3 Canadian TSX Stocks Under $10 That Are Screaming Buys

These Canadian TSX stocks offer substantial value for investors looking for long-term stocks on the cheap.

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

Social Media

Follow Amy on LinkedIn and Canada Stock Digest.

Favorite Investment Quote

“October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published February 1, 2022 2:22 pm EST

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.