3 Underrated Growth Stocks That Look Like Great Buys Heading Into 2026

Are you looking for a top growth stock to buy heading into 2026? Although valuations are high for many stocks, there are some potential deals still out there right now.

Three stocks that haven't been doing that well this year and that investors may not be valuing as highly as they should be are Amazon (NASDAQ: AMZN), Viking Therapeutics (NASDAQ: VKTX), and Carnival Corp. (NYSE: CCL). Here's a closer look at why these growth stocks look underrated, and why they can be big winners next year.

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Amazon

Tech giant Amazon has a market cap of $2.4 trillion, but it still looks like an underrated buy. Despite having plenty of growth opportunities related to artificial intelligence (AI), it has drastically underperformed the S&P 500 this year. It's up just 3% while the broad index has rallied by more than 16%. And as of Monday's close, it was also the worst performer among the "Magnificent Seven" this year.

Amazon is trading at 32 times its trailing earnings, which is far below the 42 times earnings of the average stock in the Technology Selector Sector SPDR ETF. Although the company's online marketplace and warehouses can benefit significantly from AI, investors appear to be hesitant about the stock's future.

However, in the long run, it's even easier to make the case for much more growth at Amazon. The company has a robotaxi business in Zoox and is also making its own AI chips. Meanwhile, its cloud business is growing well at 20% in the company's most recent quarter (it ended on Sept. 30). Amazon's overall growth rate still looks solid at 13% overall, and with many exciting growth opportunities ahead, it may be an underrated buy for the long haul.

Viking Therapeutics

One of the best healthcare stocks to own today looks to be Viking Therapeutics. It's down 3% this year as investors dumped the stock back in August, when analysts were concerned about a high discontinuation rate from its weight loss pill, VK2735.

The stock was so beaten down that I predicted it would double in value when it was around $23. The only reason I didn't buy it then was that I was hoping it would fall a bit further, which unfortunately didn't happen. Today, it's back up to around $39, nearly where it was before the sell-off took place.

Viking has a lot of promise in the GLP-1 space as the injectable version of VK2735 is in phase 3 trials and the results thus far have been encouraging. Although the stock has nearly recovered from the sharp decline in August, it can still rise much higher -- if VK2735 obtains approval from regulators, that would be a game changer for the business, and it could make Viking a big acquisition target.

There's some risk here because Viking doesn't have an approved product in its portfolio just yet, but I'm optimistic that investors could generate some incredible returns from buying the stock at these levels.

Carnival Corp.

Another stock that I believe investors are overlooking today is Carnival. The cruise ship operator's stock has risen by just 4% this year and it trades at a price-to-earnings multiple of only 13. That's well below the S&P 500 average of 25.

Investors may be feeling extra cautious about the travel stock given the uncertainty in the economy these days. But I believe that may end up working in Carnival's favor, as its low-priced cruises can give consumers ways to take a reasonably priced vacation.

Carnival has been posting record numbers, and its financials look solid with the company reporting an operating profit in each of the past four quarters. At a low valuation, Carnival is an attractive stock to own as it gives investors a good margin of safety. The consensus analyst price target for the stock is over $33, with an implied upside of 29%.

David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon. The Motley Fool recommends Carnival Corp. and Viking Therapeutics. The Motley Fool has a disclosure policy.