Turbulence has continued to roil the markets early in the summer season, and stocks with growth-dependent valuations have been particularly hard hit. The growth-heavy Nasdaq Composite index is now down roughly 8% since the beginning of June, and it's possible that more volatility is coming down the pipeline. 

With inflation still running hot, the Federal Reserve serving up its highest interest rate hikes in decades, and the possibility the economy will enter recession in the near future, it's little wonder investors are feeling exhausted. However, despite the challenging conditions at hand, it would also be a big mistake to treat all growth stocks as radioactive. Read on to see why a panel of Motley Fool contributors thinks these three stocks will help you beat the summertime blues and score big wins over the long term. 

This travel innovator offers huge upside

Keith Noonan: The travel industry is bouncing back in a big way this year, but that hasn't prevented Airbnb (ABNB 1.09%) from suffering as prices for growth stocks have collapsed. Despite a dramatic valuation slide, the company has been serving up strong business performance, and I think investors will benefit by building a position in this unfairly punished innovator. 

Airbnb's revenue jumped 70% year over year to reach $1.5 billion in the first quarter, and free cash flow in the period more than doubled to reach an all-time high of roughly $1.2 billion. Meanwhile, Airbnb's share price is now down 31% from market close on the day of the company's initial public offering in December 2020, 40% year to date, and 54% from its lifetime high. The company's strong gross margins and rapidly expanding business point to big profit potential down the line, and recent sell-offs have created a don't-miss opportunity to invest in a company with massive long-term potential. 

While rising fuel costs and the possibility of recession can reasonably be expected to have negative impacts on the business in the near term, these headwinds are also occurring in conjunction with a massive rebound for travel demand as pandemic-related conditions have eased in most parts of the world. People want to get back out there, and Airbnb's platform is making it easy to find accommodations and enjoy local events and activities. 

When Airbnb publishes its second- and third-quarter results for this year, it will likely wind up posting best-ever sales and earnings in the respective periods. Net income performance should be particularly strong in Q3, which is typically the company's best quarter thanks to the summer travel season. Impressive numbers could prompt a rapid upward reappraisal for the company's valuation, and I think investors can strengthen their portfolios by buying shares amid the current summertime discount. 

Hackers are gonna hack

James Brumley: I know the stock's taken a bit of a tumble since April's highs, calling its safety into question. But I honestly feel the 30% setback Palo Alto Networks (PANW 0.84%) shares suffered in April and May had everything to do with the market, and nothing to do with the company.

If you're not familiar, Palo Alto is a cybersecurity company, and a good one. It can offer almost any sort of digital protection, but is particularly well equipped in protecting corporate clouds and securing the digital connections being made by employees working outside of an office -- like at home.

And the need never really goes away. See, companies may cut spending plans when it looks like there's a recession looming. Ditto for consumers. Computer hacking and phishing are recession-proof endeavors, though. That is to say, cybercriminals are always working regardless of the environment. That's why cybersecurity is one of the few things most companies just can't afford not to fund.

In this vein, even with the economic headwind that's starting to blow, PricewaterhouseCoopers reports that 69% of the organizations it polled late last year planned to raise their cyber defense spending this year. Gartner says global cybersecurity spending will grow 11% this year to reach $172 billion, underscoring PricewaterhouseCoopers' expectation.

Given Palo Alto's status as an industry leader that can win more than its fair share of this growth, the tailwind particularly favors this stock. Revenue is projected to grow 29% this year and other 23% next year. Its customers clearly love its all-in-one, turnkey solutions.

Adobe stock is finally on sale

Daniel Foelber: Adobe (ADBE -0.37%) stock is hovering around a 52-week low after reporting better-than-expected Q2 fiscal 2022 earnings but lower guidance for the full fiscal year. The software-as-a-service company is now guiding for fiscal 2022 revenue of $17.65 billion and diluted non-GAAP earnings per share (EPS) of $13.5 billion -- giving it a forward price-to-sales ratio of 9.7 and a forward price-to-diluted-earnings ratio of 26.9.

If Adobe hits its target, its revenue would be up 11.8% year over year, its non-GAAP EPS would be up 8.1% year over year, and both revenue and diluted EPS would be all-time highs. But the top- and bottom-line growth rates are a far cry from the 20% to 30% annual growth that Adobe investors had been used to in years past.

Adobe stock is more expensive than its peer group even though it is down over 45% from its all-time high. But Adobe has a few things going for it that make it a good long-term buy now. 

For starters, nearly all of Adobe's revenue is recurring thanks to its subscription model. It is the undisputed industry leader in applications that support digital media -- whether it's icons, graphics, logos, ads, videos, publications, or even movies and TV shows. Adobe's growth may slow during a recession. But its products are sticky and have become essential enterprise staples in modern day business. Another advantage is that Adobe has ripped off the proverbial bandage so to speak by cutting its full-year forecast.

The main cons with Adobe stock are its premium valuation and its low growth. But this is still a business that generates gobs of free cash flow, has more cash on its balance sheet than debt, and spends so little money that it has a gross profit margin of 88%. For investors looking for good long-term buys in the tech sector, Adobe stands out as a winner.