Written by Sneha Nahata at The Motley Fool Canada
Most TSX stocks witnessed a solid recovery over the past year as fear of recession diminished and inflation stabilized, pacing the path for interest rate cuts in the future. While many Canadian stocks have experienced considerable gains, there remains significant room for further growth. Meanwhile, several fundamentally strong stocks are trading at discounted prices, offering a good buying opportunity.
Against this background, here are five stocks to buy and hold for the next five years to generate above-average returns.
Shopify
Shopify (TSX:SHOP) stock has gained about 54% over the past year. However, the stock has further upside potential as it is poised to gain from its leading position in the e-commerce space amid an ongoing shift in selling models towards omnichannel platforms. Further, its ability to deliver durable revenue growth and focus on…
