2 Growth Stocks to Buy on the Dip for the Long Haul

Growth stocks continue to trade at discounts, and these two TSX stocks could be excellent long-term investments at current levels.

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Last year ended on a poor note for the stock market, resulting in a significant decline for growth stocks across the board on the TSX. And 2022 did not begin with positive developments either, as the sell-off continues. Russia invaded Ukraine on February 24, 2022, sparking significant uncertainty in global financial markets.

It is no secret that some of the top growth stocks have been marred by various factors. The inflationary environment plaguing the stock market is slated to improve by introducing gradual interest rate hikes by the Bank of Canada (BoC). However, it may take some time for the situation to get better in that regard.

Russia’s invasion has prompted Western countries to impose sanctions against the aggressor. The country’s removal from the SWIFT network and further bans will likely continue to create more uncertainty in the market.

Investors typically tend to flee from risky investments during such times. However, investors who can recognize such environments as an opportunities for long-term wealth growth through recovery might be in search of growth stocks they could buy right now.

Today, I will discuss two TSX growth stocks that you could consider adding to your portfolio today for the long haul.

Brookfield Renewable Partners

Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP) is one of the largest renewable energy producers worldwide. The $14.05 billion market capitalization company owns and operates a diversified portfolio of renewable energy assets located worldwide.

Its facilities right now boast a production capacity of over 21,000 MW. The company currently has several more renewable power-generation facilities nearing construction. These facilities will add another 15,000 MW of power-generation capacity to its portfolio. Brookfield Renewable’s global development pipeline now boasts 62,000 MW capacity.

Once it is all operational, the company will become the top player in the global renewable energy industry. It would make a natural choice for long-term investors seeking significant capital growth.

Brookfield Renewable stock trades for $51.18 per share at writing, and it boasts a 3.18% dividend yield that you could lock into your portfolio today.


Docebo Inc. (TSX:DCBO)(NASDAQ:DCBO) is a $1.62 billion market capitalization company headquartered in Toronto that has become an essential service provider since the onset of COVID-19. Enterprises worldwide were slowly beginning to warm up to the idea of adopting a remote work structure. The pandemic forced companies to pursue such an infrastructure much sooner than anticipated, and that meant a significant boost for companies like Docebo.

Docebo provides a cloud-based and AI-powered eLearning platform to enterprises. Its platform lets managers at companies assign, monitor, and tweak training programs for remote employees with relative ease. The broader tech sell-off has not spared Docebo stock. The stock trades for $49.39 per share at writing, and it is down by 57.82% from its all-time high in September 2021.

The recent downturn might appear to be alarming, but Docebo boasts a list of clients like Amazon.com, BMW, and Thompson Reuters. With a growing number of companies considering the shift to remote work culture, Docebo stock could have a lot in store for its investors in terms of capital gains in the future.

Foolish takeaway

There is an inherent risk that comes with investing in the stock market in general, and growth stocks carry more capital risk than others. It is predominantly why many investors move their capital out of growth stocks during volatile market conditions. However, not all growth stocks are slated to fail under the financial pressure of market uncertainty.

High-quality companies with the potential to deliver stellar long-term returns can endure short-term adversity. Brookfield Renewable stock and Docebo stock are two such assets that could be ideal for this purpose.

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.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Fool contributor Adam Othman has no position in any of the stocks mentioned. The Motley Fool recommends Amazon and Docebo Inc.

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