Growth stocks can be some of the most exciting picks in the market, as these high-flyers can captivate investors’ attention, and produce big gains as well. However, they can also lead on the downside when the growth story is over, so it is important to find companies which are still seeing strong growth prospects in their businesses.
One such company that might be well-positioned for future earnings growth is Pure Storage, Inc. PSTG. This firm, which is in the Computer – Storage Devices industry, saw EPS growth of 74% last year, and is looking great for this year too.
In fact, the current growth estimate for this year calls for a significant earnings-per-share growth. Furthermore, the long-term growth rate is currently an impressive 17.5%, suggesting pretty good prospects for the long haul.
Pure Storage, Inc. Price and Consensus
Pure Storage, Inc. Price and Consensus | Pure Storage, Inc. Quote
And if this wasn’t enough, the stock has actually seen estimates rise over the past month for the current fiscal year by about 9.5%. Thanks to this rise in earnings estimates, PSTG has a Zacks Rank #2 (Buy) which further underscores the potential for outperformance in this company. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
So if you are looking for a fast growing stock that is still seeing plenty of opportunities on the horizon, make sure to consider PSTG. Not only does it have double-digit earnings growth prospects, but its impressive Zacks Rank suggests that analysts believe better days are ahead for PSTG as well.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Pure Storage, Inc. (PSTG) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research