Major equity indices have lost momentum in the last few trading sessions as investors are worried about steep valuations surrounding growth stocks and the possibility of multiple interest rate hikes in 2022. However, the ongoing pullback provides investors an opportunity to buy quality stocks at a cheaper valuation.

Here, we take a look at two such growth stocks that can double your investment in the next year, according to Wall Street estimates.

Teladoc Health

Teladoc (NYSE: TDOC) is a health-tech company valued at a market cap of $11.1 billion. The COVID-19 pandemic acted as a massive tailwind for Teladoc and peers as demand for virtual health services increased rapidly due to social distancing measures. As a result, Teladoc increased sales by 96% year over year to $1.09 billion in 2020.

However, the company also increased revenue at an annual rate of 74% in the seven years prior to 2020. In addition, Teladoc closed the acquisition of Livongo Health for $18.5 billion, ensuring it ends 2021 with revenue of $2 billion, up 80% year over year.

Despite its enticing top-line growth, TDOC stock is down 76% from all-time highs as its revenue growth is forecast to decelerate to 27% in fiscal 2022. Teladoc is valued at a forward price to 2022 sales multiple of less than 6x, which is quite reasonable. While unprofitable, the company is also poised to narrow loss per share from $5.36 in 2020 to $1.65 per share in 2022.

A report from Markets and Markets estimates the global telehealth market to touch $191.7 billion in 2025, up from $38.7 billion in 2020, giving Teladoc enough room to grow organically in the upcoming decade.

Analysts have a 12-month average price target of $144 for TDOC stock which is 107% above its current trading price.

Lightspeed Commerce

A Canada-based fintech company, Lightspeed Commerce (NYSE: LSPD), is down 77% from record highs, valuing it at a market cap of $4.31 billion. Lightspeed shares were decimated in Q4 of 2021 after a short-seller report published by Spruce Point Capital accused the company of misleading investors and claimed that an aggressive acquisition strategy drove revenue growth.

However, Lightspeed has increased sales from $57 million in fiscal 2018 ended in March, to $221.7 million in fiscal 2021. It now expects revenue between $520 million and $535 million in fiscal 2022, valuing LSPD stock at a forward price to sales multiple of 8.11x.

Lightspeed derives its revenue by selling point-of-sale devices to small and medium enterprises. It ended the September quarter with a customer base of 156,000, up from 49,000 in fiscal 2019. Further, LSPD's average revenue per customer rose to $270 in fiscal Q2 of 2022, compared to $170 in the year-ago period.

Similar to Teladoc, Lightspeed is also unprofitable but is forecast to report a loss per share of $0.21 in fiscal 2023, compared to a loss of $1.16 per share in fiscal 2021. Analysts tracking LSPD stock expect it to rise to $84 in the next 12-months, almost 200% above its current trading price.