Shopify (TSX:SHOP)(NYSE:SHOP) is one of the most successful Canadian IPOs of all time. In just over six years on the market, Shopify has established itself as one of the most valuable Canadian stocks and has returned investors more than 5,700%.
While Shopify is now a massive company, much of the rapid growth potential is now behind it. That doesn’t mean it won’t continue to be a top Canadian growth stock. You shouldn’t expect it to continue to grow at a compounded annual growth rate of 95%, which it has so far since going public.
In my view, Shopify is still one of the best Canadian stocks you can buy today and one of the best long-term investments you can make today.
Analysts know that Shopify offers some of the best potential of any Canadian stock. That’s why, although it’s rallied recently, most analysts still seem to be bullish on Shopify.
Most investors agree that because it’s such a top company, Shopify deserves a growth premium. It’s not surprising that after Shopify’s recent rally, it’s only now trading at the consensus analyst target price. Of the 22 analysts covering the stock, 13 have it rated a buy, while nine analysts have Shopify rated a hold.
Although it’s a top growth company worth a long-term investment, several Canadian stocks still offer more growth potential today. Here is one of the top Canadian growth stocks you can buy today, which analysts seem to like more than Shopify.
A top healthcare tech stock with more growth potential than Shopify
One of the top stocks in Canada with huge growth potential that also happens to be an analyst favourite is WELL Health Technologies (TSX:WELL).
The Canadian healthcare industry has been ripe for disruption for years, and WELL Health is one of the leading companies in the industry.
On top of its physical clinics, the company owns digital health apps, a telehealth business, and even the third-largest electronic medical records business in Canada.
These segments all have huge growth potential for years. Plus, in addition to the fact that the segments it already operates have potential, WELL has clearly proven it can grow by acquisition.
That’s part of the reason why WELL Health has been one of the top-performing stocks in Canada for the last three years. WELL’s impressive acquisitions have helped power its stock to a more than 1,800% return over the last three years. That’s considerably more than Shopify stock, which is still up an impressive 740% over that time.
As I mentioned before, analysts seem to agree that it’s such a top growth company, as it’s one of the highest-rated stocks in Canada.
All nine analysts that cover the stock all have it rated a buy. Furthermore, the consensus target price among analysts is $11.50. That’s nearly 50% upside from today’s prices.
One reason Shopify stock is such a great investment is that it can grow rapidly, and it can grow for years. However, today, WELL Health is a stock that’s in the same boat.
So, if you’re looking for a top growth stock that you can buy and hold for the long run, WELL Health has a tonne of quality and is trading at a significant discount today.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Daniel Da Costa owns shares of WELL Health Technologies Corp. The Motley Fool owns shares of and recommends Shopify. The Motley Fool recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.