After last year's historic market slump, Wall Street has had much more to be thankful for this year. The S&P 500 has climbed roughly 27% from its bottom in early October 2022 and stands just 5% off its all-time high. Surpassing the threshold will be the final criterion marking the start of the next bull market.

Even as the major market indexes have clawed their way back, not all stocks have yet taken part in the recovery. This seeming paradox represents a compelling opportunity for shrewd investors, allowing them to buy shares of some of the laggards before the bull market rally gains steam.

With that in mind, here are two stocks investors should consider buying before they soar 83% and 300% -- or more -- over the coming year or so, according to certain Wall Street analysts.

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1. Toast -- implied upside of 83%

They say timing in life is everything. If that's the case, Toast (TOST 1.19%) got it wrong. The digital technology provider for restaurants went public in late 2021, on the eve of the bear market, turning a stunning growth story on its head. Macroeconomic headwinds caused consumers to prioritize spending, punishing the restaurant industry in the process. Yet even in the face of challenges, Toast continued to generate strong double-digit growth -- even at the height of the downturn.

Now, as the economic outlook improves, things are looking up. In the third quarter, revenue grew 37% year over year, fueled by annualized recurring revenue that jumped 40%. The company also added 6,500 new locations during the quarter, which illustrates the enduring attraction of its platform.

Perhaps as importantly, Toast's focus on the bottom line is paying off as the company cut its losses by 68% and is on the verge of profitability. Toast continues to generate strong operating cash and free cash flow of $47 million and $37 million, respectively, which suggests that consistent profits are within striking distance.

Despite recent challenges, Wall Street remains firmly behind Toast. Of the 20 analysts who cover the stock, nine rate it a buy or strong buy, and none recommend selling. Moreover, the average analyst's price target of $19 suggests potential upside of 24%. Jefferies analyst Samad Samana believes other analysts are missing the forest for the trees.

Samada maintains a buy rating on the stock and a price target of $28, which implies potential upside for investors of 83%. While he acknowledges Toast's slowing growth, he says it "remains impressive." Furthermore, while Toast expanded to 99,000 locations, that's less than 12% of the 860,000 restaurants in the U.S. alone, "leaving it ample runway for growth," he says.

Some investors dumped the stock as the downturn stunted its growth. On the positive side, however, Toast also sloughed off its lofty valuation in the process. The correction has driven it into bargain basement territory, with the stock selling for just 2 times forward sales. A dirt cheap valuation, increasing profitability, and a ringing endorsement from Wall Street show why investors should be buying Toast stock hand over fist.

2. Applied Digital -- implied upside of 300%

Applied Digital (APLD 7.67%) often gets lumped in with artificial intelligence (AI) stocks, and it's easy to see why. While the company formerly focused on data centers for blockchain and cryptocurrency mining, it has since pivoted to embrace AI. Now, Applied Digital designs, builds, and operates next-generation data centers to house high-performance computing (HPC) and AI cloud services.

Strong demand for its services is driving impressive results. For its fiscal 2024's first quarter, Applied Digital generated revenue of $36.3 million, up 425% year over year although this was skewed by the company's pivot from blockchain to AI. The company remains deep in the red, with a net loss of $9.6 million, but its adjusted operating income came in above breakeven, as its results under generally accepted accounting principles (GAAP) took a hit from a loss on extinguishment of debt.

Wall Street is extremely bullish regarding Applied Digital's future prospects. The average analyst's price target of roughly $15 suggests potential upside of 220% compared to Wednesday's closing price. Furthermore, of the seven analysts who cover Applied Digital stock, every single one rates it a buy.

However, Lake Street analyst Robert Brown is even more bullish, maintaining a buy rating and a price target of $19, which suggests potential gains for investors of 300% compared to Wednesday's closing price. Applied Digital recently reiterated its fiscal 2024 guidance for revenue of roughly $395 million, which would represent growth of more than 600%. Brown suggests that Applied Digital will experience hypergrowth in the coming quarters, hitting a projected revenue run rate of $675 million over the coming year, fueled by strong demand for AI.

Despite stock price gains of more than 150% so far this year, Applied Digital remains remarkably cheap, selling for a forward price-to-sales ratio of less than 1, making it a screaming bargain. Add to that the undeniable acceleration in demand for AI processing, and it's easy to make the case that investors should be buying Applied Digital stock hand over fist.