One way to find potential growth investments is to look at stocks that analysts are bullish about. They spend a lot of time analyzing businesses, and they set price targets for where they expect stocks to be within the next 12 to 18 months. While you should always take individual recommendations with some level of skepticism, if enough analysts all agree on a stock, there just might be something there to support an investment action.

Two stocks that analysts are bullish on right now include Elanco Animal Health (ELAN -3.33%) and Alibaba Group (BABA -2.06%). Analysts see a consensus upside of at least 70% for both of these stocks. And there's good reason for the bullishness as these are two businesses that should be unstoppable in the long run. Let's find out a bit more about these two growth stocks.

1. Elanco Animal Health

Animal health is a good area for growth investors to target, as pet ownership has been on the rise over the years, and that means there's going to be a higher need for animal healthcare both now and in the future. An estimated 70% of U.S. households own a pet, and that's up from 56% in 1988. 

Elanco Animal Health provides essential medication for pets and farm animals, so it has some pricing power it can exert amid inflation. That was evident on the company's most recent earnings report when, for the first three months of 2023, on a constant-currency basis, revenue for both its pet health and farm animal segments was up 8% and 5%, respectively. Price increases boosted revenue by 5%, but even that wasn't enough to lead to declines in volumes for the company.

This year, the company projects that revenue will come in at around $4.4 billion, similar to what it generated in 2022. And although that may not be terribly impressive, that should improve in the long run as economic conditions improve. What's arguably more important is that its bottom line has been trending in the right direction:

ELAN Net Income (Quarterly) Chart.

ELAN Net Income (Quarterly) data by YCharts

There's also reason to be bullish on Elanco's long-term future, as the company has recently launched multiple products, including Bexacat (a treatment for cats with diabetes) and Adtab (a chewable tablet to help cats get rid of fleas).

Elanco's stock currently trades near its 52-week low and is priced at around $8.63 a share. With a consensus analyst price target of $16.50, investors could see some great returns from the stock if they're willing to be patient with it. If the company can continue to build on its recent results and get its bottom line into the black consistently, it may soon be a more attractive buy.

2. Alibaba Group

Alibaba struggled with growth in recent years as persistent temporary COVID-19 lockdowns put a strain on the Chinese economy. But now that the toughest pandemic-related restrictions are no longer being enacted, the tech company should benefit from a better outlook. With top Chinese websites, including Tmall, AliExpress, Taobao, and of course, Alibaba.com, the company owns some great e-commerce assets. That's in addition to the cloud, media, and logistics businesses Alibaba operates. For the three-month period ended Dec. 31, 2022, the company's sales totaled $35.9 billion and rose 2% year over year.

There is some uncertainty around the business, especially amid news that Alibaba will be splitting up its business into six different companies, but that can be a net positive for investors as that should reduce the risk of the Chinese government cracking down on Alibaba for antitrust reasons. It can also make the individual businesses better focused on their individual growth opportunities. 

Alibaba's stock isn't near its 52-week low, but at around $88 per share, it's down 30% from its high. The consensus analyst price target of $147.56 also implies there could be an upside of close to 70% for investors who buy the stock right now.

In the first quarter of 2023, the Chinese economy grew at a rate of 4.5%, beating expectations of 4%. If that trend can continue, Alibaba should benefit from it, and that can lead to stronger results for the business and a better valuation for the stock.