There are a few growth stocks that continue to climb, as investors seek out winners in this downturn. The fear, of course, is that these growth stocks could eventually collapse. That again we will see a fall such as the one we saw in the last year. Yet in the case of these three growth stocks, I’d still buy them over and over.
Teck stock
Teck Resources (TSX:TECK.B) is one of the best-performing growth stocks in the last year. Shares of Teck stock are up 17.75% as of writing, and even that isn’t the highest point it’s reached. Furthermore, since July of last year, shares have climbed an incredible 62% — all during an economic downturn.
Part of this is due to the company’s focus on basic materials. Basic means essential in this case. Whether it’s silver, copper, coal, or fertilizer, the company finds it and sells it all. This has been a lifesaver for many needing predictable income coming in.
However, Teck stock has become one of the growth stocks to consider now, as it continues to advance its investments in areas such as copper and silver. These are essential minerals needed for the clean energy transition. So, with shares down in the last two weeks and trading at 7.08 times earnings I would certainly pick it up on the TSX today.
TFI stock
Another company I would definitely consider among growth stocks these days is TFI International (TSX:TFII). TFI stock is a solid choice for those wanting in on the expanding industry of e-commerce, but with a more stable option — especially during a downturn.
Supply-chain demands continue to be pretty high, and yet shipping is costly. That’s why a logistics and transportation company like TFI stock has done well. Instead of paying the costs, businesses use TFI stock and its fleet to do the heavy lifting for them. That creates savings for them, and revenue for TFI stock.
Shares are up 29% in the last year, and 44% since mid-July as well. Yet again, it trades in value territory at 13.66 times earnings. So, I would certainly consider this on the TSX today as well.
CGI stock
Finally, it’s important to remember that not all tech stocks are bad. And such is the case when looking at CGI (TSX:GIB.A), a growth stock up 17% in the last year alone, even though it’s in the dwindling tech sector.
The performance can come down to the company creating a strong balance sheet and using opportunities to its advantage constantly. When the market is down, it seeks out tech stocks suffering and buys them up. It can then give these companies what they need to be really successful, and, of course, bring in revenue from that success.
CGI stock has proven for well over a decade how strong its team of management is at choosing the right investments. While it’s slightly out of value territory, I would still buy it again and again among growth stocks on the TSX today.
