I know it sounds weird that there are actual TSX stocks out there hitting 52-week highs. And it probably sounds even weirder to be recommending these stocks if they’ve hit those highs. But when stocks have so much room to grow, even after hitting those heights, it’s time to pay attention.
That’s why today I’m going to be looking at three TSX stocks hitting 52-week highs that are still buys. Ones that are likely to surge after we exit a bear market. And with October consumer price index (CPI) data showing a drop in inflation once more, that could be very soon.
Shopify (TSX:SHOP) is the most obvious of the TSX stocks hitting 52-week highs that we have to talk about. Here’s the thing, despite hitting those highs it’s still a fraction of its all-time highs. Even its highs that were around at the beginning of the tech stock downturn.
And now, after laying off many employees and selling its logistics business, Shopify stock looks to be a buy once more — especially as it demonstrated incredible resilience during its latest earnings report. Shopify stock showed its focus back on ecommerce is working. And investors should continue to pay attention.
That’s also because Shopify stock is looking to grow even more, with this Black Friday to Cyber Monday a major reason. It’s been the company’s best weekend of the year for sales, even amidst the downturn. So, you can likely be sure to see some big numbers coming out this week.
Another of the TSX stocks hitting 52-week highs is Cameco (TSX:CCO). After going through its meme stock status, the company is now hitting its stride. The world over needs uranium and is looking to the world’s largest publicly traded uranium producer to, well, produce it!
Cameco stock has surged past 52-week highs and doesn’t seem to be slowing down. This is what comes with creating major partnerships, amping up production, but remaining fairly conservative with growth. This has allowed it to continue its strong bottom line.
So, even though shares trade at an expensive price, those shares are up 95% in the last year and still growing. And it doesn’t look as though they’ll come down any time soon with a limited amount of uranium producers out there. And as the world shifts even more to this clean method of energy production, it’s bound to have a solid few years ahead of it.
Finally, the last of the TSX stocks hitting 52-week highs we’ll talk about here is Great-West Lifeco (TSX:GWO). And it’s one that remains perhaps more under the radar compared to these headliners. And that’s great news for investors looking to get in on a deal.
GWO stock recently reported earnings that surged past estimates. This led to a major increase in share price, with the stock now up 36% in the last year alone. Yet there is still some value to help investors continue the stock.
GWO stock trades at just 0.61 times sales as of writing and 1.69 times book value. Furthermore, it would take just 31% of its equity to pay off all its debts at this point. So, as the company continues to expand, look for even more growth in the future. Meanwhile, you can still pick up a solid dividend yield at 4.8% as of writing! So, there are many reasons to consider GWO stock these days.