Motley Fool investors looking for top stocks to invest in need only look for analyst recommendations. But that being said, there can still be a lot of options. Today, I’m going to take a quick look at four of the best Canadian stocks that analysts believe are coming into their own.
Interrent REIT (TSX:IIP.UN) didn’t fare too well during the pandemic, bottoming out with the crash. But analysts believe now the stock is going through a turning point. Second-quarter results reached expectations, with some negative sections turning positive after three quarters of decline. Traffic towards occupancy is now starting to move in a positive direction. Analysts remain positive that revenue growth will remain positive in the quarters to come.
Analysts began increasing their recommendations, moving the stock into a “buy” position. The average potential upside today stands at around $20 — about 17% higher than the share price at writing. With growth continuing throughout 2022 and 2023, some even believe the stock could outperform, making it one of the best Canadian stocks to buy today. And at a P/E ratio of 10.82, it remains a steal.
Cannabis stocks are another area where Motley Fool investors should look for the best Canadian stocks. One of those today is Auxly Cannabis Group (TSXV:XLY). True, the cannabis company remains trending downwards — much like the rest of the cannabis industry. However, analysts believe it’s finally moving in the right direction. This comes from ramping up its Canadian adult-use cannabis market share and an improved cash flow. And this comes before second-quarter results next week.
The cannabis stock is insanely cheap for those looking to get in on cannabis stocks with little risk of huge losses. Shares trade at $0.23 right now and are expected to triple by the end of the year. It could also be a prime target as an acquisition to increase Canadian production. So, definitely keep an eye on this stock.
Real Matters (TSX:REAL) recently went into oversold territory, now with a relative strength index of 19.59. And it continues to sink as of writing. Yet there really isn’t a good reason for it. Recent earnings for the mortgage and lending software company saw 9.6% year-over-year revenue growth, with management believing strong future growth is ahead from its U.S. Title business.
In fact, analysts believe the stock could more than double in the next year and beyond. This makes it one of the best Canadian stocks to buy right now while it trades so low. In fact, with an economic rebound a real estate boom is likely underway, so it’s the perfect time to pick up Real Matters in the meantime.
Score Media and Gaming (TSX:SCR)(NASDAQ:SCR) was one of the best Canadian stocks to buy, even with a higher share price. Analysts believed it either a “buy” or “outperform” from recent moves in the gaming industry. SCR stock is likely to see an increase in revenue from single-day betting, along with its move onto the NASDAQ.
Today, that remains true, but it’s because SCR stock is set to be acquired by Penn National Gaming. The US$2 billion cash and stock deal will pick up the third-most popular gaming app in North America and Canada’s number one app for Penn. Shares in SCR stock more than doubled from the announcement but could continue rising.
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 Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Real Matters Inc.