Remember the good, old days, when practically every stock was doing well? I know it’s hard to believe, but times like that are coming once again. Maybe not this summer, but perhaps by the end of the summer — especially in a few select sectors that haven’t been doing well but are due for a rebound.
If you’re looking for growth in the next year, these are the three growth stocks I would pick for a bull market.
goeasy stock
goeasy (TSX:GSY) shares have risen and fallen over the last few years, as the world thought the financial institution wouldn’t do well in this new environment. Rising interest rates could hurt the company, as goeasy stock could see lower loan originations come in.
Then there was a new ruling from the federal government that many thought would hurt goeasy stock as well. In the ruling, the criminal interest rate was lowered to 35% on an annual basis, which could certainly hurt the company. However, management stated it was glad to see the change, and that it would perhaps even bring in more business.
Earnings and outlook reflected this, with more loan originations and even record earnings. While it certainly will continue to be difficult in the near future, over the next year and beyond investors could see a recovery. For now, shares of goeasy stock are among the top growth stocks for the future, trading at 11.10 times earnings. Shares are down 3.5% year to date, with a 3.5% dividend yield.
Shopify stock
Shopify (TSX:SHOP) stock is already one of the top growth stocks of 2023. Shares continue to climb higher, only dipping as some investors take out returns. However, even with shares up 122% in the last year, it’s still far away from all-time highs.
While I don’t know whether we’ll see those numbers in the very near future again, there is certainly more growth coming for Shopify stock. First off, the company is focusing on where it’s done best — namely, e-commerce. That comes after selling off its logistics business and cutting costs by laying off 20% of its workforce.
By fall, the company is going to see more growth come in from holiday shopping, including Black Friday and Cyber Monday sales. This should see a huge influx of growth for the stock as well, as it has in the past. So, don’t think Shopify stock is anywhere near done yet.
Lightspeed stock
Speaking of e-commerce, Shopify stock may be up, but Lightspeed Commerce (TSX:LSPD) remains down. Shares of Lightspeed stock are down 17% in the last year; however, there has already been an increase in the very recent past due to investors believing a bull market is coming.
Furthermore, Lightspeed stock also announced similar moves to Shopify stock. It’s focusing on its point-of-sale systems and getting them in the hands of all its clients, especially now that it’s acquisitions have been launched over the last few years. Now, shares are up 15% in the last month alone.
The company continues to see growth across the board, yet there has been a renewed effort at bringing in more enterprise-level clients. This should create more heavy-duty income that would put it near the top of e-commerce providers. So, after falling to a fraction of its former share price, investors could see similar growth to that of Shopify stock from Lightspeed stock by the end of 2023.
