Canadians looking for cheap Canadian TSX stocks don’t have to look too far these days. However, it looks like time may be running out on some of the best ones for long-term holders. After a market dip in January, shares are starting to climb back up once more. And that means there may be a limited amount of time before you can buy up these cheap stocks on the TSX today.
StorageVault
StorageVault Canada (TSX:SVI) recently came onto the TSX today, moving over from the venture exchange. The company continues to expand, acquiring storage units across the country. However, it recently used the opportunity of small business expansions during the e-commerce boom to increase its platform use.
The company recently acquired a new storage asset for $45 million. This comes on top of another two acquisitions late last year for $31 million, bringing total acquisitions for 2021 to $270 million. Analysts continue to weigh in on the stock, believing it to be one of the Canadian TSX stocks likely to outperform the market. It currently has a consensus target price of $7.71, which represents a potential upside of 20%. Shares are up 61% in the last year.
WELL Health
Another of the Canadian TSX stocks to consider under $10 has to be WELL Health Technologies (TSX:WELL). I’ve been writing a lot about WELL Health stock recently, and there’s a good reason. Analysts expect the stock to more than double in the next year. This comes from its recent acquisitions and growth in the United States. And more is expected to come.
Even though a market correction was warranted among these Canadian TSX stocks, WELL Health stock now trades far below fair value. After bottoming out at 52-week lows, shares are now up 23%. And while earnings aren’t due for some time, a recent update from the company stated it expects “record” growth for the next quarter. After that share climb, the company now offers a potential upside of 142% to reach consensus target prices.
Bombardier
Finally, Bombardier (TSX:BBD.B) looks to have finally turned things around. After ditching everything but its business jet arm, it’s now on what analysts have called a “positive trajectory” among Canadian TSX stocks. The restructuring seems to have worked, with Bombardier stock announcing and then selling $534 million worth of its new Challenger 3500 series aircrafts.
As oil prices continue to climb, business jets offering efficiency will be in need. It continues to support near and medium-term demand, aided by the shift toward business jets in the pandemic and higher oil price environment. Shares of Bombardier stock tanked to $1.61 during January’s market dip, but have since started climbing. Shares are up 8% since then, but still far off analyst target prices. There is still a potential upside of 29% for Bombardier stock to reach the consensus target price among Canadian TSX stocks.
