Yahoo Finance 2 Turbocharged TSX Stocks That Could Go to the Moon
The global health crises impacted every aspect of our lives and our economies. Industries across the board felt the effects of the pandemic and the ensuing lockdowns. The stock market felt the losses induced by the economic fallout from the pandemic, creating several opportunities for value investors to establish positions in high-quality stocks at discounted valuations.
The S&P/TSX Composite Index is at all-time highs again. In a seemingly expensive market, it can be challenging to find assets that can provide you with significant upside. However, there still are value stocks available on the stock market that you should have on your radar if you are looking for that upside potential.
goeasy
Many people have been drawn to become investors due to the plethora of assets that seemingly promise rapid wealth growth, particularly cryptocurrencies and meme stocks. However, value-seeking investors who want to enjoy tangible and reliable growth should consider assets that provide you with reliable returns. goeasy (TSX:GSY) is one such asset that you can consider adding to your portfolio.
The $2.80 billion market capitalization company provides easier-to-acquire consumer loans through easyfinancial and easyhome. Trading for $171.67 per share at writing, GSY stock’s valuation reflects an almost 80% gain on a year-to-date basis. Market analysts gave a forecast a few months ago that the stock would reach $180 by 2022. The stock is already nearing that price point, and it is possible for it to exceed expectations by the year’s end.
Despite its prolific rise, goeasy stock could still provide you with more significant upside as the economic recovery continues.
TransAlta Renewables
It is no secret that renewable energy will become the next big thing, as global warming’s effects have become more severe in recent years. Companies like TransAlta Renewables (TSX:RNW) are well positioned to capitalize on the boom in the industry that could materialize in a few years. The renewable energy sector provided investors with stellar returns in 2020 before it went through a sharp pullback after the bull run.
TransAlta Renewables owns and operates a portfolio of one of the largest wind power-generation facilities in North America. The company is focusing on building a diversified portfolio of renewable energy facilities that could cater to the needs of markets in Canada, Australia, and the United States. The current dip in its valuation could present you with an ideal opportunity to pick up its shares at a highly discounted price before the next bull run.
At writing, TransAlta Renewables stock is trading for a year-to-date discount of 3.77% at $21.72 per share. It could be the right time to add its shares to your portfolio.
Foolish takeaway
With the increasing hope of the world moving past the pandemic era, global economies are poised to recover well from the impact it has had. Companies like goeasy and TransAlta Renewables are well positioned to provide significant long-term wealth growth to investors regardless of any short-term volatility that might still impact global markets.
The post 2 Turbocharged TSX Stocks That Could Go to the Moon appeared first on The Motley Fool Canada.
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Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.
2021
