Top Growth Stocks to Buy for 2026: Navigating Valuation, Earnings, and Sector Opportunities

In the evolving investment landscape of 2026, identifying undervalued stocks with durable competitive advantages and strong earnings catalysts is critical for long-term capital appreciation. This analysis examines four companies-Campbell's (CPB), Adobe (ADBE), Viking Therapeutics (VKTX), and Carnival (CCL)-that stand out for their strategic positioning, favorable valuation metrics, and sector-specific growth drivers.

Campbell's (CPB): A Food Industry Staple with Resilient Margins

Campbell's, a century-old food and beverage company, has demonstrated resilience amid macroeconomic headwinds. In Q3 2025, the company reported revenue of $2.68 billion, exceeding estimates, while adjusted EPS of $0.77 beat expectations by 5%. Despite a 3.4% year-over-year revenue decline, Campbell's reaffirmed its full-year fiscal 2026 adjusted EPS guidance, signaling confidence in its cost discipline and innovation pipeline.

Valuation metrics suggest Campbell's is attractively priced. The stock trades at a P/E ratio of 14.80 and a PEG ratio of 10.24, indicating that while the market assigns high expectations for future growth, the company's current earnings provide a buffer against downside risk. Strategic initiatives, including a $160 million in cost savings to date (with a $375 million target by 2028) and the acquisition of a 49% stake in La Regina (maker of Rao's sauces), underscore its focus on premium product innovation and supply chain optimization. Analysts highlight the snacks segment's potential for stabilization in H2 2026, driven by evolving consumer preferences for high-quality, premium offerings.

Adobe (ADBE): AI-Driven Dominance in the Digital Transformation Era

Adobe remains a cornerstone of the software industry, leveraging AI to solidify its market leadership. In Q3 2025, the company reported revenue of $5.99 billion, a 10% year-over-year increase, with non-GAAP EPS rising 14% to $5.31. The Digital Media segment, which includes Creative Cloud and Document Cloud, generated $4.46 billion in revenue, with ARR reaching $18.59 billion-a 11.7% YoY growth.

Adobe's valuation appears compelling relative to its peers. A trailing P/E of 20.27 and a forward P/E of 13.93 position it below the software sector average, while its 36.25% operating margin and 30.01% net margin reflect operational efficiency. The company's AI-driven tools, such as Firefly and GenStudio, have driven over $5 billion in ARR, demonstrating strong adoption of generative AI across creative workflows. For 2026, Adobe projects revenue between $25.9 billion and $26.1 billion, with analysts maintaining a cautious "Hold" rating but setting a consensus price target of $428.96.

Viking Therapeutics (VKTX): High-Risk, High-Reward in Obesity Drug Development

Viking Therapeutics, a biotech firm focused on metabolic diseases, is nearing a pivotal inflection point with its Phase 3 trial for VK2735, a dual GLP-1/GIP agonist for obesity. The trial, completed ahead of schedule, showed promising Phase 2 results: 78% of prediabetic patients achieved normal glycemic control compared to 29% in the placebo group. The drug's potential oral formulation could disrupt the injectable GLP-1 market, offering a more patient-friendly alternative.

While Viking's valuation metrics are challenging-trailing P/E of -37.4x and ROE of -29.2%-its market cap of $4.27 billion reflects optimism about VK2735's commercial potential. The Phase 3 results, expected in Q4 2025 and Q1 2026, could catalyze a re-rating if the drug demonstrates robust efficacy and safety. Analysts caution about high dropout rates in mid-stage trials but note that positive data could position Viking as a key player in the $100 billion obesity drug market.

Carnival (CCL): Post-Pandemic Recovery and Fleet Expansion

Carnival, the world's largest cruise operator, is capitalizing on a post-pandemic rebound in travel demand. Despite a 19% stock price decline over three months, the company reported record 2026 and 2027 bookings, with nearly half of 2026 already sold at higher prices. Strategic initiatives, including the launch of private destinations like Celebration Key and fleet expansion at RelaxAway (Half Moon Cay), are expected to enhance yield and guest experiences.

Valuation metrics highlight Carnival's undervaluation. A forward P/E of 11.92, below the industry average of 15.85, and a trailing ROE of 27.86% suggest strong profitability and efficient capital use. Analysts have raised 2026 EPS estimates to $2.40, driven by deleveraging efforts and disciplined cost management. With leverage projected to reach 3.5x by early 2026, Carnival is positioned to resume capital returns while maintaining its recovery trajectory.

Conclusion: Balancing Risk and Reward in 2026

The four stocks analyzed-Campbell's, Adobe, Viking Therapeutics, and Carnival-represent diverse sectors but share common themes of undervaluation, strategic innovation, and strong earnings catalysts. Campbell's and Adobe offer defensive qualities with growth potential in food and software, respectively. Viking Therapeutics and Carnival, while riskier, present high-reward opportunities tied to obesity drug development and post-pandemic travel demand. Investors seeking a balanced portfolio in 2026 should consider these names as part of a diversified strategy to capitalize on sector-specific tailwinds.