3 TSX Growth Stocks That Could Double in March

These three growth stocks on the TSX today look like they have the best chance to double in March and are great for a long-term hold.

| More on:

The massive fallback in share prices across the board in January and February have made investors skittish. And, frankly, you should be! It was great having all those growth stocks on the TSX during the pandemic. But now, it’s time to get defensive.

That means choosing growth stocks that have long-term potential. And honestly, there are still a lot to choose from. However, if you want to see your shares potentially double in the month of March, you need to pick wisely. So, that’s why I’d start with these three growth stocks on the TSX today.

Bombardier stock

Let’s start with an obvious one. Bombardier (TSX:BBD.B) continues to trade well below fair value during these unprecedented times. However, analysts love the moves it’s made to reshape the business.

Bombardier stock continues to boost production as the market demands private jets more and more. The company recently reported its fourth-quarter results that exceeded estimates. Reported for the year hit $6.1 billion, with adjusted EBITDA up 220% year over year. Bombardier increased its outlook as well for 2022, exceeding $6.5 billion in revenue.

Yet shares of Bombardier stock continues to trade at a valuable $1.50 as of writing, while analysts peg it at almost double that. Furthermore, it trades at just 0.59 times earnings, making it a solid buy at these levels. By the end of March, investors could easily see shares double should more news come out.

Shopify stock

Shopify (TSX:SHOP)(NYSE:SHOP) may have lost a lot of its value over the past two months. However, that leaves a prime opportunity for investors. No wonder many Motley Fool writers chose it as their top growth stocks pick for March this month. Shopify stock trades at just $880 as of writing. That’s a 60% drop from all-time highs.

And yet, even if Shopify stock were to double yet again, it still wouldn’t reach those all-time highs. And, frankly, analysts believe it will do that and then some in 2022. While volatility should remain for some time, long-term investors will manage the swings. Management continues to speed up revenue-making schemes like its fulfillment centres and payments, creating stellar revenue opportunities for investors.

Shopify stock may just be the best of the growth stocks you buy in your long-term investment portfolio this year. And honestly, this opportunity isn’t likely to come up again.

Intertape Polymer stock

Intertape Polymer Group (TSX:ITP) offers one thing: tape. While that may seem boring, those tapes offer everything from packing boxes to engineered products for industrial purposes. It’s one of those products you don’t think about, yet it’s always there. And, in the case of Intertape, it’s always making money.

Intertape continues to be inexpensive after earnings missed estimates slightly, leading to a drop in share price. It now trades at about $23.50 as of writing, with analysts believing it could double that. That’s because it looks like market believes profits peaked, when that simply isn’t true — especially with the rise in e-commerce and packaging demands. Profit should increase and lead to major growth in the next quarter, including its share price. This makes it one of the best low-key growth stocks to pick up 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 BOMBARDIER INC., CL. B, SV and Shopify. The Motley Fool owns and recommends Shopify.

More on Investing

An investor uses a tablet
Stocks for Beginners

If I Could Only Buy 2 Stocks in the Last Half of 2024, I’d Pick These

I’m looking to buy two stocks over the next month. Here’s a look at my picks and why you should…

Read more »

gift is bigger than the other
Investing

Millennials: 1 Growth Stock Set to Shine in 2025

Shopify (TSX:SHOP) stock could be worth betting on as it goes for growth in the new year!

Read more »

up arrow on wooden blocks
Stock Market

2 Stocks I’ll Be Adding to My RRSP — Even With the TSX at All-Time Highs

Calian Group and Pan American Silver are two TSX stocks trading at an attractive multiple that can generate market-beating returns…

Read more »

dividends can compound over time
Investing

Here Are My Top 2 TSX Stocks to Buy Right Now

Shares of these fundamentally strong TSX companies have significant room for further growth, making them compelling investments right now.

Read more »

A worker drinks out of a mug in an office.
Dividend Stocks

Is Brookfield Infrastructure Partners a Buy for its 4.75% Yield?

Brookfield Infrastructure Partners (BIP) has a 4.75% dividend yield. Is it worth it?

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, November 4

In addition to the ongoing corporate earnings season, the U.S. presidential election and the Federal Reserve’s interest rate decision could…

Read more »

calculate and analyze stock
Investing

2 Top Value Stocks I’d Happily Scoop Up in November

Here are two top value stocks I'm seriously considering adding this month. They are likely to continue to accumulate over…

Read more »

A data center engineer works on a laptop at a server farm.
Tech Stocks

3 No-Brainer Data Centre Stocks to Buy With $500 Right Now

Data centres are going to be a huge growth opportunity in the next decade. And these are the top buys.

Read more »