3 Top TSX Stocks to Buy That Could Double by Year’s End

If you’re looking for a top TSX stock to buy in this market environment, these three companies offer the best potential for a massive late year recovery.

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With all the incredible performances from stocks this year and the fact that market indices are right around their all-time high, it’s certainly a lot harder to find top TSX stocks to buy today.

That doesn’t mean they aren’t out there, though. There are certainly still many high-quality opportunities for investors to consider today.

Whether it’s a beaten-down stock with recovery potential or a growth stock that has the opportunity to continue to rally, these three companies all have the best opportunity to double by year’s end, making them some of the best TSX stocks to buy today.

A top TSX tech stock to buy now

If you’re looking for a stock that has the potential to rally rapidly, AcuityAds Holdings (TSX:AT)(NASDAQ:ATY) is one of the best to consider.

The tech stock is an intriguing business and has many investors and analysts bullish on its long-term potential. AdTech is an industry with a tonne of opportunity for growth, especially with the power of computers these days.

As of late, though, the stock has struggled to gain momentum and continues to trade extremely cheaply. It’s now as cheap as it’s been all year, offering the potential for a significant rally both in the short and long term.

At a market price of $9.60, AcuityAds is trading at roughly half of its more than $19 average analyst target price.

So if you’re looking for a top TSX stock to buy that can double by 2022, AcuityAds is a leading candidate.

A top crypto miner

In addition to AcuityAds, another high-quality company that could see a significant rally by year’s end is HIVE Blockchain Technologies (TSX:HIVE)(NASDAQ:HVBT).

HIVE is one of the top crypto mining stocks you can buy on the TSX. Not only are its operations impressive, but it’s also one of the few stocks that offer exposure to both of the major cryptocurrencies, Bitcoin and Ether.

Both cryptocurrencies have been hot over the last month despite a short-term pullback in the last couple of days. The two currencies are still up over the last month. Plus, with many recent innovations in the space, the cryptocurrency industry continues to gain tonnes of popularity.

So with HIVE being leveraged to the price of these major cryptocurrencies and the industry having tonnes of potential to see another rally by the end of the year, it’s certainly a top TSX that could double over the next few months.

It’s decently cheap right now, and its 52-week high is nearly 80% higher than where the stock closed on Thursday. So it’s not unlikely HIVE could see its stock price grow by 100%, to an $8 stock price, or even higher by 2022.

Cryptocurrency is unquestionably one of the best growth industries to invest in for the long term today. So if you’re looking for a top TSX stock to buy that could rally significantly over the coming months, HIVE is a great choice.

A top TSX value stock to buy now

Finally, if you’re looking for a stock that has the potential to see a significant rally over the next few months, Corus Entertainment (TSX:CJR.B) is worth consideration.

The value stock is extremely cheap, offering an incredible discount for investors looking to buy a top TSX stock today.

I’ll admit, of the three stocks on the list, it’s the least likely to double by year’s end. However, it’s not impossible for Corus to see such a rapid recovery. Furthermore, it’s the stock with the lowest risk on the list, and even if it doesn’t double, it’s due for a significant rally.

At current prices, the stock has one of the cheapest valuations in Canada. For example, it’s currently trading at a forward price to earnings ratio of just 7.1 times.

So while it’s unlikely that Corus doubles over the next few months, it’s not impossible Corus can’t see its P/E ratio rise to around 14 times. Plus, if Corus can continue to improve its operations and grow its earnings, it won’t even need its P/E ratio to get that high.

So while Corus certainly has the potential rally, it may not necessarily double by year’s end. With that being said, though, in my view, it’s still the top TSX stock to buy now of these three.

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 AcuityAds Holdings Inc. and CORUS ENTERTAINMENT INC., CL.B, NV. The Motley Fool owns shares of and recommends AcuityAds Holdings Inc.

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