The S&P/TSX Composite Index was down 54 points in early afternoon trading on March 14. The TSX had climbed 12.4% in 2019 so far. A dovish turn by the U.S. Federal Reserve and Bank of Canada alleviated anxiety for the investing world in late 2018. In the near term, this has produced another rally, but investors need to be cautious.
Millennials are particularly susceptible to being pulled into an environment dominated by ballooning assets. Many millennials have only been investing in the post-financial crisis years and are unfamiliar with the more violent ebbs and flows that have historically defined the stock market.
Today, we are going to look at three growth stocks that are worth targeting for the long-term in a millennial TFSA.
Jamieson Wellness (TSX: JWEL)
Jamieson Wellness stock had dropped 7.5% in 2019 as of mid-afternoon trading on March 14. Shares were down 2.9% year over year. Earlier this month, I’d asked discussed whether Jamieson was a buy after releasing its fourth-quarter and full-year results for 2018.
The stock spiked on the earnings beat but has been relatively flat since the gain. Jamieson bounced back in the fourth quarter after a delay resulted in a disappointing Q3. Revenue rose 18% year over year to $99.1 million and adjusted earnings per diluted share increased 24% to $0.31.
The post-earnings bump shot Jamieson out of oversold territory, but the stock still comes at a decent price right now. I like Jamieson as a long-term buy under $20, especially for millennial investors with a favourable time horizon.
Sienna Senior Living (TSX: SIA)
Sienna Senior Living stock was up 17.2% in 2019 as of this writing. Shares were up 5.4% year over year. As one of the largest owners of senior housing and the largest licensed long-term care operator in Ontario, Sienna is in a fantastic position to post growth as Canada’s population ages.
Adjusted funds from operations rose to $92.4 million in 2018 compared to $68.4 million in the prior year. Revenue climbed to $641 million over $557 million in 2017. It last paid out a monthly dividend of $0.0765, which represents an attractive 5% yield.
The only down side is Sienna stock is pricey in the middle of March. Investors may want to await a pullback instead of buying into the high end of it 52-week range.
BlackBerry (TSX: BB)(NYSE: BB)
BlackBerry stock has surged 29.2% in 2019 as of early afternoon trading on March 14. Back in January, I’d explained why I thought BlackBerry stock was a steal priced under the $10 mark. The company is set to release its fourth-quarter results for fiscal 2019 later this month.
BlackBerry’s steady run upward has pushed shares into technically overbought territory. The stock had an RSI of 72 as of this writing. Even still, management had forecasted a strong finish to fiscal 2019. A strong quarter should be enough to vault BlackBerry into the higher end of its 52-week range.
In any case, BlackBerry is an attractive long-term target. The timeline for some of the technologies it is staked in, including automated vehicles, is long enough that the stock will continue to frustrate investors looking for big returns in the short to medium term.
