Despite a challenging macro environment in 2023, growth stocks part of the tech sector have staged an impressive comeback year to date. However, several companies continue to trade significantly below all-time highs, allowing you to buy the dip and benefit from outsized gains when market sentiment improves in the next 12 months.
Here are three cheap or undervalued TSX stocks to buy for 2024.
Magna International stock
An ancillary automobile company, Magna International (TSX:MG) is an undervalued TSX gem you should add to your watchlist right now. Valued at $21.2 billion by market cap, Magna International is among the largest companies on the TSX. Down 41% from all-time highs, the auto giant currently offers you a dividend yield of 3.4%.
Magna supplies components to some of the leading auto manufacturers in the world and aims to gain traction in the rapidly expanding electric vehicle market. For instance, it already supplies…
