2 Top TSX Growth Stocks to Buy in August

Chris MacDonald
·3 min read
Businessman holding tablet and showing a growing virtual hologram of statistics, graph and chart with arrow up on dark background. Stock market. Business growth, planning and strategy concept

August is here! What does that mean for investors? Well, it’s a new month and a new opportunity to reassess one’s portfolio. As far as growth stocks go, the TSX happens to have a few world-class options. And in this article, I’m going to dive into two that top my list right now of growth stocks I’m watching.

Let’s get to it.

Top growth stocks: Restaurant Brands

Perhaps one of the most defensive growth stocks on the TSX I’m considering today is Restaurant Brands (TSX:QSR)(NYSE:QSR). This fast-food conglomerate’s business model does well in most economic climates. Accordingly, those worried about the trajectory of this recovery can’t go wrong adding some steady growth exposure to this company.

Restaurant Brands has become one of the top growth stocks via mainly organic growth. The company’s three core banners are world-class and have cachet in global markets. Accordingly, Asia is seen as a key growth market Restaurant Brands has only started to exploit.

In the years to come, I think Restaurant Brands stands to benefit greatly from the economic recovery. Accordingly, this is one of the growth stocks I’m looking at as a key pandemic reopening play. It’s not too late to get in on the action, as Restaurant Brands’s share price remains far below pre-pandemic levels. Indeed, Restaurant Brands stock remains one of the best risk/reward plays in the TSX today, in my view.

Shopify

Perhaps one of the more speculative growth stocks on the TSX, Shopify (TSX:SHOP)(NYSE:SHOP) has continued to outperform. And until this company breaks its incredible streak of earnings beats, I have to stay bullish on this company.

In my view, there are two types of growth stocks in the market. Those based on solid fundamentals and growth expectations, and those that aren’t. Shopify has proven time and again that these hyper-growth projections are appropriately baked into the company’s share price.

For now, Shopify remains the most valuable company in Canada by market capitalization. This stock also remains one of the most highly valued from a valuation multiple perspective as well.

However, I think the underlying growth catalysts underpinning the e-commerce revolution are robust. Accordingly, Shopify appears to be a company with a multi-decade long growth trajectory, much of which is being priced in today. For long-term investors, that’s not a bad thing. Indeed, e-commerce growth is one of the “surest” bets in the growth investing world. I don’t expect that to change anytime soon.

The post 2 Top TSX Growth Stocks to Buy in August appeared first on The Motley Fool Canada.

5 Canadian Growth Stocks Under $5

Limited Time Only: Get 5 of Our Top Growth Stocks for FREE.

We are giving away a FREE copy of our "5 Small-Cap Canadian Growth Stocks Under $5" report. These are 5 Canadian stocks that we think are screaming buys today.

Get Your Free Report Today

More reading

Fool contributor Chris MacDonald has no position in any stocks mentioned in this article. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify and recommends the following options: long January 2023 $1140 calls on Shopify and short January 2023 $1160 calls on Shopify. The Motley Fool recommends RESTAURANT BRANDS INTERNATIONAL INC.

2021

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • Ryan Reynolds pays tribute to Deadpool & Wolverine production designer Ray Chan

    Chan’s death was announced by Marvel Studios on Friday.

  • Giannis Antetokounmpo ruled out, Khris Middleton to start for Bucks against Pacers in Game 3

    INDIANAPOLIS (AP) — The Milwaukee Bucks will be without star Giannis Antetokounmpo in Game 3 of their playoff series against Indiana on Friday night, but will have All-Star Khris Middleton in the starting lineup. Middelton was activated after going through pregame workouts, showing coaches and team doctors he could move effectively. Middleton is averaging 19 points, 7.5 rebounds and 5 assists through the first two games and finished Tuesday night's Game 2 loss after spraining his right ankle. Wh

  • British man accused of being Wagner spy for Russia ‘led plot to burn down London building’

    A British man accused of being a Wagner Group spy for Russia allegedly recruited two men to burn down a building in London linked to Ukraine.

  • Trump’s attorneys try to pick holes in David Pecker’s ‘catch and kill’ testimony

    Former tabloid publisher confirms he helped bury Karen McDougal’s story to help Trump’s election chances

  • Here’s the Trick to Making Perfect White Rice

    Learn how to cook perfectly tender white rice like a pro.

  • Former Rep. Peter Meijer ends his longshot bid for the GOP nomination in Michigan's Senate race

    LANSING, Mich. (AP) — Former Rep. Peter Meijer withdrew his name from the U.S. Senate race in Michigan on Friday, ending a longshot bid to become the Republican nominee and return to Congress after being ousted by voters for supporting an effort to impeach then-President Donald Trump. Meijer announced his candidacy in November and contended for the Republican nomination against former U.S. Reps. Mike Rogers and Justin Amash, in addition to wealthy businessman Sandy Pensler. Meijer met an April 2

  • Abbvie stock falls amid growing biosimilar competition

    Pharmaceutical giant AbbVie Inc. (ABBV) shares came under pressure as the market closed on Friday, following the disappointing first quarter sales performance of the company's arthritis drug, Humira. The company forecast that Humira's sales could slow further in the face of heightened competition. Yahoo Finance's health reporter Anjalee Khemlani breaks down the details, providing insight into the rise of biosimilars in the market. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance. This post was written by Angel Smith

  • All-important volunteering still slow after COVID

    This week is National Volunteer Week, thanking all those who put aside their personal time to help others in their communities. There are many organizations within Uxbridge that depend on their volunteers to function and serve their patrons.Volunteering reportedly took a hard hit during the COVID-19 pandemic, leaving many organizations in a lurch, and unfortunately, it was many of those organizations that were the most in demand, like food banks, community outreach and service programs. In Uxbri

  • They say don't leave valuables in parked cars in San Francisco. Rep. Adam Schiff didn't listen

    San Francisco has earned an unwelcome national reputation for car burglaries that U.S. Rep. Adam Schiff was reminded of the hard way: The Democratic congressman had his luggage swiped from his car while it was parked in a downtown garage. With his formal clothing gone, Schiff ended up at a fundraising dinner Thursday for his U.S. Senate campaign dressed like he was headed to a Los Angeles Dodgers game — in shirt sleeves and an insulated vest. “Yes, they took my bags,” the congressman lamented to the San Francisco Chronicle, adding that he didn't want to dwell on his firsthand experience as a crime victim.

  • Blue Jays pitching prospect Ricky Tiedemann out with nerve inflammation in elbow

    TORONTO — Blue Jays pitching prospect Ricky Tiedemann will miss about seven to 10 more days with a sore elbow. Toronto manager John Schneider says that the 21-year-old left-hander has ulnar nerve inflammation. The diagnosis comes after Tiedemann met with team doctors earlier this week. It's the best possible outcome after the triple-A Buffalo Bisons put him on the seven-day injured list on April 19. Tiedemann (0-1) had a 5.63 earned-run average through three starts, striking out 10 over eight in

  • Retiring CFL star Harris talks new documentary, overcoming mental health struggles

    WINNIPEG — Andrew Harris is leaving football as one the greatest running backs in CFL history. But he says that he once went from the exhilaration of winning the 2019 Grey Cup with the Winnipeg Blue Bombers to the lowest he could go. “When you’re having suicidal thoughts, that’s about as rock bottom as you can get,” Harris told a group of local reporters on Friday. “That’s where I was at. I mean, COVID was tough on a lot of people, but I was really in that dark spot during COVID, and it was real

  • David Moyes reveals date to decide his West Ham future with verdict on potential successors

    Hammers and manager won’t decide their next step anytime soon

  • Mauricio Pochettino admits uncertainty over Chelsea bosses' verdict on his future

    Argentine manager offers an in-depth look into how he sees his future at Chelsea

  • Erik ten Hag expresses ‘a lot of sympathy’ for misfiring Marcus Rashford

    The 26-year-old produced a career-high 30 goals last season.

  • Arsenal ‘demise’ not motivating Ange Postecoglou as Spurs chase own achievements

    A victory for Arsenal at Tottenham Hotspur Stadium would help them move a step closer to a first title since 2004.

  • Leicester promoted back to English Premier League

    LONDON (AP) — Leicester secured automatic promotion back into the English Premier League on Friday after Leeds lost to Queens Park Rangers. Leicester's return was sealed when second-placed Leeds — four points behind Leicester — was thumped at QPR 4-0. The Foxes achieved promotion at the first time of asking after being relegated from the Premier League last season following a third-to-last finish. Leicester leads the second-tier Championship with two games left. Leeds was only one point above th

  • South Dakota governor, a potential Trump running mate, writes in new book about killing her dog

    South Dakota Gov. Kristi Noem — a potential running mate for presumptive Republican presidential candidate Donald Trump — is getting attention again. This time, it's for a new book where she writes about killing an unruly dog, and a smelly goat, too. The Guardian obtained a copy of Noem's soon-to-be released book, “No Going Back: The Truth on What’s Wrong with Politics and How We Move America Forward.” In it, she tells the story of the ill-fated Cricket, a 14-month-old wirehaired pointer she was

  • I enjoy it – Mauricio Pochettino happy with life at Chelsea despite poor results

    The Argentinian saw his side thumped 5-0 at the Emirates Stadium on Tuesday.

  • Tottenham will get nowhere 'peering over the back fence' at Arsenal, insists Ange Postecoglou

    Spurs boss says winning Sunday’s north London derby is not about disrupting Gunners’ title bid

  • Ange Postecoglou admits he had to hide signs of panic at Spurs after Kane exit

    Ange Postecoglou ‘made a really conscious effort’ to act like ‘the old duck just looking really graceful above the water’ after Tottenham sold Harry Kane