Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Just Upgraded: The 4 Best Stocks to Buy on the TSX Today

Stock Markets Jun 21, 2022 14:45
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Just Upgraded: The 4 Best Stocks to Buy on the TSX Today

Motley Fool investors shouldn’t have to swim through a sea of stocks on the TSX today to find the best ones. Analysts continue to upgrade companies even during this market correction. Today, I’m going to provide you with three recent upgrades that you can sink your teeth into. Even as the market continues to fall.

Bombardier (TSX:BBDb) Bombardier (TSX:BBD.B) recently went through a reverse stock split, where 25 shares became one for investors. Now, shares trade at about $24 as of writing. Yet analysts continue to weigh in on the stock, offering the potential for shares to more than double.

Most recently, several analysts upgraded their share price for Bombardier stock on the TSX today. One called it one of their “favourite top value names,” as the company’s consensus price target climbed. This comes from the company’s 2022 guidance continuing to rise, and there is significant opportunity for the company to reduce debt and expand its margins.

Analysts continue to weigh in, with target prices as high as $80 per share. Right now, the consensus remains at about $56 a potential upside of 133%.

Cargojet Cargojet (TSX:CJT) also remained a strong opportunity on the TSX today according to analysts. The company recently saw a climb from analyst recommendations, and more continue to flood in.

Cargojet stock has a strong position for near and long-term growth, and that comes down to long-term contracts, analysts say. It therefore is a strong purchase during this market correction, as the company’s revenue should remain intact. It’s now “significantly undervalued,” according to analysts.

The price target now sits at $233 as of writing — a potential upside from today’s share price of $143 of 63%.

Dollarama Dollarama (TSX:DOL) saw shares rise as analysts practically across the board upgraded the stock. During the market correction the low-cost retailer saw earnings beat estimates, generating the strongest same-store sales in over six years. This comes even with inflation rising, supply-chain demands remaining, and labour falling.

Still, it’s a strong company to buy during this downturn on the TSX today, analysts say. It’s proven it can perform even in the worst of scenarios, leading to several analysts to raise their price targets. It now has a consensus price target of $78. This represents a potential upside of 5% as of writing.

Suncor Energy (TSX:SU) Several analysts also boosted their price targets for Suncor Energy (TSX:SU)(NYSE:SU) thanks to the boost in oil and gas prices. Suncor stock remains Canada’s largest fully integrated oil and gas company. So, it’s seen shares rise and midstream and downstream assets improve, and gas prices climb at stations across the country.

The energy giant now has a consensus price target of about $55. That would represent a potential upside of 15%, even as it’s at its highest point since 2018. Further, it trades at 11.56 times earnings, and offers a dividend yield of 4.02% — one that could get boosted again, as the company recovers from its dividend cut back in February 2020.

Bottom line These companies continue to be upgraded by multiple analysts, providing significant opportunities for long term on the TSX today. Make sure to add these to your watchlist and dig into whether their history supports these future growth opportunities during this market correction.

The post Just Upgraded: The 4 Best Stocks to Buy on the TSX Today appeared first on The Motley Fool Canada.

Fool contributor Amy Legate-Wolfe has positions in BOMBARDIER INC., CL. B, SV and CARGOJET INC. The Motley Fool has positions in and recommends CARGOJET INC.

This Article Was First Published on The Motley Fool

Just Upgraded: The 4 Best Stocks to Buy on the TSX Today
 

Related Articles

China, Australia Stocks Rattled by new COVID Lockdown
China, Australia Stocks Rattled by new COVID Lockdown By Investing.com - Aug 12, 2022

By Ambar Warrick  Investing.com-- Chinese and Australian stocks fell on Friday as a COVID-19 lockdown in commodities hub Yiwu rattled sentiment, while most other Asian stocks...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email