There are quite a few stocks on the upswing right now, with shares climbing higher and higher as we get closer to the new year. But which are the best of the best? Today, we’re going to look at those that are worth your hard-earned money. So, even if you only have $2,500 to put aside, this is exactly where to put it today.
For growth
If you’re looking for a growth opportunity, then I would consider a strong turnaround stock like Lightspeed Commerce (TSX: LSPD). The company’s share price is far behind where it should be after the stock continues its track of profitability. The company is aiming to break even on earnings before interest, taxes, depreciation, and amortization (EBITDA), and that looks as though it will occur in the very new future.
Meanwhile, after years of getting its acquisitions online, the company seems a lot cleaner in its focus. That focus is on unified payments for its clients. Lightspeed stock currently has 25% of clients on Lightspeed Payments, with the goal of up to 50% within the next two years.
Yet shares are up just 12% in the last year and far from their all-time highs at almost $160 per share. So, as the company continues to surge past earnings estimates and show impressive growth, this could be a top growth stock to focus on in 2024.
For income
If you’re still a bit nervous about the market, then I totally understand seeking out dividend stocks. At least this way, you’re being paid to wait while the market recovers. Yet, of all the stocks out there, I would consider a safe one like a Canadian Big Six bank, with Bank of Montreal (TSX: BMO) offering a lot of security.
That’s because BMO stock has a lot in the cards for today’s investor. It has expanded further in the United States with the purchase of Bank of the West. Furthermore, it continues to be a top provider of exchange-traded funds (ETF), which remain in high demand.
Yet BMO stock also offers value and future security. That’s thanks to provisions for loan losses that allow the stock to recover to former 52-week highs. How do I know? It’s done it over and over for 200 years. So, with a 5.1% dividend yield, you can certainly look forward to secure income in the near and distant future.
For both!
I would look to a strong ETF. This is perfect for those who want secure income and growth in the near future but don’t have the cash or time to really put their full attention to it, which is why a team of management does it for you.
In this case, iShares Canadian Financial Monthly Income ETF (TSX: FIE) is a strong option. You can get access to the top-performing Canadian stocks on the market today. This includes banks, finance institutions, and other dividend providers that show strength after downturns.
Yet for an even bigger bonus, the stock offers monthly dividend income for a high yield! You can currently grab a yield at 7.97%, with shares up 7.77% year to date as of writing. So, if you’re worried about the future, don’t be. Pick up one of these stocks or this ETF for both future growth and income.
