From Nasdaq:

2023 was a big year for Wall Street, with the S&P 500 and Nasdaq Composite rallying 24% and 43%, respectively. Analyst calls remain optimistic, with 57.3% of S&P 500 ratings being “buy” ratings, according to FactSet Research Systems. However, select Wall Street analysts hold downside calls for three supercharged growth stocks that could plunge up to 89% in 2024.

First, Upstart Holdings (NASDAQ: UPST) has a potential downside of 81%, according to analyst Vincent Caintic of Stephens & Co. Upstart’s AI-driven lending platform has shown promise, but concerns about the impact of the Federal Reserve’s rate hikes and the company’s untested operating model cast doubt on its stock performance.

Next, data-mining company Palantir Technologies (NYSE: PLTR) could see a plunge of 70% in 2024, according to RBC Capital analyst Rishi Jaluria. Despite delivering recurring profits, concerns about the company’s valuation and margin sustainability are reasons for concern.

Finally, electric-vehicle (EV) manufacturer Tesla (NASDAQ: TSLA) could experience an 89% downside, based on the prediction of longtime Tesla bear Gordon Johnson of GLJ Research. While Tesla has achieved impressive growth, concerns about its pricing strategy, unfulfilled promises from CEO Elon Musk, and its lofty valuation are reasons for caution.



Read more: 3 Supercharged Growth Stocks That Can Plunge 70% to 89% in 2024, According to Select Wall Street Analysts