With so many factors impacting markets these days, there are tonnes of high-quality companies trading undervalued. So, if you’re looking to buy some of the best Canadian stocks, you have a number of choices.
From tech and high-growth stocks, which have sold off in recent months, to value stocks trading ultra-cheap and offering significant upside potential, plenty of stocks are worth buying today.
If you’ve got cash that you’re looking to invest, here are three of the best Canadian stocks to buy now.
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Crypto stocks are some of the best Canadian companies to buy today
There are several high-quality crypto stocks to consider, especially today while they’re still cheap. One of the best to buy, though, has to be Voyager Digital (TSX: VOYG), a leading crypto platform in the U.S.
Although there are other crypto stocks to consider as well, especially crypto mining stocks, a company like Voyager has much more long-term potential. Not only does it have a strong business model that will naturally grow as the popularity of the industry grows, but it also has far less-volatile operations than mining stocks.
And while all of these stocks have highly volatile share prices, short-term movements should be ignored. When buying crypto stocks, it’s crucial to focus on the long-term and what potential the company’s operations have.
And if you are going to consider the volatility of these stocks, that should be looked at as a positive, giving investors the opportunity to buy these stocks undervalued. In fact, right now, Voyager has four analysts covering the stock, each rating it a buy and combining to give it an average target price that’s more than 200% above where it trades today.
If you’re looking for cheap Canadian stocks to buy for under $10, Voyager is one of the best to consider.
A top recovery stock
While Voyager offers upside potential in the share price, so too does American Hotel Income Properties REIT (TSX: HOT.UN), as it recovers from the pandemic. However, the REIT also offers investors an attractive distribution, which currently has a yield of roughly 5.5%.
In addition to cryptocurrencies, recovery stocks are also investments that could offer potential in this environment. There’s been tonnes of pent-up demand, especially for the travel industry, one of the hardest-impacted industries by the pandemic.
And while airline stocks could offer some potential, a stock like American Hotel Income Properties REIT has fewer headwinds to deal with, and its numbers show it’s already been recovering well.
And even if it doesn’t offer that much capital gains potential, or you have to wait a little longer for a full recovery, the attractive yield it provides makes it one of the top Canadian stocks to buy now.
One of the cheapest Canadian stocks to buy now
Lastly, another stock similar in many ways to the REIT is Corus Entertainment (TSX: CJR.B). The media stock is certainly significantly undervalued, although it may not offer you as much growth potential as a stock like Voyager. However, Corus does allow investors to buy with a significant margin of safety.
Right now, the media stock trades at a forward price-to-earnings ratio of just 5.7 times and a forward enterprise value to EBITDA ratio of 4.9 times. Not only that, but, recently, Corus’s operations have been improving, and its balance sheet continues to grow in strength. Not to mention, it also offers an attractive dividend with a yield that’s upwards of 5% today.
If you’re looking for top Canadian stocks to buy for under $10, Corus offers investors some of the best value.
