs for future success. Analysts expect its revenue to jump over 17% in 2023, reaching $44 billion, with a projected increase in Monthly Active Platform Consumers and trips as well.

2. AppLovin Corporation (APP)

AppLovin is a developer of digital applications and marketing tools that offers long-term upside potential. As people become increasingly dependent on mobile devices, AppLovin’s AI-enhanced offerings for the app economy have attracted significant attention. The company is projected to post impressive sales growth this year and next, with a substantial increase in adjusted earnings. Despite its current stock price run, AppLovin trades below its record highs and average price target, indicating room for further appreciation.

3. Pure Storage, Inc. (PSTG)

Pure Storage is an enterprise data storage and services company that aims to simplify data storage through its storage-as-a-service offerings. The company’s consistent growth in sales and earnings, along with impressive beats on bottom-line estimates, has led to a surge in its stock price. Analysts project further sales and earnings growth in the coming years. Pure Storage, trading below its average price target, has received strong recommendations from multiple brokerages, indicating bullish sentiment in the market.

Conclusion

Investing in high-potential tech stocks can be a rewarding long-term strategy. Companies like Uber, AppLovin, and Pure Storage offer solid growth prospects in their respective niches. By considering these stocks for investment, investors can potentially benefit from their ongoing success in the rapidly evolving tech industry.

To read more about these stocks and get detailed analyses, please consult the links provided below.

Uber Technologies, Inc. (UBER) : Free Stock Analysis Report
AppLovin Corporation (APP) : Free Stock Analysis Report
Pure Storage, Inc. (PSTG) : Free Stock Analysis Report

To learn more about the latest investment opportunities and stock recommendations, you can download the free reports provided by Zacks Investment Research through the links below.

Download your free report now to see highly-ranked oil and gas stocks
Download 7 Best Stocks for the Next 30 Days

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Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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