The Canadian economy continues to rebound, and that includes the market. The TSX continues to climb past all-time highs, leaving investors wondering if they’ve missed out on growth opportunities. But that’s simply not the case. Here are four top TSX stock picks that I would go for in the month of June.
Air Canada stock
I wrote in a recent piece that I believe Air Canada (TSX:AC) is set to have a major rebound over the summer. True, flights are still quite low. It’s also true that the pandemic isn’t over and that the company continues to burn cash.
So, where is this optimism coming from for this top TSX stock? Air Canada stock is a proven business that is on the path to recovery. Whereas other industries may hope to recover, it’s clear that airplanes will eventually be back to full capacity. And before September hits, there’s likely to be a huge increase in share price.
Why? There are two factors. The first is holiday travel. People are dying to travel, and the holidays are the perfect time to see family that they haven’t seen in years. The second factor is tourism. It’s likely by September many Canadians will be fully vaccinated, along with a lot of the world. This will likely lead the Canadian government to ramp up tourism again. With these two factors in mind, now is a great time to buy this top TSX stock before Air Canada stock soars back to $50 per share.
Dye & Durham stock
It’s only been a year since Dye & Durham (TSX:DND) came on the market, and during a pandemic to boot. But that didn’t damper interest in the tech Software-as-a-Service company. This top TSX stock recently received an offer to acquire the business for $3.4 billion. And it accepted.
The “management group” will be buying the company at $50.50 per share. You may notice that currently it trades at $46.89 per share, leaving a minimum potential upside of about 8% as of writing. But that’s likely to climb even higher as the days go on, especially as the company takes on other offers. So, now is a great time to buy this top TSX stock before there’s an all-out bidding war!
WELL Health stock
These last two stocks have a lot of short-term potential (though I would definitely hold them long term as well). However, WELL Health Technologies (TSX:WELL) has a strong future ahead that anyone can get behind. The virtual healthcare company has been growing by leaps and bounds through acquisitions, organic growth, and in share price.
The company boasted record-high revenue growth of 150% year over year during the last earnings report. That didn’t even include its recent acquisition in the United States. So, if you want a top TSX stock that will see you through decades of growth, I would definitely seek out WELL Health stock today.
BlackBerry stock
Now you have to play a bit of a waiting game with this popular stock. BlackBerry (TSX:BB)(NYSE:BB) has been on investors’ minds for over a decade; they have been wondering when (and if) another surge would come. It looked like it would back in January when shares reached heights of $36 per share! But since then, those shares dropped back to around $12.50 as of writing.
Yet this is a great long-term hold because of the company’s investment into cybersecurity and the electric vehicle industry. BlackBerry stock has come out at the forefront of innovation in these two arenas — so much so that governments and major companies have partnered with the tech giant. While BlackBerry stock continues to climb towards profitability, now is a great time to buy this stock cheap … while you still can.
