The TSX today still remains down by over 10% from 52-week highs as of writing. Yet investors have certainly seen some recovery among a few stocks. These growth stocks continue to rise higher, but there are only a few I would consider major buys on the TSX today.
Today, I’m going to go over the three growth stocks I’d pick up before any other.
Constellation Software (TSX:CSU) is a no brainer, if you can afford it. Shares continue to trade in the four-digit range, with the stock up a whopping 27% year to date. Yet in the last little while, shares of Constellation stock have come down slightly. Like, very slightly, by about 1%.
Yet this may be enough of a dip for investors to consider hopping on this all-time favourite stock on the TSX today. Constellation stock remains a stellar option as the king of acquisitions. Its management team has proven over and over again that it knows how to identify companies primed for acquisition, and turn them around as major profit providers.
The stock should easily pass the $3,000 level in the next year, with the recovery market fuelling more growth. So now is certainly a great time to hop on more growth among growth stocks.
One of my favourite stocks continues to be Brookfield Renewable Partners LP (TSX:BEP.UN). Especially since it is one of the growth stocks mentioned here, yet there is still more to do to reach all-time highs. Brookfield stock is now up 20% year to date, yet still down about 41% from those all-time highs from 2021.
Don’t be fooled, however. Brookfield stock is on the rise and only due to rise higher, thanks to investments around the world into renewable energy. The stock remains one of the world’s largest providers of renewable energy. It holds assets in every type of renewable energy source, in practically everywhere in the world.
With more countries looking to create their own power, and governments and private institutions investing in these resources, Brookfield is set up for long-term growth. Plus, you get an added bonus of a 4.3% dividend yield as of writing.
Finally, another of the solid growth stocks I’d consider these days is Open Text (TSX:OTEX). Open Text stock rose higher following another solid round of earnings that beat out estimates. It’s now up an astonishing 37% year to date, and it doesn’t seem to be slowing down.
After the drop in tech stocks, it seems that investors were curious again about these cheap stocks. And Open Text stock is certainly one to consider, given its long (long) history of data storage and protection. It’s now offering these services around the world, to companies as large as Alphabet.
Shares now offer a 2.32% dividend yield, which is honestly quite a lot higher than what’d you normally receive from Open Text stock. And yet with shares up this high, it’s one of the growth stocks that looks like it has even more room to run.