Let's say you have $1,000 to put to work in the stock market, and you're after stocks that could triple your investment. 

Well, I have three stocks for you to consider. A few might surprise you. But bear in mind -- sometimes a stock needs to be beaten down to have considerable upside potential. 

Let's have a look at three stocks that fit that bill: Foot Locker (FL 14.96%)Carnival (CCL -0.13%), and Airbnb (ABNB -0.74%).

Person looking out at the sea from a cruise ship.

Image source: Getty Images.

1. Foot Locker

At first blush, sneaker retailer Foot Locker might seem out of place on my list. After all, aren't the days of the shopping mall retailer over?

However, once you dig under the surface, it's clear Foot Locker just needs a turnaround. It has new CEO Mary Dillon at the helm, and she clearly understands the assignment. She has pledged to update the company's offerings, increase sales to women and kids, and boost Foot Locker's online sales.

Chart showing Foot Locker's PS ratio falling since 2016.

FL PS Ratio data by YCharts

As you can see in the chart above, Foot Locker's 10-year price-to-sales (P/S) ratio has averaged around 0.83. Yet its current P/S ratio is only 0.45. If Dillon can deliver on her vision, I think the stock has plenty of upside and could push well above that 10-year average. 

Foot Locker shares are already up more than 35% over the last year, even as the broader market contends with a bear market. I wouldn't put it past Dillon to deliver a triple-bagger for investors willing to play the long game with this turnaround story.

2. Carnival

The COVID pandemic put many industries behind the eight ball. The energy sector, airlines, and hotels were particularly hard-hit. Even so, cruise lines might have sustained the worst -- and longest-lasting -- damage. Several early outbreaks happened aboard cruise ships, which led to many carriers halting operations altogether.

Carnival, the world's largest cruise line, saw its free cash flow drop from $649 million to a negative $12.8 billion from 2020 to 2021. With a huge hole blown in its balance sheet, Carnival raised cash through a combination of debt offerings and share dilutions. The company's average shares outstanding have nearly doubled since the start of 2020, while its share price has plummeted more than 80%.

Chart showing Carnival's diluted shares outstanding rising and price falling since 2020.

CCL data by YCharts

There are, however, reasons to be optimistic. Travel figures continue to climb, and pent-up demand for trips remains robust. Moreover, some analysts expect 2023 to be the year that Carnival finally regains its financial footing and approaches profitability again.

In the long term, the cruise industry isn't going anywhere. And as the years roll by, the financial effect from COVID will fade. As it does, Carnival should cash in. 

From a valuation standpoint, Carnival looks attractive to me. Consider this: Between 2000 and 2020, Carnival traded at an average price-to-sales (P/S) ratio of 2.6. Recently, it was trading at a P/S ratio of 0.9. Trailing 12-month revenue for Carnival remains about 42% below its peak, reached at the end of 2019.

If Carnival can get its revenue back up to (and hopefully well above) that peak and its P/S ratio rebounds, investors should be able to bag a nice profit. 

3. Airbnb

Another travel-related name with the potential to triple in the coming years is Airbnb. As with Carnival, you could have been forgiven for thinking Airbnb was a goner a few years ago. The pandemic truly put Airbnb between a rock and a hard place as travel demand slumped.

Yet, the company endured, thanks in no small part to the remote work revolution. In fact, a significant portion of the company's gross nights booked still come from long-term stays. As of its most recent quarter (the three months ending on Dec. 31, 2022), 21% of total gross nights booked were for a stay of 28 days or more.

What's more, overall earnings results continue to come up roses. The company beat analyst estimates for both revenue and earnings for the fourth quarter of 2022, with earnings per share of $0.48 and revenue of $1.9 billion. Looking ahead, analysts expect the company to earn $3.31/share in 2023, which would be a record high for Airbnb. That, along with steady growth in hosts and guests, could be a recipe for Airbnb to triple in future years.