The wonderful thing about the stock market is that you never know when one of your stocks might see a significant rally. So, for investors who own top Canadian stocks with substantial growth potential that also trade undervalued, the chances of this happening can be quite high.
It’s up to investors to find these opportunities, though, and then remain patient. If you truly believe that the company you’re considering offers a tonne of opportunities for growth and should be worth more than where it trades today, then it’s worth it to buy and hold, waiting for a significant rally.
With that in mind, if you’re looking for high-potential Canadian stocks, here are two top choices that have the potential to double and could do so as early as December.
A top Canadian healthcare tech stock
One of the best growth stocks you can buy right now while it’s significantly undervalued is WELL Health Technologies (TSX: WELL). WELL is an exciting stock that’s been executing well and operates in a high-growth industry.
So, with the company continuing to put up impressive growth numbers, yet with the stock has been selling off as of late, the Canadian growth stock is only getting more attractive. This is why I think WELL is one of the best stocks to buy today. You never know when it might rally.
The company’s operations have been expanding rapidly, and analysts are extremely bullish on the stock. Seven analysts are currently covering WELL, all of whom rate it a buy.
Furthermore, the Canadian stock has a target price that’s more than double where it is today. So, when WELL stock comes back into favour, it could potentially see a major rally where the share price doubles.
Not only has it proven time and again that it can grow rapidly by acquisition, but it’s also in one of the fastest-growing industries: healthcare technology.
So, with the stock trading extremely cheap relative to its potential but also compared to several of its peers, WELL is one of the top Canadian stocks I’d be looking to buy for December.
A high-potential drone logistics business
In addition to WELL, another high-potential Canadian growth stock that’s fallen out of favour lately and now offers investors an incredible opportunity is Drone Delivery Canada (TSXV: FLT).
Drone Delivery is another stock with exceptional potential that you just never know when it might rally. So, with the stock now trading extremely cheap and more than 65% off its 52-week high and right around the bottom of its 52-week range, there might not be a better time to gain exposure.
The Canadian growth stock is closer than it’s ever been before to fully launching commercially, as it continues to develop its technology. Currently, it has multiple pilot projects up and running, as the company continues to refine its logistics platform and drone technology.
What’s so promising about Drone Delivery Canada, though, in my view, won’t happen in the next few years when it does finally launch, although I expect the stock to pop as a result when it does. However, I think the company offers even more potential over the medium to long term, where it can expand its operations into several other industries. Just last week, the company was awarded its sixth U.S. patent.
So, if you’re looking for a Canadian stock to buy with the potential for a significant and prolonged rally, Drone Delivery Canada is one of the best stocks to consider and could start to rally as early as next month.
