The Motley Fool

Inspired to Start Investing? 2 TSX Growth Stocks to Buy Today

Image source: Getty Images

Over the last week and a half, the financial markets have made a tonne of headlines. The story of retail investors making huge gains on stocks is one that’s very entertaining and inspiring. At first, it was just stocks in the United States. However, even some TSX stocks joined in on the action.

Much of what’s gone on can be classified as speculation. However, it also reminds us of the gains that are possible investing in the stock market.

So, although the premise of what’s gone on is crazy, and some could make the argument illegal given millions of people are colluding online to pump a low number of stocks, it is still inspiring.

It reminds us of what’s possible when you find high-quality stocks that have major growth potential. If you can find a diamond in the rough before the rest of the market, when the market does finally notice, you’ll be in for some incredible gains.

So, with that in mind, here are two of the best stocks to consider today.

TSX tech stock

Over the last week specifically, there has been a ton of hype surrounding BlackBerry stock. This, however, is mostly due to the highly risky speculation that has gone on in a select few U.S. stocks.

BlackBerry is a decent company, but it’s been bid up considerably and is now way overvalue, according to every analyst.

Instead, if you’re looking for a high-quality tech stock to buy today, Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is a much better option.

Lightspeed is one of the most exciting Canadian tech stocks, and for good reason. Its payment platform software offers a ton of growth potential for the company, especially when you consider the rapid growth of e-commerce.

The stock has made a ton of acquisitions lately, which helps to grow the business in the short term. It also sets up more potential and several cross-selling opportunities in the medium term.

So, if you’re looking for a tech stock to take a long-term position in, Lightspeed is a top choice.

TSX energy stock

Another great stock to consider for investors starting out is Peyto Exploration and Development (TSX:PEY).

Peyto is a natural gas producer an industry that’s not going away anytime soon. The energy sector has been impacted quite significantly, but going forward, there is a lot to be optimistic about. This makes the valuation of Peyto extremely cheap.

Peyto is such a high-quality investment because it’s a safe stock you can own for the long term. Natural gas is crucial and one of the cleanest fossil fuels there is.

Furthermore, Peyto is one of the lowest-cost producers in Canada. And because it’s in great financial shape, you can count on the company being a high-quality investment for the long term.

The TSX energy stock has lagged for a while, but with the energy industry finally on the verge of recovery and Peyto leading the pack, now is an excellent time to take a long-term position.

Bottom line

It’s easy to see others making big returns on speculative investments and want to join in on the action. However, investors should resist these impulses. It’s crucial you keep the bigger picture in mind. That means buying only the highest-quality TSX stocks and making sure you’re investing for the long term.

Speaking of high-quality stocks to buy for the long term... here are the top 10 to buy in February!

The 10 Best Stocks to Buy This Month

Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. So if you’re tired of reading about other people getting rich in the stock market, this might be a good day for you.
Because Motley Fool Canada is offering a full 65% off the list price of their top stock-picking service, plus a complete membership fee back guarantee on what you pay for the service. Simply click here to discover how you can take advantage of this.

Click Here to Learn More Today!

Fool contributor Daniel Da Costa has no position in any of the stocks mentioned. The Motley Fool owns shares of Lightspeed POS Inc. The Motley Fool recommends BlackBerry and BlackBerry.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss an important event.

Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.

This is your chance to get in early on what could prove to be very special investment advice.

Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.