3 of the Best Canadian Stocks to Buy Right Now

If you’re looking for the best Canadian stocks money can buy, you want these three for substantial growth in the years and decades to come.

| More on:

Whether you’re just starting investing or have been doing it for years, the choices are endless. That choice can be overwhelming. It’s hard to decide what the best Canadian stocks for your portfolio can be. But here at Motley Fool Canada, we attempt to do some of that work for you.

If you’re looking for strong stocks to buy and hold for a lifetime, there are some that stand above the rest. So here are three of the best Canadian stocks I’d buy right now.

Worldwide phenomenon

Lightspeed POS (TSX:LSPD)(NYSE:LSPD) continues to be an opportunity just waiting to soar. Its already rewarded shareholders generously over the last few years. Since its Initial Public Offering (IPO) the stock rose 434%! That’s even more than some of its peers in the first few years. But among Canadian stocks in the e-commerce space, I like Lightspeed stock for its international growth.

The company continues to bring in strong year-over-year revenue, but it’s in debt right now. That comes from its acquisition spree over the last year and more. Since January 2020, it’s spent almost US$2.3 billion on acquisitions. This is part of Lightspeed stock and its “land and launch” strategy.

It’s one of the best Canadian stocks because it’s so not Canadian. It has a foothold in over 100 countries, where it will continue to grow and develop from there.

As the company continues to expand, management believes revenue and profits will thrive. With shares up 20% in the last month alone, Lightspeed stock is definitely one of the best Canadian stocks money can buy today.

Bet on this

One of the best Canadian stocks that analysts continue to watch is Score Media and Gaming (TSX:SCR)(NASDAQ:SCR). The company provides sports betting on its mobile app, but that’s not why analysts are so excited. Score stock is looking forward to the next phase of growth: single-day sports betting.

Should this be approved by the Senate, and it already has seen approval by the House of Commons, all bets are off. Analysts believe the market potential for online gaming in our country to hit between US$38 and US$5.4 billion each year in gaming revenue.

And it’s not just Canada, as Score stock also has a massive presence in the United States as well. As the country’s leading mobile sports brand, with millions of loyal users, it’s very likely that this year could be the one for exploding share growth.

Shares are already up 296% in the last year, and 80% in the last month! So Motley Fool Canada investors should definitely get on one of the best Canadian stocks before it rises even higher.

Food for thought

Finally, one way to build wealth is by investing in the best Canadian stocks in the most stable sectors. If there’s one thing we can’t live without, it’s food. And arable land is becoming less and less, providing few opportunities for literal growth.

Nutrien (TSX:NTR)(NYSE:NTR) provides a solution, with crop nutrients to feed the soil. But it’s more than that. The company continues to buy up the market share, expanding through growth in acquisitions and organically to boot. That’s what makes this the perfect company to buy among the best Canadian stocks.

Since the company’s IPO a few years back, shares have climbed 25%, but it’s up 63% in the last year. That’s as revenue continues to climb for the company. Meanwhile, it also offers a dividend yield of 2.42% for Motley Fool Canada investors.

While the stock is new, it’s in a stable industry that certainly isn’t going anywhere. So it’s definitely one of the best Canadian stocks to buy today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe owns shares of Lightspeed POS Inc. The Motley Fool owns shares of and recommends Lightspeed POS Inc. The Motley Fool recommends Nutrien Ltd.

More on Coronavirus

A airplane sits on a runway.
Coronavirus

3 Fresh Stocks I’m Likely Buying in 2025

I am likely buying Air Canada (TSX:AC) stock in 2025.

Read more »

RRSP Canadian Registered Retirement Savings Plan concept
Coronavirus

Canadian RRSP Stocks to Buy Now for Retirement

Alimentation Couche-Tard Inc (TSX:ATD) is a quality retirement stock.

Read more »

A train passes Morant's curve in Banff National Park in the Canadian Rockies.
Coronavirus

Retirees: What Rising Inflation Means for Your CPP Payments

If you aren't getting enough CPP, you can consider investing in stocks and ETFs. Canadian National Railway (TSX:CNR) is one…

Read more »

Coronavirus

Air Canada Stock Is Starting to Get Ridiculously Oversold

Air Canada (TSX:AC) has been beaten down to absurd lows.

Read more »

Coronavirus

Should You Buy Air Canada Stock While it’s Below $18?

Air Canada (TSX:AC) stock is below $18. Should you invest?

Read more »

Illustration of data, cloud computing and microchips
Stocks for Beginners

3 Canadian Stocks That Could Still Double in 2024

These three Canadians stocks have been huge winners already in 2024, but still have room to double again in the…

Read more »

Aircraft Mechanic checking jet engine of the airplane
Coronavirus

Can Air Canada Stock Recover in 2024?

Air Canada (TSX:AC) stock remains close to its COVID-19 era lows, even though its business has recovered.

Read more »

A airplane sits on a runway.
Coronavirus

3 Things to Know About Air Canada Stock Before You Buy

Air Canada stock continues to hover below $20 despite the sharp rise in travel demand seen across the industry. What's…

Read more »