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2 TSX Stocks That Can TRIPLE in a Year

Ambrose O'Callaghan
·3 min read
Hand arranging wood block stacking as step stair with arrow up.
Hand arranging wood block stacking as step stair with arrow up.

The S&P/TSX Composite Index rose 39 points on December 3. Canadian stocks have gained considerable momentum in the late fall after stuttering a little to start this season. Moreover, investors have reason to celebrate, as vaccines are coming down the pipe in early 2021. With luck, we will see a return to normalcy. Today, I want to look at two TSX stocks that can still offer explosive growth in the near term. Let’s dive in.

Why I’m still bullish on this TSX stock

Casinos and hotels across North America took a massive hit due to the COVID-19 pandemic. Great Canadian Gaming (TSX:GC) is a Richmond-based company that operates gaming and entertainment facilities across the country. Back in the summer, I’d suggested that investors should be ready to jump on this TSX stock. Its shares have climbed 40% over the past three months as of close on December 3.

The stock surged on news that the private equity firm Apollo Global Management offered $3.3 billion for the casino firm. However, this has received pushback from shareholders.

Great Canadian Gaming released its third-quarter 2020 results on November 10. Predictably, the suspension of operations for most of the third quarter resulted in a major pullback in revenues, profit, and EBITDA. However, the company reiterated that it was moving forward with its GTA capital-development programs.

This TSX stock is still positioned for big things once this subsector gets back into operation. Prime Minister Justin Trudeau has said that most Canadians will be vaccinated by September 2021. That is good news for the casino industry, even if it must deal wit headwinds in the next few months.

This technology stock erupted over the past week

Earlier this week, I’d discussed the surge for BlackBerry (TSX:BB)(NYSE:BB). The TSX stock soared on news of a collaboration with Amazon that will forward BlackBerry’s automotive software reach. Its shares have climbed 24% week over week as of close on December 3.

Investors can expect to see BlackBerry’s third-quarter fiscal 2021 results on December 17. BlackBerry has been inconsistent for investors looking for an explosive technology stock. However, this collaboration with Amazon has huge potential. The cloud software, called IVY, will allow automakers to read vehicle sensor data and improve systems and performance. BlackBerry’s automotive software QNX is already used in 75 million vehicles around the world.

Its promising footprint in automotive software isn’t the only reason to snag this TSX stock. The company has also made huge strides in cybersecurity. Its $1.4 billion acquisition of Cylance added a dynamic presence to its cyber security stable. The company should continue to boost BlackBerry’s artificial intelligence and IoT capabilities. This is great news for investors.

Shares of BlackBerry last had a solid price-to-book value of 2.1. A better-than-expected Q3 FY2021 could push the TSX stock to have an even more impressive December. I’m targeting BlackBerry in late 2020 and early 2021.

The post 2 TSX Stocks That Can TRIPLE in a Year appeared first on The Motley Fool Canada.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. David Gardner owns shares of Amazon. The Motley Fool owns shares of and recommends Amazon. The Motley Fool recommends BlackBerry and BlackBerry and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon.

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Motley Fool Canada 2020