While we might be headed towards a recession, we haven’t entered one yet. And when that does happen, there are a number of TSX stocks you’ll have wish you bought way back when. In the case of these three top TSX stocks, that time will run out sooner as opposed to later.
That’s because in the case of these three TSX stocks, you’re looking at solid long-term gains and income in strong industries. So, let’s take a look at the three down over 10% I would hurry up and buy now before a recovery.
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TD stock
First off there are the Big Six banks, but of these top TSX stocks I would consider Toronto-Dominion Bank (TSX: TD). TD stock is a solid choice, as it provides diversification, income, and growth. Diversification comes from its investments in the United States, where it remains one of the top 10 banks in the country. Income comes from its wealth and commercial management sector as well as credit card partnerships. Finally, it’s one of the top growing banks out there, continuing to expand its online and loan options.
Yet TD stock is down 22% in the last year as of writing. You can therefore bring in a dividend yield at 4.85% at the time of writing this article. Further, it’s in value territory trading at just 9.64 times earnings. Given that it’s proven it can survive major recessions and come out on top, it’s likely we’ll see this happen again quite soon.
Nutrien stock
There are long-standing TSX stocks, and ones due for growth. That’s where I would consider Nutrien (TSX: NTR). Nutrien stock may be young, but it’s already proven its worth. The crop-nutrient provider continues to acquire businesses, offering e-commerce solutions as well. This proved invaluable during the pandemic when droughts, floods, and wild fire-ravaged farmland.
Now, Nutrien stock is back down from all-time highs, when sanctions on Russian potash led to a rise in share price. It’s one of the TSX stocks down 26% in the last year alone, trading at just 5.07 times earnings as of writing. And again, you can bring in a higher dividend as well, currently at 2.86% as of writing.
Onex stock
Finally, Onex (TSX: ONEX) is another of the top TSX stocks I’d consider for growth. While it continues to announce earnings that beat out estimates, it’s still a finance stock. And finance stocks, if you’ve noticed, aren’t doing so well right now. Yet I would reconsider in this case, as Onex stock continues to find opportunities for growth. It now trades near value territory at 16.82 times earnings, with shares down 26% in the last year alone.
While it doesn’t have as high of a dividend yield at 0.61%, I would still consider the company for those wanting future quick growth. Onex stock has diversified investments that will see it soar out of any recession, which is why it’s definitely one I would consider on your watchlist right now — especially if you’re looking to make quick gains coming out of 2023.
