3 TSX Penny Stocks with Potential Upside in January 2024 By Kalkine Media

Kalkine Media – In the early days of the new stock market year, a decision was made to refine the portfolio. The focus was on fortifying positions in three esteemed giants on the (TSX) – BCE (TSX:TSX:), Bank of Nova Scotia (TSX:TSX:), and Suncor Energy (TSX:TSX:). These TSX blue-chip stocks presented compelling opportunities for long-term investors at their current attractive valuation levels.

BCE, a telecom giant with a market capitalization of $49.70 billion, operates in telecommunications and mass media, providing essential services throughout Canada. Despite a 17.02% dip from its 52-week high, BCE stock trades at slightly over $54 per share, offering a lucrative 7.10% dividend yield. The recent decline in share prices is attributed to aggressive rate hikes by the Bank of Canada, impacting BCE’s borrowing costs. Anticipating potential…