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3 Monster Growth Stocks That Can Rip Higher

It’s undoubted, we’re in an upward market cycle. The S&P is up ~5% in the last 30 days, and the NASDAQ has gained 6%. Good news has buoyed investors’ spirits – news of upcoming COVID vaccine and the resolution of the November elections.But those are in the past, and the markets are forward-looking. These gains must be supported by near-term prospects. What we have in the immediate offing is starting to grow clearer. The Biden Administration will be sworn into the office in January, combined with the likely prospect of a partisan split in Congress and a conservative Supreme Court. It’s a recipe for a divided government unlikely – and likely unable – make any radical shifts in policy direction. Meanwhile, the FDA has gave the green light to the Pfizer-BioNTech coronavirus vaccine last Friday, with shipments expected to reach 636 sites this week.So, in a growth environment, it’s time to look at growth stocks. These are equities that have shown strong share appreciation in recent months and fit a profile: they all have Strong Buy ratings in the TipRanks database, and show double-digit upside potential for the coming year. We’ve pulled up the details on three such investments.Niu Technologies (NIU)We will start with Niu Technologies, a manufacturer based in Changzhou in southern China. The company makes and markets electric scooters, a popular product among China’s rapidly growing urban population. Niu was one of the first e-scooter makers to use lithium-ion batteries. The company now markets three lines of scooters, totaling 7 models.Niu reported $232.9 million in revenue in 1Q20. For the second quarter, the company brought in $644.9 million. And in the recent Q3 report, Niu showed $894.5 million on the top line. That’s 284% revenue growth in 9 months. Q3 EPS, while below the forecast, was still up 25% year-over-year, and reflected a 70% year-over-year increase in sales volume. The company noted a decline in margins, attributed to the ongoing international COVID crisis.This name has already soared 231% year-to-date, but some Wall Street analysts believe there’s more fuel left in the tank.Covering this stock for Needham, Vincent Yu writes, “We believe NIU has a clear path for accelerated unit sales growth going into FY2021, driven by store openings, and ASP recovery backed by international market demand and a stabilized product mix… [We] believe blended e-scooter ASP will improve as international markets recover, evidenced by mgt.’s comment that the international order book is strong for 4Q20. Niu’s expansion into new international markets such as Indonesia will benefit the blended ASP, as e-scooter ASPs in these markets will be higher than that of in China.”In line with his bullish comments, Yu gives NIU shares a Buy rating with a $36 price target indicating room for 27% upside growth in 2021. (To watch Yu’s track record, click here)Overall, Niu’s Strong Buy…