the recent market turmoil has taken down growth stocks skyhigh valuations to such a degree that some buying opportunities could emerge in the near term according to goldman sachs the technology sector took a beating this year amid fear of rising interest rates and slowing growth as the nasdaq composite has dropped 25 in 2022 following the selloff the valuations of growthoriented tech names have also fallen from record levels the median valuation for a highgrowth stock has fallen from a peak enterprise valuetosales ratio of 14 times in 2021 to four times today slightly below its median since 1995 according to goldman however the valuation hasnt bottomed yet if history is any guide as growth stocks multiples troughed at roughly two times following the dotcom bubble and the great financial crisis the wall street firm said growth stock valuations are no longer expensive but not yet depressed ryan hammond goldmans equity strategist said in a note consistent with history we expect investors will reward higher quality growth stocks but continue to avoid unprofitable growth stocks that would be required to tap into financial markets at a time when the cost of capital is rising for investors looking to buy the dip goldman identified a number of growth stocks with a nearterm path to profitability that carry reasonable valuations these stocks are expected to generate positive earnings per share by the fourth quarter this year or sooner and are anticipated to have grown sales by 20 or more annually between 2021 and 2023 additionally these names trade at enterprise valuetosales valuations below the longterm median of growth stocks we expect investors will reward profitable growth companies relative to their unprofitable peers hammond said ridesharing company lyft was highlighted by goldman shares of lyft have tumbled 70 this year as the company provided light guidance for the second quarter and said it would have to keep spending on driver incentives due to surging gas prices cano health was also one of the cheaper growth stocks with a path to profitability according to goldman cano health a seniorcare facility operator went public in 2021 by merging with billionaire barry sternlichtbacked spac jaws acquisition corp  in march 2022 third points dan loeb took a 64 stake in the company  pushing cano to put itself up for sale as investors have a largely unfavorable view of spacs other growth names on the list include vital farms  artificial intelligence company veritone  bitcoin miner riot blockchain and medical device manufacturer zynex 