Fresh off a 63% plunge, BlackBerry (TSX:BB)(NYSE:BB) is starting to look ripe for the picking, at least more so than GameStop stock, which has been a tug-of-war between the bulls and the bears of late. If the prior WallStreetBets darling isn’t your cup of tea, though, there are many other high-upside stocks that Canadians should have on their watch lists going into April.
In this piece, we’ll have a closer look at two of my favourite high-risk/high-reward TSX stocks for venturesome Canadian investors who are fearless in the face of profound volatility.
BlackBerry
Canada’s top meme stock, BlackBerry, tops the list as a name that may worth buying heading into the spring season. For now, the speculators at Reddit’s popular WallStreetBets forum have set their sights on GameStop stock, which has been a stomach-churning roller-coaster ride in recent weeks, to say the least.
BlackBerry may have lost its meme status, but the stock looks as attractive as ever, now that the weak hands are out of the stock. I’ve said it before, and I’ll say it again: BlackBerry stock is the most attractive name that was on WallStreetBets’s hit list. Whether or not the heat returns to BlackBerry stock, I think there are real fundamentals and a compelling turnaround story that is worth betting on.
BlackBerry had more than its fair share of stumbles in 2020, but things are looking up in 2021. With new growth outlets (think project IVY) and fading pandemic headwinds, the stock may be in for a further re-valuation to the upside if all goes well. With a great leader in John Chen, I find BB stock’s 5.4 times sales multiple to be far too cheap and would encourage long-term value hunters to back up the truck now.
Score Media & Gaming
Score Media & Gaming (TSX:SCR)(NASDAQ:SCR) is the riskiest and most expensive stock on this list, but it’s also a name that holds the greatest upside potential. Score Media (or theScore) has exceptional stewards running the show and a front-row seat to the Canadian single-game mobile sports-betting market, which is on the cusp of legalization.
The sports-betting market is huge, and if Score can capture a sliver, the stock could richly reward those who stuck by it through its ups and downs. If all goes well, I do not doubt that management and its innovative capabilities can seize the opportunity at hand.
Following the recent Tim Peele hot mic incident, which saw the NHL referee make comments in the middle of a game about the possibility of making a “makeup call,” the NHL could change its tune on the legalization of single-game sports bets, and that remains a big risk for Score stock.
Now that the stock is fresh off near 50% plunge, the name may be worth betting on. But be warned, you’ll still pay a handsome premium (82 times sales) for a name that could go either way. If you’re willing to risk your principal for a shot at a generational multi-bagger, however, I’d start nibbling here while Mr. Market has his back turned against growth.
Foolish takeaway
BlackBerry and Score stock could be multi-baggers over the next five years. If I had to pick one, I’d have to go with BlackBerry, as shares seem to reek of value after its latest flop. However, if you’re a trader who seeks greater momentum, Score Media stock may be the horse to bet on.
