The TSX today continues to be filled with great companies trading at 52-week lows. In fact, some of them provide incredible opportunities for investors willing to wait it out.
In the case of these three TSX stocks, that wait should mean a turnaround in the next year. Yet over the next few years, this could turn into significant gains. Let’s look at the three I would consider on the TSX today.
CIBC stock
First off, Canadian Imperial Bank of Commerce (TSX: CM) is the perfect option for risk-averse investors. While shares are down, this is because CIBC stock has a lot of exposure to the Canadian housing sector. Still, once prices recover and housing is created on a massive scale in the next year, this could prove a great point for investors.
That’s especially since CIBC stock has less exposure to the United States, where banks continue to see losses. Canadian banks have provisions for these loan losses and enjoy an oligopoly here at home. So, CIBC stock should be able to recover nicely.
In fact, shares continue to trade near 52-week lows, currently at $56 per share compared to lows at $53. I would therefore consider picking it up on the TSX today for a potential upside of 27% to reach 52-week highs as of writing. Plus, a 6.03% dividend yield to grab as well.
NorthWest REIT
Another of the stocks trading near 52-week lows on the TSX today is NorthWest Healthcare Properties REIT (TSX:NWH.UN). NorthWest stock recently saw a touch of positive movement after earnings. This came as there was stable growth from the company, and a United Kingdom joint venture coming online by June 30.
Yet NorthWest stock currently trades at $8.09 per share as of writing, with 52-week lows at $7.78. While investors may not have liked that the company was attempting to grow during high interest rates and inflation, NorthWest stock is setting itself up for long-term income.
That income remain stable with occupancy remaining at 97%, and a 13.6-year average lease agreement. So, I would certainly consider grabbing the company on the TSX today, especially with a 10.04% dividend yield.
Canopy Growth stock
Finally, Canopy Growth (TSX: WEED) is the last of the stocks trading near 52-week lows on the TSX today I would consider. It’s definitely not for the risk averse, as there is still a lot of work to do from the company.
Yet the drop in share price is far over done, with shares coming down from all-time highs at around $70, to where it sits now at $1.43 as of writing. That’s just $0.05 higher than 52-week lows, and it could certainly drop once more. Even so, a small stake could turn into a fortune — not this year, mind you, but the next decade? Potentially, yes!
Canopy Growth stock is setting itself up to be the largest producer in the country set up to be the largest consumer of cannabis. It’s made significant cuts and focuses on generating profit through non-THC products. When the United States eventually allows for the legalization of recreational cannabis, it will be set up for profits from both non-THC and THC products combined.
Meanwhile, shares could easily double in the next year at these prices. So, I would consider even a small stake in Canopy Growth stock to prepare for a bull market.
