2 Growth Stocks That Could Skyrocket in 2024

Are you looking to add some growth to your investment portfolio this year? Here are two top growth stocks to buy today.

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The Canadian stock market is doing all it can to return to all-time highs. The S&P/TSX Composite Index is up more than 10% over the past four months. Still, the index is down about 5% from all-time highs that were set in early 2022. But after a strong push in 2023, the Canadian stock market is filled with optimism for another positive year for investors

Is now the time to be investing?

It’s natural to think about waiting for a pullback before putting some money into the stock market today. For anyone with a short-term time horizon, I might be a little cautious with the market as hot as it is right now. But for those with decades still in front of them, a 10% pullback in the coming months will have very little impact on the long-term gains. 

My point is that you’re better off spending your time researching companies than trying to time the market. Once you’ve done the hard work and found companies with long-term growth potential, the next part is easy. All you need to do is buy and hold, and if you’ve got the means, add to your winners gradually over time. 

With that in mind, I’ve reviewed two top growth stocks to add to your watch list today. Not only could these two picks skyrocket this year, but they’re also well positioned to continue outperforming the market’s returns for many more years.

Growth stock #1: goeasy

This market-beating growth stock might not be trading at a discount for much longer. Shares of goeasy (TSX:GSY) are up 50% since last October, which puts the stock down just 30% from all-time highs. 

As a consumer-facing financial services provider, it wasn’t surprising to see the stock struggle as interest rates spiked over the past couple of years. But with potential rate cuts around the corner, we may goeasy back at all-time highs before we know it.

Even with the recent pullback, which at one point was at a loss of more than 50%, goeasy has still significantly outperformed the Canadian market over the past five years. Shares of goeasy are up nearly 250%, while the market as a whole has returned barely 30%, excluding dividends.

Don’t miss your chance to load up on a high-quality growth stock that rarely goes on sale.

Growth stock #2: Brookfield Renewable Partners

Now could be an incredibly opportunistic time to be loading up on a market-leading renewable energy stock. The sector as a whole has struggled since early 2021, providing long-term investors with an excellent entry to the space.

Brookfield Renewable Partners (TSX:BEP.UN) is not only a Canadian leader but a global one as well. The company offers its shareholders instant diversification to the growing renewable energy sector.

Shares of Brookfield Renewable Partners are down more than 40% since the beginning of 2021. Still, the energy stock has delivered a market-beating return of 40% over the past five years. That’s not even including dividends, either. And at today’s discounted stock price, Brookfield Renewable Partners’s dividend is yielding a whopping 5.6%.

You won’t find many 5%-yielding dividend stocks on the TSX with a market-beating track record like that of Brookfield Renewable Partners.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Nicholas Dobroruka has positions in Brookfield Renewable Partners. The Motley Fool recommends Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

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