If there were a single word that sums up how the market has performed in 2023, it would be volatile. In fact, some of the best long-term income producers have barely nudged higher this year. Fortunately, there are some magnificent stocks to buy that keep driving higher, even in volatile markets.
Here’s a look at two options to consider buying now.
Get (back) in on the ground floor
Prior to the pandemic, Shopify (TSX:SHOP) was one of the best-performing stocks on the market. In fact, in the past five years, the stock has surged over 280%. Even more impressive is that stellar growth includes a whopping surge during the height of the pandemic and a steep decline last year.
So, what makes Shopify a magnificent stock to consider right now?
For those unfamiliar with the stock, Shopify provides e-commerce solutions to businesses looking for an online presence. That includes everything from setting up an online commerce portal, website, shipping fulfillment, and support, as well as analytics.
That’s part of the reason why the stock surged during the pandemic when shopping was done exclusively online.
Now that businesses are open again, Shopify has tweaked its business toward profitability. Apart from hiking its subscription-based fees, the company also offloaded its expensive logistics arm. Both efforts will go a long way to see that the company becomes profitable.
In the most recent quarterly update, the stock reported 31% year-over-year revenue growth. Shopify also saw subscription revenue grow by 21% year over year.
The moves have helped Shopify’s stock surge 60% year to date. For long-term investors, this remains one of the magnificent stocks to consider buying now before it surges further.
This stock holds massive long-term potential
Another magnificent stock to consider right now is Alimentation Couche-Tard (TSX:ATD). For those unaware of the stock, Couche-Tard is one of the largest convenience store and gas station operators on the planet.
Specifically, the company boasts over 14,000 locations across 24 countries. And despite that massive footprint, Couche-Tard has taken an aggressive stance on expansion.
In just the last quarter, Couche-Tard added 55 U.S.-based convenience and fuel locations as well as 65 express tunnel car wash sites. Couche-Tard is also investing heavily in evolving its network, particularly with the growing popularity of electric vehicles (EVs).
Couche-Tard is currently building out a 200-site EV network across the United States. That network is set to be complete and online within the next year. This represents a massive long-term opportunity for investors, and not just from an early-adopter perspective.
EV charging times are longer than gas engines, which means that Couche-Tard can provide additional services to those customers.
As a long-term holding, Couche-Tard impresses. As of the time of writing, the stock is up over 12% year to date. Over a more extended five-year period, those gains increased to an impressive 122%.
That’s not all. Prospective investors should also consider Couche-Tard’s defensive appeal, which remains even during volatile times.
Magnificent stocks to buy can be found
Both Couche-Tard and Shopify offer growth-seeking investors plenty of long-term potential. And while both can provide substantial growth, they are, like all investments, not without some risk.
In my opinion, one or both of these stocks should be part of a well-diversified, larger portfolio.
