5 Canadian Stocks Set to Soar in 2024

Five Canadian stocks with long growth runways could soar higher in 2024, with or without interest rate cuts.

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Market analysts don’t expect the Bank of Canada to declaring victory over inflation soon. The 37,000 new jobs in January and the jobless rate decline for the first time in a year pushed back chances of a rate cut in April.

However, despite the delay of a potential tailwind, five growth stocks are set to soar in 2024. Check them out and see which of them aligns with your risk appetite.


Hammond Power Solutions (TSX:HPS.A) stands out for its market-beating returns. At $100.04 per share, the year-to-date gain is 27.3%, while the trailing one-year price return is 299%. Had you invested $5,000 a year ago, your money would be $19,953.95 today. The stock also pays a modest 0.59% dividend.

The $1.2 billion company manufactures dry-type transformers, power quality products, and related magnetics used in various industries for electrification. In Q3 2023, sales increased 20.5% year over year to a record $179 million, while net income jumped 25.2% to $14.4 million versus Q3 2022.


Propel Holdings (TSX:PRL) is a high-flyer in the financial services sector. The $563.2 million fintech company outperformed the Big Banks in 2023. As of this writing, the stock is up 27.5% year to date. The current share price of $16.42 is 117% higher than a year ago. You can also partake in the decent 2.82% dividend.

In the first three months of 2023, revenue and net income rose 34% and 91% year over year to US$220.5 million and US$19.3 million, respectively. Propel takes pride in its AI-driven lending platform, which management believes will drive growth for years.    

Top growth stock

Technology was the top-performing sector in 2023, and Celestica (TSX:CLS) could soar higher this year. At $51.45 per share, it outperforms the sector (+8.7%) and the TSX (+0.5%) year to date. This tech constituent is a confirmed growth stock owing to the 350.9% total return in three years.

The $6.1 billion company is a leader in design, manufacturing, hardware platforms, and supply chain solutions. Celestica’s reach is global, and it operates in various markets including aerospace and defense, communications, and industrial.

In Q4 2023, revenue, adjusted earnings per share, and adjusted free cash flow increased 5%, 36%, and 97% to $2.14 billion, $0.76, and $83.8 million versus Q4 2023, respectively.

Next multi-bagger

Blackline Safety Corp. (TSX:BLN) has the makings of a multi-bagger. The $305.5 million provider of connected safety technology thrives amid a challenging environment. Besides reaching $100 million in total annual revenue in 2023, the 36% revenue growth to $30 million in Q4 marks 27 consecutive quarters of growth.

Its Chairman and CEO, Cody Slater, said that the continuous reduction in net loss and cash burn should lead to a sustainable free cash flow generating business. At $4.20 per share, BLN investors enjoy an 18.3% year-to-date gain.


Thinkific Labs (TSX:THNC) could spring a surprise and deliver superior returns in 2024. The $634.2 million company’s cloud-based software platform (AI-powered) helps entrepreneurs and established businesses, regardless of size, to create, market, and sell digital learning products. At only $3.90 per share, the market-beating return thus far this year is 21.1%.

Growth investing

Any of the five stocks in focus are excellent options for growth investors. Their breakouts could come ahead of interest rate cuts.

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 Christopher Liew has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hammond Power Solutions, Propel, and Thinkific Labs. The Motley Fool has a disclosure policy.

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