Bay Street Loves These 3 Growth Stocks: Should You?

These growth stocks are all above 40% in 2023 alone, but analysts believe there is even more room to run this year.

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The TSX today continues to show some signs of strength, though investors aren’t out of the woods yet. Still, there are certainly some growth stocks that investors can look into today if they want a bounce out of the current market situation.

Moreover, Bay Street analysts have been recommending several top growth stocks that investors can look into. Today, let’s look at three and determine whether they’re still a buy on the TSX today.

Shopify stock

Shares of Shopify (TSX: SHOP) have been climbing over the last year, with 2023 seeing a 55% rise in share price. However, there’s also been quite the drop in the last week, with shares down 15%. So, what have Bay Street analysts been saying?

Shopify stock blew past earnings estimates, but its net loss only grew larger during its most recent quarterly results. This was followed by numerous analyst reports on Shopify stock, many of whom believe that the stock has more room to run — especially as it continues to push out new products, even including artificial intelligence bots.

Altogether, analysts believe that Shopify stock will continue to be a market leader, especially in the area of e-commerce. Its third quarter should continue to demonstrate strength, providing a solid outlook for investors.

With that in mind, analysts believe it’s a good time to consider Shopify stock among growth stocks — especially when investors can get in on a discount of 15% as of writing, because that discount may not be there by the next quarterly report.

Cameco stock

Another stock that continues to gain traction is Cameco (TSX: CCO), with shares up about 40% in 2023 alone. Unlike Shopify stock on the TSX today, Cameco stock hasn’t seen a major dip. And this likely comes from the continued investment in the nuclear power sector.

Analysts continue to be bullish on Cameco stock, thanks to all this investment around the world. In fact, one analyst called it an “action-list buy,” with the uranium provider offering lower-risk exposure to the uranium market.

Spot uranium prices continue to climb, but even in periods of depressed prices, Cameco stock will provide some protection from the downside, the analyst stated. Further, its multiple operations help the company create even more uranium when prices increase once more. So, with shares only climbing, it looks like the stock remains a top choice among growth stocks.

Fairfax Financial

Finally, Fairfax Financial Holdings (TSX: FFH) is another top buy recommendation by analysts, and among growth stocks is one of the best. Shares of FFH stock are up 53% in 2023, surging in the last few months as well after strong earnings.

Analysts have surged their potential price target as well, thanks to the company’s incredible earnings reports. The combination of an increase in book value per share, a strong operating income, and dividend income that now approaches $1.9 billion should continue to keep investors interested.

Further, share prices should only increase further, as FFH stock proves it knows how to put its cash to work for investors. So, while it trades at just 12 times earnings, it might be a great time to consider this among other growth stocks. At least, that’s what Bay Street analysts think.

Fool contributor Amy Legate-Wolfe has positions in Shopify. The Motley Fool has positions in and recommends Fairfax Financial and Shopify. The Motley Fool has a disclosure policy.

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