Despite inflationary pressures and the possibility of a Fed interest rate hike in the offing, growth stocks have continued the momentum gained in 2020.

All three major indices recorded double-digit gains in the first half of 2021. The Dow, S&P 500 and Nasdaq added 12.7%, 14.4% and 12.5%, respectively, in the first six months of the year.

Wall Street analysts widely expect the momentum to continue in the back half of 2021.

The following are growth stocks that could perform well in the second half, in no particular order.

Alphabet

Alphabet Inc (NASDAQ:GOOGL) beat first- and second-quarter earnings estimates by a wide margin. While the continued shift by businesses to the cloud could boost the prospects of Google Cloud, the revival of travel and retail spending is likely to drive Google’s performance.

Alphabet is also gearing up to launch new and innovative features to boost the Google TV app.

Apple

Semiconductor shortage aside, Apple Inc (NASDAQ:AAPL) has plenty of growth drivers. The company’s loyal user base could drive its next phase of growth. Apple has been aggressively monetizing its services with a 660-million subscriber base and recurring subscription revenues.

Microsoft

Despite Microsoft Corp’s (NASDAQ:MSFT) strong execution and blowout results, investor response has remained tepid year-to-date.

The software giant launched its Windows 11 operating system in June, with a refreshed design, new features, and integration of its Teams videoconferencing app. Microsoft recently acquired Nuance Communications Inc (NASDAQ:NUAN) to flex its muscles in the health care sector.

Pfizer

The COVID-19 vaccine is estimated to generate $26 billion in revenue for Pfizer Inc (NYSE:PFE) in 2021. The pharma giant also has contracts with governments worldwide to supply vaccines until 2024.

Continued spread of the Delta variant of COVID-19 could keep market sentiment for Pfizer’s stock elevated.

Zoom Video Communications

Shares of Zoom Video Communications, Inc. (NASDAQ:ZM) jumped 14.7% in the first half, with some important launches, including Zoom Events and Zoom Phone Appliances.

“The control of internal and external communications should also better position Zoom to open the platform for application developers and create a marketplace. With a $5 billion cash position and 36% operating margins, we also believe Zoom has an attractive opportunity to do more potential M&A, outspend competitors, and extend its leadership position,” Bank of America analyst Daniel Bartus said in a note to clients. The BofA analyst also named Zoom Video Communications a top pick.

Etsy

Etsy Inc (NASDAQ:ETSY) is entering new markets, with the recent acquisition of Brazilian peer Elo7 and global fashion reseller Depop. The Depop acquisition positions the company well in the $558.7-billion online apparel market, which is projected to grow to $1.3 trillion by 2026.

PayPal Holdings

A global leader in the digital payments market, PayPal Holdings Inc. (NASDAQ:PYPL) is accelerating its expansion strategies by venturing into cryptocurrency payments, BNPL and cross-border payment systems.

The company has diversified its revenue sources with Xoom and Venmo. Contactless finance could remain relevant in the post-COVID-19 world, making this growth stock worth a look.

Fiverr International

Fiverr International Ltd (NYSE:FVRR) is expanding into new markets, with the addition of data-related services as its ninth vertical. The company’s role in supporting the gig economy could continue to favor the stock.

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