Growth Spurt: 2 TSX Stocks Set to Skyrocket

Looking for growth that lasts? These two TSX stocks may be up, but there is so much more to come according to analysts.

| More on:
Upwards momentum

Image source: Getty Images

When it comes to growth, it can be easy to find companies that have been growing for the last month, indeed the last few years! But what about companies that are set to continue skyrocketing upwards?

In this case, we have two TSX stocks that are still on their way up. And ones analysts believe have plenty of room to run. So, let’s get into why investors should consider picking up MDA (TSX:MDA) and Cameco (TSX:CCO) on the TSX today.

MDA stock

This space technology company has been a key player in over 450 missions globally. MDA offers advanced space-based communication systems, Earth observation solutions, and space exploration robotics, including the Canadarm used by NASA. The company’s focus on innovation and significant growth in revenues and backlog make it a strong investment in the expanding space industry.

Analysts like MDA due to its significant role in the global space industry, its innovative space-based communications and robotics technology, and substantial growth in revenues and backlog. The company’s focus on high-demand sectors such as satellite missions and Earth observation solutions positions it well for future growth.

MDA has demonstrated significant growth in key financial metrics. In 2023, the company reported a 26% increase in revenue to $808 million and an 86% rise in net income to $49 million. This robust financial performance is complemented by a substantial backlog of $3 billion, indicating strong future revenue streams.

Furthermore, MDA’s earnings per share (EPS) grew impressively from $0.22 to $0.41 over the last year, marking an 84% increase. This growth suggests the company is reaching an inflection point and could continue to deliver strong returns. In addition, over the past year, MDA insiders have purchased $649,000 worth of stock, with no insider sales reported. This demonstrates confidence in the company’s future prospects. Overall, it’s a strong buy that’s only getting stronger.

Cameco stock

A leader in the uranium market, Cameco holds substantial high-grade uranium reserves and maintains low-cost operations. Despite some recent setbacks, the company’s strong position in the nuclear services market and long-term contracts indicate robust future growth potential.

Cameco is favoured for its dominant position in the uranium market, holding high-grade reserves and low-cost operations. Despite recent earnings declines, its long-term contracts and strong market position in nuclear services indicate potential for robust growth in the coming years.

Cameco is a leading player in the uranium market, holding high-grade uranium reserves and maintaining low-cost operations. This positions the company well to benefit from the rising demand for nuclear energy. What’s more, Cameco has shown strong financial performance, with net earnings of $80 million in recent quarters, a significant improvement from previous losses. The company’s revenue also increased to $844 million.

Cameco’s investment in Westinghouse Electric Company and other strategic initiatives positions it well for future growth and market expansion. The global increase in uranium prices directly benefits Cameco’s profitability, as higher prices for uranium translate into better margins and revenue. So, be sure to consider this stock on the TSX today.

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 Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy.

More on Stocks for Beginners

Dial moving from 4G to 5G
Dividend Stocks

This Undervalued Dividend Stock is Worth Buying Right Now

Want an undervalued dividend stock with long-term potential and a juicy yield? Here's an option you may regret not buying…

Read more »

Piggy bank next to a financial report
Stocks for Beginners

Is It Finally the Right Time to Buy Bank Stocks?

Canadian bank stocks are some of the most secure investments out there, but of them all, this bank stock is…

Read more »

Man data analyze
Tech Stocks

Is Shopify Stock’s Growth Sustainable?

There's a reason Shopify stock (TSX:SHOP) has been getting analyst upgrades, and investors should be paying attention.

Read more »

sale discount best price
Stocks for Beginners

2 Bargain Stocks You Can Buy Today and Hold Forever

When it comes to bargain stocks, investors want a solid mixture of current stability and future growth, and that's what…

Read more »

data analytics, chart and graph icons with female hands typing on laptop in background
Stocks for Beginners

Saputo Stock Rose 24% in 90 Days: Here’s Why It’s Still Undervalued

Saputo (TSX:SAP) stock is still on the rise, but that doesn't mean this stock isn't full of value.

Read more »

grow dividends
Top TSX Stocks

Enbridge Stock Pays a Massive 7 Percent Dividend and Now is a Great Time to Buy  

Have you considered buying Enbridge stock lately? If not, you may want to buy this long-term gem to start earning…

Read more »

Stocks for Beginners

Why Shares of Stelco Stock Surged 78% This Week

Stelco stock (TSX:STLC) surged this week on news from the company that it would be bought up. And there's still…

Read more »

grow money, wealth build
Dividend Stocks

How $250 per Month Can Create $193.20 in Annual Dividend Income

If you want a lot of dividend income, you want the right dividend stock. This one offers high monthly income…

Read more »