2 Top stocks that could double in 2025

There is no doubt that the bull market is alive and well. The S&P 500 jumped more than 50% over the two-year period 2023-24, the first time it has done so since the dot-com era, and stocks are also off to a good start in 2025. Through Jan. 22, the broad market index up 3% and it just hit another record high.

While pretty much any investor should be happy with the kind of returns the S&P 500 has delivered over the past two years, there’s room for more growth. Keep reading to see two stocks that look like good candidates to double this year.

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1. Coupang

Coupon (NYSE: CPNG) may not be a household name in the US, but it is in South Korea, where it is the leading e-commerce platform.

In fact, Coupang follows a similar playbook Amazongo from a direct online seller and then layer on more profitable, complementary businesses like a third-party marketplace, food delivery and video streaming. It has also launched a similar service for Amazon Prime called Rocket Wow to help lock in customers.

So far, Coupang has delivered solid growth, but it has yet to garner much credit from the market. However, that may soon change.

First, the company delivers solid top- and bottom-line growth. Third-quarter revenue rose 27%, or 32% on a currency-neutral basis, to $7.9 billion, and gross margin improved 350 basis points to 28.8%, thanks to improvements in both its core e-commerce business and newer offerings.

Management touted increased efficiency, greater use of technology and automation, supply chain improvements and the scaling of higher-margin businesses. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in the quarter rose 44% to $343 million.

Coupang also trades at a reasonable valuation at a price-to-sales ratio of 1.4, and the South Korean market suits its business well, as its high density and fast internet speed make delivery easy and help services like video streaming. If it maintains its strong revenue growth and its margins continue to expand, the stock will be rewarded by investors. It could see one inflection point in 2025.

2. Upstart

Another candidate for a doubling this year is Upstart Holdings (NASDAQ: UPST)the artificial intelligence (AI)-based lender that surged during the pandemic but is still sharply down. However, the upstart has gained traction since the bottom, and the stock has risen significantly since then, stabilizing even as interest rates have remained high and loan demand has been weak.

That may start to change this year. First, the Federal Reserve still predicts two interest rate cuts, and Treasury yields have been raised since Trump was elected amid investor jitters over potentially inflationary policies such as tariffs and mass deportations. If inflation continues to fall, interest rates are likely to fall, benefiting Upstart.

Upstart has also made internal improvements that set the company up for a new round of growth, as it has secured financing for its loans, which are typically financed through partners; has strengthened its balance sheet; and has streamlined its cost base after a series of layoffs.

The lending platform showed some signs of improvement in its third-quarter earnings report, with revenue up 20% to $162 million. Its volume of loans originated increased 30% year over year to 188,149, or $1.6 billion, and conversion improved dramatically, up from 9.5% to 16.3%. The company credited a new model, Model 18, with improving its conversion rate by making its forecasts more accurate, an important step in driving revenue growth.

Upstart also sees continued revenue growth in the fourth quarter, and that could accelerate in 2025 and make the company profitable, especially if interest rates fall. Upstart is a volatile stock, but it has the components to rise this year as it builds on the improvements in its model and benefits from an improved macro environment.

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*Stock Advisor returns from January 21, 2025

John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Jeremy Bowman has positions at Amazon and Upstart. The Motley Fool has positions in and recommends Amazon and Upstart. The Motley Fool recommends Coupang. The Motley Fool has one disclosure policy.