SHOP:CC - 3 Stocks Continuing to Climb in 2023
2023-05-31 12:30:00 ET
It looks like investors are starting to get on board with growth stocks again, and some more than others. In the case of these three TSX stocks, all are up in 2023. But are they still good buys, or should investors hold off?
Shopify stock
Shopify ( TSX:SHOP ) shares have climbed continuously over the last year. However, after its earnings release, shares jumped by 30%. While earnings were definitely great, that’s not the reason for the climb.
Rather, it was because the company laid off another 20% of its employees, which has since led to at least one lawsuit over severance. It also sold its logistics business to Flexport. In return, it receives a 13% stake in the company. Analysts were on board, and so were investors.
Shopify stock is now up 67% in the last year, as well as year to date. However, shares have come down slightly after the initial excitement. Still, any further announcements on how Shopify stock will renew focus on its ecommerce business could send shares upwards once more.
BlackBerry
Staying with the tech stock theme, BlackBerry ( TSX:BB ) has also seen shares rise in the last year, but more recently. BlackBerry stock recently upped its guidance through to 2026. Its revenue targets are now aimed at between $880 and $960 million by 2026, reaching $624 million by 2024.
This is fuelled in large part from its cybersecurity business and the continued growth in this area. Again, analysts were pleased with the guidance and believe the stock could continue on this path in the near and distant future.
Shares of BlackBerry stock are still down 13% in the last year, but up 58% year to date. So there is certainly room to grow for a cheap stock like BlackBerry.
TFII stock
Another winner over the last year has been TFI International ( TSX:TFII ). Shares are up 43% in the last year. However, the share price has increased just 8% compared to the run it had earlier in the year. This now puts the transportation and logistics company in valuable territory, trading at 12.3 times earnings as of writing.
Furthermore, investors are likely to hop back on with the company recently adding two acquisitions to its arsenal. These deals could generate even more revenue over the next year or so, providing solid year-over-year returns that will certainly lead investors to buy.
The issue then? TFI stock did see earnings come below analyst estimates, which led to the drop in share price from last quarter. So, hopefully, those shares will pop back up in 2023 as acquisitions come online.
Bottom line
These three TSX stocks are solid choices for investors looking for more growth in 2023. We’ve had a hard few years, but fortunately the end could be near. So get on these top growth stocks if you want to be on any of these bandwagons continuously increasing in value. It might be the last time you can pick stocks such as these up at valuable prices for the next decade, if not beyond.
The post 3 Stocks Continuing to Climb in 2023 appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool has a disclosure policy .
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