Growth stocks are likely to outperform even as the bull market nears an end, according to one Wall Street firm.



Credit Suisse cited how equities are already trading 34 percent above the previous inflation-adjusted market peak. The average postwar bull market typically gains 32 percent from the previous bull market's high before failing.



"While we remain constructive on equities, we would acknowledge that this is a bull market moving into its latter stages," strategist Andrew Garthwaite wrote in a note to clients Tuesday. "Late-stage bull markets tend to be led by 'growth' stocks as experienced in Japan in the late 1980s, the TMT [tech media telecom] bubble in the late 1990s or the Nifty Fifty period in 1970-1972 … We remain overweight growth as a style."



The strategist noted how the current growth stocks valuation is "nearly half" the 45 times to 60 times earnings multiples of the Nifty Fifty and technology bubble eras.



Garthwaite explained growth stocks tend to do well near the end of bull markets because "earnings breadth narrows ( ... margins fall as labor gets pricing power) and thus the market migrates to the few areas where earnings and margins are still able to grow."



Here are five Credit Suisse outperform-rated growth stocks the firm recommends to take advantage of the strategy.