3 Bull Market Buy Stocks That Could Help You Become a Millionaire

In comparison to last year, Canadian investors certainly have reason to be bullish heading into this new year. The S&P/TSX Composite Index surged more than 10% in the last two months of 2023. That put the index up close to 8% on the year, not including dividends.

To add to investors’ bullishness is the possibility of not only seeing interest rates remain stable this year, but even potentially seeing decreases. The thought alone has investors hoping for another positive year in the stock market.

But despite the strong end to 2023, there are still plenty of top-quality stocks on the TSX trading well below all-time highs that were set in late 2021.

With that in mind, I’ve put together a list of three proven market-beating companies that deserve a serious look right now. 

TSX stock #1: Shopify

Shopify (TSX: SHOP) shareholders had lots to cheer about last year. The tech stock came roaring back in 2023 with a whopping return of 100%. Even so, shares continue to trade more than 50% below all-time highs from 2021.

Like many of its tech peers, Shopify saw its stock price surge during the early days of the pandemic. A lot of growth was pulled forward, and the company reacted accordingly. Much of the sudden growth from 2020 and 2021 was corrected in 2022, with a massive pullback in stock price, forcing the company into making layoffs.

Today, investors are left with a much leaner company that’s poised for many more years of double-digit revenue-growth rates and market-beating growth potential. 

As long as you’re willing to be patient, this is a long-term buying opportunity that you don’t want to miss.

TSX stock #2: goeasy

goeasy (TSX: GSY) is another prime example of a growth stock that rebounded impressively well in 2023, yet is still trading at a bargain price. Shares of goeasy were up close to 50% last year and are now down just 30% from all-time highs.

As a consumer-facing financial services provider, a decrease in interest rates could go a long way in hiking demand backup for the company. The high-interest-rate environment at least partially explains why the stock has struggled since late 2021.

With potential interest rate cuts around this corner, investors may want to act quickly here. This is not a growth stock that goes on sale often.

TSX stock #3: Brookfield Renewable Partners

You could find several very good reasons to be loading up on this beaten-down renewable energy stock right now.

As have many others in the clean energy space, Brookfield Renewable Partners (TSX: BEP.UN) has been on the decline since early 2021. Excluding dividends, shares are down 40% over the past two years. 

Even with the recent pullback, though, shares have close to doubled the returns of the Canadian stock market over the past five years. And that’s not even including dividends. However, you can’t discount the dividend, which is currently yielding above 5%.

Brookfield Renewable Partners is the perfect company for investors looking for instant exposure to the growing renewable energy space. In addition to a global presence, the company has a wide-ranging portfolio of assets. 

Long-term investors cannot go wrong with this top renewable energy stock, especially not at these prices.