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2 TSX Stocks With Millionaire-Maker Potential

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Written by Jitendra Parashar at The Motley Fool Canada

After starting 2023 on a strong note by rising 7.1% in January, the TSX Composite Index is back on a roller-coaster ride. Macroeconomic uncertainties and recently emerged U.S. bank sector concerns are taking a toll on investors’ sentiments. This is one of the key reasons why many growth stocks that witnessed a sharp rally in January have seen a sharp correction in the last month. While macroeconomic challenges will likely keep stocks volatile in the near term, recent declines in fundamentally strong growth stocks could be an opportunity for long-term investors to buy them at a bargain.

In this article, I’ll talk about two of the best TSX growth stocks you can buy now to expect huge returns on your investments in the long run.

BlackBerry stock

BlackBerry (TSX:BB) is an enterprise software company headquartered in Waterloo with a market cap of $2.9 billion. After surging 28.8% in January, BB stock now trades with 12.2% year-to-date gains at $4.95 per share.

Last week, BlackBerry informed investors that its fourth-quarter (ended in February) revenue is expected to be around US$151 million, which is significantly lower compared to its revenue of US$185 million in the same quarter of the prior year. The tech firm cited weakness in the demand for its enterprise cybersecurity solutions due to the tough economic environment as the key reason for this decline. Besides the broader market volatility, BlackBerry’s dismal latest quarterly results could be a key reason for driving its share prices lower lately.

Nonetheless, I still find BlackBerry’s long-term growth outlook quite impressive, primarily because of its increased bets on the automotive technology segment. Notably, the company is on track to make its artificial intelligence and machine learning-equipped vehicle data platform IVY generally available later this year. If you don’t know it already, such advanced data platforms are expected to play a major role in futuristic mobility. Given that, I expect the demand for the IVY platform to skyrocket in the coming years and help BlackBerry’s financials grow exponentially and its stock soar.

Magnet Forensics stock

Magnet Forensics (TSX:MAGT) is another TSX stock that can help you multiply your hard-earned savings fast in the long run. This Canadian tech firm currently has a market cap of $546.4 million, as its stock trades at $44.41 after rising 19.5% so far in 2023.

Despite the ongoing macroeconomic challenges and inflationary pressures, solid demand for its innovative cybersecurity solutions helped Magnet’s revenue grow positively by a solid 40.8% year over year in 2022 to US$98.9 million. This positive growth could be the primary reason why MAGT stock delivered 13% positive returns last year, despite a tech sector-wide crash.

Magnet’s advanced software solutions help private and public organizations globally fight cybercrimes, collect digital evidence, and detect other vulnerabilities. This is one of the key reasons why the demand for its solutions is likely to grow further in the coming years, as more businesses across the globe build their online presence. Given these positive fundamental factors, you can expect its share prices to stage a sharp rally in the long run, which could even help you become a millionaire.

The post 2 TSX Stocks With Millionaire-Maker Potential appeared first on The Motley Fool Canada.

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The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.