4 Unstoppable TSX Stocks to Buy Before It’s Too Late
TSX stocks with significant momentum that are growing earnings well and continuing to deliver for shareholders are often some of the best investments. These companies will be key to the long-term growth of your portfolio.
Stocks can rally for any number of reasons. It’s often due to the growth of the business or its industry; however, there can be several other reasons why stocks see exceptional rallies.
It’s important to understand why stocks are trending the way they are. That way, you can adequately judge if the company is worth an investment.
Here are four unstoppable stocks I’d consider buying before you miss out on the rally completely.
TSX tech stock
The first stock to consider buying today is one of the best growth stocks on the TSX, Shopify Inc (TSX:SHOP)(NYSE:SHOP).
Shopify is a revolutionary tech company that has taken full advantage of the growing e-commerce trend. In fact, Shopify’s platform is so useful for small and medium-sized businesses that you could say the company is part of the reason the trend has accelerated so quickly.
Another reason e-commerce has gotten a boost is due to the coronavirus pandemic. Online shopping solves many of the problems caused by the pandemic, whether it be safety concerns by consumers or mandatory shutdowns.
And because of the positive benefits Shopify’s platform brings its merchants, almost all of its rapidly growing sales will be recurring. That’s why the stock is so unstoppable, and one of the top picks for growth investors today.
Consumer staple stock
Another stock that’s been unstoppable the last few years and a top pick in this environment is Alimentation Couche-Tard Inc (TSX:ATD.B).
Couche-Tard has been a great growth stock for years, but the stock has shown how defensive it can be during this pandemic.
The stock has weathered the storm extremely well and could even be in a position to capitalize if some of its competitors get into trouble. Couche-Tard currently has over $3 billion in cash and another $2 billion in available credit.
The long-term TSX growth stock has proven repeatedly that it can continuously find new ways to grow shareholder value. So if you want a great long-term investment that can protect your capital in the short-run, Alimentation is the stock for you.
TSX healthcare stock
WELL Health Technologies Corp (TSX:WELL) is another TSX stock that’s gained popularity in 2020. However, the healthcare technology stock has been on an unstoppable run for the last few years.
Before the pandemic, the stock was growing rapidly both organically and through acquisition. This had been paying off massively, and the company’s mix of clinics and a digital business was very attractive.
Once the pandemic hit, WELL’s business became even more essential, and the stock has experienced massive growth as a result.
Interestingly, though, is that WELL’s digital business was already disrupting a Canadian healthcare sector that badly needed innovation. So it’s likely that even after the pandemic, WELL will continue to experience consistent growth for years.
Green energy stock
The last stock to consider is Algonquin Power and Utilities Corp (TSX:AQN)(NYSE:AQN), one of the top renewable energy stocks on the TSX.
Algonquin is a highly defensive stock with its utilities segment but also a great long-term growth stock with its renewable energy assets.
The stock plateaued in the summer after it raised some capital. This was all planned as part of a massive capital growth program for Algonquin and nothing to do with any pandemic struggles.
Lately, however the stock has been rallying with the rest of the sector. And with a Joe Biden election win, these green energy stocks could skyrocket.
Currently, Algonquin has just over 2,150 megawatts of renewable energy capacity. However, it also has another 750 megawatts in development, so there is already plenty of growth in the short-term to go along with all its long-term potential.
The post 4 Unstoppable TSX Stocks to Buy Before It’s Too Late appeared first on The Motley Fool Canada.
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Fool contributor Daniel Da Costa owns shares of ALGONQUIN POWER AND UTILITIES CORP. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify. The Motley Fool recommends ALIMENTATION COUCHE-TARD INC.
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