As I look ahead to 2026 and search for compelling investment opportunities, one productive place to focus is on stocks that lagged during an otherwise strong year for U.S. equities. The broader market notched its third consecutive double-digit gain, yet beneath the surface, performance was far from uniform. Several high-quality companies were left behind despite maintaining solid business models.

In many cases, the underperformance had less to do with deteriorating business conditions and more to do with valuation resets, sentiment shifts, or capital rotating toward more crowded themes. Those dynamics can create opportunities, particularly when durable franchises fall out of favor and trade down to more attractive risk-reward levels.

The Trade Desk ((TTD Quick QuoteTTD - Free Report) ), The Blackstone Group ((BX Quick QuoteBX - Free Report) ), and Salesforce ((CRM Quick QuoteCRM - Free Report) ) fit that profile. Each is a market leader in its respective industry, each faced headwinds that weighed on share prices this year, and each could be positioned for a meaningful rebound as conditions evolve in 2026.

Image Source: Zacks Investment Research

The Trade Desk Shares Near All-Time Low Valuation

The Trade Desk was once one of the market’s premier high-growth stocks, but shares endured a brutal year, falling nearly 70% from their highs. I’ve long found the business compelling, yet for years the valuation was untenable. That dynamic has now changed. As concerns around AI disruption swept through the software sector, many companies were indiscriminately repriced lower. In the process, TTD stock has finally traded down to a valuation that is compelling.

The core business remains intact. The Trade Desk operates a leading independent demand-side platform (DSP) that allows advertisers to buy digital ad inventory across the open internet, connected TV, streaming, mobile, audio, and display, using data-driven targeting and real-time optimization. Its independence from the major “walled gardens” is a key differentiator, particularly as advertisers seek transparency, control, and cross-platform reach. Unified ID 2.0, TTD’s identity framework, further strengthens its position as privacy rules evolve and third-party cookies fade.

While growth has moderated from the 30–50% annual revenue expansion seen in earlier years, the outlook remains attractive. Revenue is expected to grow at a high teens pace this year and next, while earnings are projected to compound at roughly 20.4% annually over the next three to five years, reflecting improving operating leverage.

Against that backdrop, valuation now looks compelling. Shares trade at approximately 21.4x forward earnings, a stark contrast to the premium multiples investors once paid for the business. For a category leader with durable competitive advantages, a strong balance sheet, and solid long-term growth prospects, that multiple suggests much of the bad news is already priced in.

The Blackstone Group Remains a Stalwart Financial Stock

Blackstone is another high-quality franchise whose share price was pressured this year by a narrative that appears to have overshot reality. Private credit has been one of Blackstone’s most important growth engines in recent years, but concerns around the space intensified after the collapse of First Brands Group, an event tied to alleged fraud and more than $10 billion in liabilities. That episode sparked fears of broader stress across private credit markets.

While the failure was alarming and highlighted real risks within an emerging asset class, evidence so far suggests it was largely isolated. There has been no meaningful surge in private credit defaults, and underwriting standards among the largest, most sophisticated managers remain intact. Despite that, sentiment turned sharply negative, and leaders across the space, including Blackstone, were sold aggressively.

Fundamentally, the business looks as strong as ever. Blackstone remains the dominant player in alternative investments, with unmatched scale across private equity, real estate, infrastructure, hedge funds, and private credit. Its diversified platform, long-duration capital base, and global reach provide resilience across cycles and position the firm to capture fee growth as institutional allocations to alternatives continue to rise.

Valuation has also become more reasonable. At roughly 29x forward earnings, BX is not especially cheap, but it now trades below industry peers and is only modestly above its five-year median multiple of 25.6x. Meanwhile, fundamentals remain robust: revenue is projected to grow nearly 26% next year, with earnings expected to compound at 22.1% annually over the next three to five years. The stock also carries a Zacks Rank #2 (Buy), reflecting improving analyst confidence.

Taken together, Blackstone’s recent underperformance appears driven more by narrative risk than by deterioration in the underlying business. For investors looking toward 2026, BX offers exposure to durable secular growth in alternatives at a valuation that is far more balanced than it had been at the start of the year.

Salesforce Stock Lagged Tech, But Outlook is Strong

Salesforce is another category-leading business that lagged this year as investor sentiment shifted, particularly around how companies would monetize AI. As capital flowed toward more direct AI infrastructure plays, Salesforce was temporarily viewed as a secondary beneficiary. That framing overlooks how deeply embedded Salesforce’s products are in day-to-day enterprise workflows, and how much optionality AI introduces across its platform.

Salesforce sits on one of the richest datasets in enterprise software, spanning sales, marketing, service, and customer engagement. As AI becomes more tightly integrated into business processes, tools like Einstein, Data Cloud, and Agentforce have the potential to enhance productivity, automation, and decision-making across its customer base. Those benefits may be incremental rather than explosive, but they are durable and scalable, particularly at Salesforce’s size.

As the stock has sold off, valuation has reset to far more attractive levels. Salesforce now trades at roughly 22.6x forward earnings, while consensus forecasts still call for about 15% annual earnings growth over the next three to five years. That combination represents a solid growth profile for a company with Salesforce’s market leadership, recurring revenue base, and improving margin structure.

Furthermore, the broader digital transformation of business remains one of the most powerful secular trends in the global economy, and Salesforce remains at its center as the world’s leading CRM and SaaS platform. Wall Street expectations appear to have become overly cautious this year. The company has beaten earnings estimates in all four quarterly reports, most recently by 14%, signaling continued execution strength. Technically, the stock also appears to be forming a large, early-stage base, suggesting conditions may be aligning for a potential breakout as sentiment stabilizes.

Should Investors Buy Shares in BX, CRM and TTD?

All three stocks share a common setup heading into 2026: high-quality businesses, reset valuations, and intact long-term growth drivers. This year’s underperformance appears driven more by sentiment, rotation, and narrative shifts than by fundamental deterioration. While near-term volatility is always possible, the combination of durable franchises, improving earnings visibility, and more reasonable valuations creates a favorable risk-reward profile for investors willing to look past recent weakness and position for a rebound next year.