3 Cheap Growth Stocks You Can Buy Right Now

What exactly is a growth stock? I'll define it as any company forecast to grow profits by an average of 10% or more annually during the next five years -- although that's an arbitrary number. To gauge what's "cheap," I'll use the PEG ratio, which compares a company's price-to-earnings ratio to its forecast future growth rate. A PEG of around 1 or less could signal a cheap stock. Here are three companies that fit that bill...

We'll begin the week by highlighting a lifestyle retailer that could make the women in your life go crazy: Kate Spade (NYSE:KATE). Next up, we'll stroll over to the healthcare sector and take a brief look at specialty pharmaceutical company Supernus Pharmaceuticals (NASDAQ:SUPN), which could surprise growth investors in the coming years. Last, but not least, growth investors looking for a great deal might want to consider taking a deeper dive into Ameriprise Financial (NYSE:AMP), a financial services and product provider.

Source: Motley Fool

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