The current bull market has been extremely resilient as it enters its fourth year. Growth stocks have powered the S&P 500 88% higher since the market bottomed in October 2022, and they've exhibited particular strength since the April correction.

But not every high-flying growth stock looks poised to keep producing market-beating gains. In fact, some analysts see a couple of this summer's biggest winners falling considerably over the next year.

Here are two growth stocks that could plummet as much as 75%, according to select Wall Street analysts.

1. Palantir Technologies (75% downside)

Palantir Technologies (PLTR 2.45%) has seen exceptional growth for its software business, fueled by advances in AI and the addition of its Artificial Intelligence Platform (AIP). Palantir's platforms help government agencies and businesses find connections among disparate data sets to inform decision-making. AIP adds a large language model layer on top of that, enabling less technical users to take advantage of the power of its platform with natural language interactions.

The results of AIP's introduction are clear. With more use cases and a broader user base, Palantir's commercial sales have skyrocketed. U.S. commercial customers spent 93% more in the second quarter than they did a year ago. Overall revenue growth climbed 48% in its most recent quarter.

Meanwhile, CEO Alex Karp has preferred to keep operations lean, focusing on the product and letting advances in its AI and word of mouth do the marketing for Palantir. The results are strong operating margin leverage, and the company reached 46% adjusted operating margin in the second quarter. That gives it a Rule of 40 score of 94.

But the stock is undeniably expensive. While some might argue you get what you pay for and Palantir's growth at its current scale is unprecedented, a forward P/E approaching 300 and price-to-sales ratio over 100 is tough to stomach. RBC Capital's analysts agree, putting a $45 price target on the stock, representing 75% downside as of this writing. The analysts say the stock presents an "unfavorable risk-reward" profile. Indeed, at its current valuation, any hint of disappointment in earnings or revenue growth could send shares tumbling.

2. Coinbase Global (46% downside)

Coinbase Global (COIN 5.23%) is the leading cryptocurrency exchange. Its reputation of reliability, security, and regulatory compliance helps it stand out in a crowd of exchanges in the crypto space. That makes it particularly attractive to retail investors and supports the relatively high fees it charges for trading.

Since Coinbase makes money when its users transact, and retail investors tend to transact more when asset prices increase, Coinbase's earnings results are closely tied to the ups and downs of the cryptocurrency market. That's worked in Coinbase's favor in 2025, as Bitcoin soared to an all-time high early in the year.

But after a strong first quarter, stagnating crypto prices led to a sharp slowdown in trading volume in the second quarter. While Coinbase has additional sources of revenue -- from its USDC stablecoin interest, subscriptions, and its crypto debit card -- total revenue climbed just 3% in the second quarter.

Coinbase is increasingly facing pressure from competitors, both new exchanges and established financial institutions. As the regulators clarify rules around the asset class, Coinbase will likely face pressure on its high take rate on cryptocurrency trades. That could pressure revenue growth and profit margins even if the asset class gains broader investor adoption.

The Street low price target of $185 (46% below the current stock price) comes from B. Riley Securities analyst Hal Goetsch. That said, that call came a year ago, ahead of the presidential election. More recently, Morningstar's Michael Miller gave the stock a fair value of $205, 40% below its current price as of this writing. With the stock trading for more than 45 times forward earnings estimates (and a lot of uncertainty surrounding those earnings estimates), the stock looks quite expensive and it might be worth taking some profits.