2 TSX Stocks That Could Easily Double This Year

These two growth stocks still have room to run in 2023 and could easily double if analysts are correct in their findings.

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The next year should be great for investors. No, really! We’re in a downturn, but nothing lasts forever. And by the end of summer, it’s quite likely we’ll enter a bull market. That is why now is the best time to get in on growth stocks.

Rather than wait and aim for a market bottom, get in while there’s value. And in the case of these three growth stocks, value abounds. Not only that, but they remain incredibly low in share price, priming them for the chance to double before 2023 comes to a close.

WELL Health Stock

WELL Health Technologies (TSX:WELL) might be the most obvious choice of growth stocks that are set to double in 2023. Of course, this comes down to the share price in part, as WELL Health stock trades at just $5.37 as of writing. However, it’s also had quarter after quarter of strong earnings, leading investors to likely jump back on board as soon as there is a turnaround.

Earnings are due out on May 12, and that could lead to another climb in share price. Shares of WELL Health stock are already up 34% in the last year; however, the stock is still off from all-time highs. Analysts continue to believe it could double in share price in the next year — especially as it continues its growth through mergers and acquisitions in Canada and the United States.

The healthcare market remains overstressed, and new options need to be added. WELL Health stock has identified one of those areas and has excelled. As investors continue to see the amount of federal funding, investment, and growth this company has, it will be no time at all for investors to hop back in — especially as it continues to see quarterly earnings hit record highs.

Lightspeed Commerce

Another of the growth stocks that could double in 2023 is Lightspeed Commerce (TSX:LSPD). Of course, this would take far more effort given shares trade at $19.39. Even so, it’s traded far higher before, hitting all-time highs at $160! Yet with shares down 17% in the last year, now could be an ideal time for a turnaround.

That’s especially considering Lightspeed stock has shifted its strategy in recent months. The company is now looking at “high value” merchants that make over $500,000 in annual gross transaction value per year. This focus will certainly bring in more revenue, as the company already sees most of its revenue come from these higher value merchants to start with.

Furthermore, the company went through a round of layoffs from management layers. These salaries and benefits further added to the company’s cash flow, allowing for further gains this year. From a more lucrative position, Lightspeed stock looks like it might be able to make some serious moves in the next few years.

Not that it hasn’t already. Its flagship products of Lightspeed Retail and Lightspeed Restaurant are on the path to profitability. Furthermore, its acquisitions are up and running, with profit looking to be achieved by full-year 2024. So, again, investors may look again to this stock that analysts think could double in share price in 2023.

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.

Fool contributor Amy Legate-Wolfe has positions in Lightspeed Commerce and Well Health Technologies. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

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