TOI:CC - 3 Growth Stocks That Could Double by 2024
2023-08-23 15:15:00 ET
It might not seem like it now, but a bull market is coming for growth stocks. In fact, there are quite a few that could double by the time we reach 2024. Today, let’s get right into the three that have the best chance of doubling in the next year.
WELL Health
When it comes to a cheap stock that could easily double, we have to talk about WELL Health Technologies ( TSX:WELL ). WELL Health stock dropped during the last few years after surging to all-time highs. The need for virtual healthcare climbed, but then investors dropped the stock, believing the need would no longer be there.
However, that’s been incredibly wrong. WELL Health stock continues to achieve record after record earnings report. In fact, it’s created a solid strategy of growing both organically, and through acquisitions. What’s more, it’s now become the largest outpatient clinic in Canada! Moving internationally as we speak.
That’s why now is a great time to get in on WELL Health stock. Shares have almost doubled in 2023 already, but could easily double again. In fact, analysts believe it has a clear shot there to reach fair value. So, it’s certainly the first stock I would consider to double in 2024.
Topicus
Despite trading in the three-digit range, Topicus.com ( TSXV:TOI ) is certainly one to get on your radar — especially when looking at growth stocks. Topicus stock is a spinoff of Constellation Software . The company that is now well into the four-digit range is providing investors with another opportunity at growth—this time, from the same model, but in Europe.
Topicus stock has already been growing steadily, acquiring more and more software companies to push out. Thanks to a strong management team leading the charge from Constellation stock, it looks like it might be just a few years for us to see similar growth.
Shares are already up 42% in 2023 alone, and with more momentum behind it, the stock could surge once again. So, look out for Topicus stock, as it could be a huge winner in your portfolio—one of the growth stocks that could double in 2024.
CP stock
Another stock that could see double is Canadian Pacific Kansas City ( TSX:CP ). Again, even though this is a stock in the three-digit range, or just under, it’s providing investors with a great opportunity at these prices.
After the major acquisition of Kansas City Southern, investors are waiting to see how this year pans out as the stock rolls into CP stock. Once we see that, it’s likely to become clear that revenue should surge. That’s what happens when you become the only railway offering transportation straight from Canada down to Mexico.
In fact, the company may be announcing a passenger rail along the route for even more revenue! So, with so much to look forward to, once a bull market hits, we could see this become one of the growth stocks that soars in share price in the next year.
The post 3 Growth Stocks That Could Double by 2024 appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in Canadian Pacific Railway and Well Health Technologies. The Motley Fool has positions in and recommends Topicus.com. The Motley Fool recommends Canadian Pacific Kansas City and Constellation Software. The Motley Fool has a disclosure policy .
2023