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Set your sights on stocks that could potentially catapult your wealth to unforeseen heights. Thanks to a steadfast Fed and robust corporate earnings, the S&P 500 capitalizes on last year’s success, creating an inviting landscape for growth stock enthusiasts. Accompanied by three interest rate cuts this year, the allure of investing in growth stocks has never been stronger.

Take a deep dive into a trio of promising stocks boasting a potential upside of 30% or more across diverse sectors like streaming, ride-hailing, and digital payments. These stocks not only promise handsome returns but also offer exposure to burgeoning markets with massive potential for growth. While two of these gems are rooted in the U.S., one provides a gateway to the rapidly expanding Southeast Asian region.

Remitly (RELY)

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Remitly Global (NASDAQ:RELY), with a market cap of $4.03 billion, stands out as a company with the potential to make investors exceptionally rich, courtesy of its strong foothold in the digital remittance market.

Offering international money transfers to over 150 countries, Remitly is well-positioned to leverage the wave of globalization and a vast total addressable market of $1.5 trillion that is continuously expanding.

Focusing on facilitating income flows to low- and medium-income countries, Remitly targets a market segment ripe for disruption. With 30 million immigrants making up 19% of the U.S. labor force in 2023, the demand for efficient and cost-effective money transfer solutions is evident. Powered by cutting-edge technology, Remitly aims to streamline the process, providing lower costs and faster transaction speeds.

This growth trajectory is supported by strong financial performance. Remitly reported a 44% surge in revenue, totaling $944.3 million in FY’23, alongside a 38% increase in send volume to $39.5 billion. Its active customer base also expanded by 41% year-over-year to 5.9 million. Looking ahead, Remitly forecasts a bold revenue target of $1.2 billion for FY’24 while aiming to reduce losses.

Analysts have bestowed RELY with a “Moderate Buy” rating and a target price of $27, representing a potential upside of approximately 30%.

Grab Holdings (GRAB)

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When it comes to stocks that have the power to enrich investors, Grab Holdings (NASDAQ:GRAB) is a standout pick. Offering a diverse portfolio and access to the rapidly expanding Southeast Asian markets, Grab presents an enticing investment opportunity.

Founded by Anthony Tan, Grab aspires to dominate e-commerce in Singapore and Southeast Asia, regions that have witnessed impressive growth rates outpacing China in recent years. The ride-hailing sector in Southeast Asia is projected to reach $10.50 billion by 2028 at a compound annual growth rate of 5%, with the digital payments market set to grow by 10% to $417 billion between 2024 and 2028.

With its super app encompassing ride-hailing, food delivery, and digital payment services, Grab is well-poised for success. Operating across Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, Myanmar, and Cambodia, Grab’s geographical diversity shields it from market volatility. Moreover, its foray into e-commerce, including the acquisition of Jaya Grocer, a Malaysian supermarket chain, augurs well for future growth.

Financially, Grab reported an impressive 30% year-over-year revenue increase in Q4’23, reaching $653 million, with a profit of $11 million. Additionally, its adjusted EBITDA surged by $146 million year-over-year to $35 million. The company’s board also approved a share repurchase program of up to $500 million.

Analysts have unanimously rated Grab stock as a “Strong Buy,” with an average price target of around $4, signaling a potential upside of 39% from its last recorded price of $3.

Warner Bros Discovery (WBD)

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Despite possessing a treasure trove of media assets, Warner Bros Discovery (NASDAQ:WBD) has seen its stock dip by 25% this year. Formed through the WarnerMedia and Discovery merger, WBD boasts platforms like HBO Max and Discovery+, which added 2.6 million subscribers in Q4’23, culminating in 97.7 million subscribers for the year, heralding a return to streaming growth.

However, since its inception, WBD stock has faced challenges. The streaming landscape is fiercely competitive, with Netflix looming large in the sector. Netflix’s recent streaming deal with WWE demonstrates its commitment to enhancing its offerings. Concerns also linger about WBD’s ability to realize post-merger synergies and offset losses from external factors like the Hollywood writers’ and actors’ unions’ strikes, which were anticipated to range between $300 million and $500 million last year.

Despite these hurdles, the significant portfolio of media assets underpins a bullish case for WBD. Its streaming service, Max, combines HBO Max and Discovery+’s content, boasting popular franchises like “Harry Potter,” “The Lord of the Rings,” and the “Batman” films, attracting dedicated fan bases. Available in three tiers, the platform caters to diverse audience preferences.

Market sentiment towards WBD has shown signs of improvement following the departure of CNN CEO Chris Licht. Given CNN’s pivotal role within the company, investors are hopeful that this change could herald a fresh strategic direction for the iconic brand.

Analysts have assigned WBD a “Moderate Buy” rating, with an average price target of $14, representing a potential upside of approximately 56% from its last closing price of $9.

As of the publication date, the author did not hold any positions in the mentioned stocks. The views expressed in this article are solely those of the author and do not necessarily reflect the opinions of Nasdaq, Inc.

The article writer, Faizan Farooque, is a contributing author for various financial websites, including InvestorPlace.com, and brings a wealth of experience in stock market analysis, having previously worked as a data journalist at S&P Global Market Intelligence. His mission is to empower the everyday investor with informed decision-making capabilities.

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