The wave of earnings reports has come in. That means there has also been a wave of recent upgrades for top Canadians stocks to buy ahead of this coming week. So, if you’re having a lazy afternoon and are looking for some passive income, definitely check out these top stocks. Cameco The world is turning toward clean energy more and more, which makes Cameco (TSX:CCO)(NYSE:CCJ) a top Canadian stock to buy ahead of this week. As the world increases its demand for carbon-free nuclear power, Cameco stock is likely to be a top earner.
Estimates of the increase in the need for uranium are expected to grow by 43% by 2035. Cameco stock looks to take advantage as the world’s only large-cap uranium producer. Rising uranium prices will thus motivate utilities and new long-term contracts for Cameco. That’s created a substantial opportunity to renew these contracts at higher prices.
Cameco stock recently received an upgrade to a “buy.” Analysts emphasized the company’s word-class assets, low political risk, and a strong balance sheet to boot. On top of that, further improvements and expansion are likely to occur for this top stock. The recent target price for the company was raised to $27 — a potential upside of 8% as of writing. It is my top choice of Canadian stocks to buy this week.
Keyera My second choice for top Canadian stocks to buy in the week ahead has to be Keyera (TSX:KEY). The company was recently upgraded from a “hold” to a “buy” since there has been a slight pullback recently. But three recent events have eyes on the oil and gas sector and specifically this stock.
The recent downtick in oil and gas stocks comes from a landmark ruling against the Royal Dutch Shell (LON:RDSa) company to act faster and hit a net-zero carbon emissions goal by 2050. On top of that, Chevron (NYSE:CVX) investors also want the company to act on climate change. They demanded Chevron cut back oil production and move toward renewable energy. Finally, Exxon (NYSE:XOM) Mobile also saw activist investors place two new directors on its board for the energy transition.
But that still leaves Keyera at a valuable share price. The company has a price target of $33 — a potential upside of 3% as of writing. And although there is a transition toward renewable energy, Keyera has been making key acquisitions lately for growth in the pipeline industry. This industry will still be needed for decades. So, I wouldn’t give up on this stock anytime soon.
Calian Group If you’re looking for a deal from top Canadian stocks to buy this week, then look at tech stocks. But even more specifically, look at Ottawa-based Calian Group (TSX:CGY). This is a great buy today for both long and short-term investors thanks to the value created by the company.
The company maintained a growth-by-acquisition strategy throughout the last year, creating $77 million in cash for six acquisitions over the last year. Yet despite all this growth and impressive quarterly earnings, the company trades on the low-end thanks to the pullback in tech stocks.
The company’s strong cash position of $115 million leaves it available to achieve further acquisitions, diversifying to the Health and Advanced Technologies segments as well as Europe. Analysts maintained a “buy” rating for the stock, with a $77-per-share estimate. That’s a potential upside of 40% as of writing!
The post 3 Upgraded Canadian Stocks to Buy This Week appeared first on The Motley Fool Canada.
Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Calian Group Ltd. and KEYERA CORP.
This Article Was First Published on The Motley Fool
