3 Bullish TSX Stocks on an Upward Trend

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Canadian investors aren’t in a bullish trend quite yet. In fact, we’re still quite far away from it. While there continues to be some positivity in certain areas of the market, these areas are still quite volatile. We’ve seen this time and again since the beginning of this year.

Whether it’s semiconductor stocks, tech stocks, or dividend stocks, there have been many companies that have climbed, only to fall back down. However, in the case of these three TSX stocks, there seems to be an upward trend. So, let’s look at what’s making investors and analysts alike consider these three TSX stocks as long-term holds.

Canadian Tire

Analysts were bullish on the results coming out of Canadian Tire (TSX:CTC.A) last week, touting the company as off to a good start in 2024. In this case, analysts believe the company was “controlling the controllable,” sending earnings up 7% on strong results.

First quarter results continued to demonstrate weakness in sales, especially among discretionary spending. Strength came from its long-term strong revenue creator, its automotive sector. However, management believes that more growth is coming as we near the summer season.

So, while management is cautious about the second quarter, with demand and deal restocking improving, it’s a positive-looking TSX stock, especially in a challenging retail environment. So, with a dividend yield at 4.86% and shares still down 15% as of writing in the last year, it’s looking like a strong option among TSX stocks.

Manulife

Meanwhile, Manulife Financial (TSX:MFC) ramped up its share buybacks, and that ramped up a response from investors. Shares jumped as the company reported it would increase its buybacks from $200 million to around $600 million per quarter for the rest of the year. This would create roughly $5.5 billion in buybacks over the next five years.

This came after Manulife stock saw a surge in its performance, especially in Asia. Furthermore, it closed a reinsurance deal, including the largest long-term-care component the insurance industry has ever experienced.

Meanwhile, shares of the TSX stock have surged already in the last year. Shares are currently up 37% in the last year while still trading at a reasonable 15.28 times earnings. Furthermore, you can grab a dividend yield of 4.49%. And that should increase as with the buybacks. So, this is yet another bullish stock that’s due for even higher climbs.

Shopify

Alright, yes, shares of Shopify (TSX:SHOP) plunged about 21% after earnings this month. The company announced that while it saw a strong first quarter, it doesn’t expect the same thing for its second-quarter results. This led to price target cuts across the board.

However, I would see this more as an opportunity rather than a warning. The drop in Shopify stock was oversold, with investors doing so in the wake of the market reaction. However, the TSX stock continues to show growth in its total addressable market, with more businesses adopting the company.

So, as its market share gains increase, so too should its revenue and overall earnings. Shopify stock has a strong history of realizing high returns on investments, and that’s likely to continue over time. That means with shares still down, now could be the time to pick up Shopify stock before it soars once again.