There has been a shift away from growth stocks toward value stocks in recent months. This shift is the result of growth stocks soaring to the point that they were trading at egregiously high forward P/E ratios.

In particular, growth stocks in the tech sector were trading at elevated prices. The pendulum eventually swung the other way, moving the market-wide emphasis toward value stocks. There is a good chance the pendulum will soon move right back to growth stocks simply because plenty of investors have been patiently waiting for these high-flyers to pull back to reasonable prices.

In particular, three growth stocks have the potential to skyrocket as a result of a renewed focus on growth-oriented companies that are primarily focused on expanding their reach and market share: IDEXX Laboratories (IDXX), Generac Holdings (GNRC), and MKS Instruments (MKSI).

IDEXX Laboratories (IDXX)

IDXX is a pet healthcare products and services provider. IDXX makes it that much easier for veterinarians to provide the best possible medical care, advance the bottom line and enhance employee efficiency. IDXX also provides helpful diagnostic testing solutions that gauge the safety and quality of the feed provided to poultry and livestock.

IDXX has a B POWR Rating grade. The stock has Bs in the Sentiment and Stability components of the POWR Ratings along with an A in the quality component. Click here to find out how IDXX fares in the Momentum, Value, and Growth components.

Out of more than 180 stocks in the Medical – Devices & Equipment sector, IDXX is ranked in the top 20, slotting in at #19. You can learn more about the stocks in this sector by clicking here.

The analysts believe IDXX is underpriced, setting an average target price of $565.83 for the stock. If IDXX reaches this level, it will have increased by more than 7%. Of the 10 analysts who have issued IDXX recommendations, four view the stock as a Strong Buy, three consider it a Buy, and three consider it a Hold.

Generac Holdings (GNRC)

People across the globe picked up backup power generators during the coronavirus, assuming there would be subsequent emergencies and potential blackouts due to a strain on the power grid resulting from that many more people working from home and using all sorts of electronic devices in the home. GNRC’s generators are fueled by liquid propane, natural gas, diesel, Bi-Fuel, and gasoline.

GNRC has a B POWR Rating grade. The stock has As in the Quality and Growth POWR Ratings components along with Bs in the Momentum and Sentiment components. You can learn more about how GNRC fares in the Value and Stability components by clicking here.

Out of 86 stocks in the Industrial – Machinery space, GNRC is ranked 34th. Click here to find out more about the publicly traded companies in this sector. GNRC’s beta is 0.90, meaning it will likely hold steady even if the market swings downward or undulates in the months ahead.

MKS Instruments (MKSI)

MKSI makes instruments, process control technology, and subsystems used by manufacturers across the globe. These tools and solutions facilitate the control, measuring, monitoring, and analysis of advanced manufacturing operations with the overarching aim of enhancing productivity and performance. MKSI serves clients in the medical, scientific research, environmental, capital equipment, life sciences, and industrial manufacturing spaces.

MKSI’s forward P/E ratio of 15.66 is quite low considering the stock’s industry and the fact that it is trading only $25 below its 52-week high of $199.44. The stock’s 52-week low is $90.62.

MKSI has a B POWR Rating grade. The stock also has Bs in the Growth and Sentiment POWR Ratings components. However, MKSI has Cs in the Quality and Stability components. Investors who would like to find out how MKSI grades out in the Momentum and Value components of the POWR Ratings can do so by clicking here.

Out of 180+ stocks in the Medical – Devices & Equipment space, MKSI slots in at #37. This industry as a whole has a C POWR Rating grade. Click here to find out more about the stocks that comprise the Medical – Devices & Equipment industry.

The analysts believe good things are in store for MKSI as their average target price for the stock is $203.70. If MKSI hits this price level, it will have increased by 15.42%. A total of 10 analysts have issued MKSI recommendations. Exactly seven of those analysts view the stock as a Buy, two consider it a Hold and one considers it a Strong Buy. No analysts view MKSI as a Sell or Strong Sell.