Earlier on May 29, Invesco’s Brian Levitt appeared on CNBC’s ‘The Exchange’ to discuss how he thinks now is the time to diversify your portfolio into other parts of the world. Levitt stated that while the underlying policy uncertainty persists, the market’s trajectory has been positive. He believes that the market, which bottomed out some time ago, has been looking towards incrementally better policy. He suggested that the worst of the policy is behind us and that things should gradually improve now. He advised investors to be mindful of portfolio valuation and maintain optionality to prepare for adverse events. He cautioned against viewing the situation as a binary one and noted that such a simplistic approach will be challenging given the ongoing news.
Levitt dismissed the notion of an impending recession and cited the strong performance of high-yield bonds this year as inconsistent with a recessionary environment. He expressed comfort that the current economic cycle will continue and acknowledged that when leading indicators are rolling over, a more defensive stance is typically warranted, which would favor quality assets like mega-cap US growth companies. However, he warned that if a valuation adjustment similar to Liberation Da were to occur again, it could be substantial. Therefore, he advised diversification into other global regions and potentially US value stocks to reduce overall portfolio valuation.
That being said, we’re here with a list of the 12 best Canadian stocks with huge upside potential.
A financial analyst on a business call, studying a portfolio of stocks.
Methodology
We used the Finviz stock screener to compile a list of the top Canadian stocks. We then selected 12 stocks that had a high average upside potential of over 25%. The stocks are ranked in ascending order of their average upside potential. We’ve also added the hedge fund sentiment for each stock, which was sourced from Insider Monkey’s database, as of Q1 2025.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12 Best Canadian Stocks With Huge Upside Potential
12. Lululemon Athletica Inc. (NASDAQ:LULU)
Number of Hedge Fund Holders: 48
Average Upside Potential as of June 20: 27.49%
Lululemon Athletica Inc. (NASDAQ:LULU) is one of the best Canadian stocks with huge upside potential. On June 11, Lululemon announced an expanded 10-year partnership with Samsara Eco through an off-take agreement for recycled nylon and polyester. The collaboration underscores Lululemon’s commitment to building a circular ecosystem for its products and supports its goal of using more preferred materials by 2030.
The deal could enable Samsara Eco to produce ~20% of the fibers in Lululemon’s portfolio. The announcement builds upon a previous multi-year agreement between Lululemon and Samsara Eco, which was initiated in 2023 and aimed at creating infinitely recycled nylon and polyester. In 2024, Lululemon debuted its first product featuring Samsara Eco’s material. This was a limited-edition packable anorak, which also marked the world’s first enzymatically recycled nylon 6,6 product sample.
The Chief Supply Chain Officer at Lululemon, Ted Dagnese, stated that the company is diversifying by investing in multiple partnerships to develop solutions and reduce its reliance on fossil-fuel-derived resources. Lululemon’s latest impact report indicates progress in integrating preferred materials, with 38% of products procured in 2023 containing over 50% of materials deemed environmentally preferable by the company.
Lululemon Athletica Inc. (NASDAQ:LULU) designs, distributes, and retails technical athletic apparel, footwear, and accessories under the lululemon brand internationally.
Samsara Eco is an Australia-based company that specializes in enzymatically recycling nylon 6,6 products.
11. Silvercorp Metals Inc. (NYSE:SVM)
Number of Hedge Fund Holders: 15
Average Upside Potential as of June 20: 33.44%
Silvercorp Metals Inc. (NYSE:SVM) is one of the best Canadian stocks with huge upside potential. On June 12, Silvercorp Metals announced the filing of an updated mineral resource estimate for its Condor gold project in Ecuador. This “Independent Technical Report for the Condor Project, Ecuador,” prepared by SRK Consulting (Canada) Inc., had an effective date of February 28, 2025. The report was filed following a news release on May 12 and is available on the company’s website, SEDAR+, and EDGAR.
The Condor Project is not currently considered a material property for Silvercorp, and the updated estimate was filed voluntarily. The announcement comes amidst a positive period for Silvercorp Metals, with its share price increasing by 14% over the past month. This upward trend is supported by strong financial results reported on May 22, where Silvercorp reported revenue of $72.2 million in Q1 2025, which was a 20% increase from $60 million in Q1 2024.
Despite strong growth, the company’s one-year return has lagged behind the Canadian Metals and Mining industry, which saw a 34.1% return. Analysts are optimistic about Silvercorp’s future and expect annual revenue growth of 26.1% and earnings to reach $122.4 million by May 2028. This outlook is supported by initiatives like the Ying Mine expansion and rising metals prices.
Silvercorp Metals Inc. (NYSE:SVM) acquires, explores, develops, and mines mineral properties in China. It explores for copper, silver, gold, lead, and zinc metals.
10. Rogers Communications Inc. (NYSE:RCI)
Number of Hedge Fund Holders: 16
Average Upside Potential as of June 20: 37.10%
Rogers Communications Inc. (NYSE:RCI) is one of the best Canadian stocks with huge upside potential. On June 12, the Eastern Ontario Regional Network/EORN and Rogers Communications jointly announced an expansion of Rogers’ 5G mobile services across Eastern Ontario. Since October 1, 2024, 63 new cell towers and an additional upgrade to an existing site have been completed, bringing Rogers 5G mobile services to 31 more communities in the region.
The expansion is part of the EORN Cell Gap Project, which is a $300-million public-private partnership designed to enhance cellular services in rural Eastern Ontario. Under the EORN Cell Gap Project, Rogers Communications is constructing ~332 new cell towers, which include both newly built and co-located sites shared with other providers. Currently, 195 new towers are operational and offer services in the region. All upgrades to 311 existing sites within the project have been completed, equipped with state-of-the-art 5G equipment.
EORN is a non-profit organization established by the Eastern Ontario Wardens’ Caucus/EOWC to foster economic development and growth by regionally improving broadband access and cell connectivity. Before the current Cell Gap Project, EORN led a $175 million public-private partnership from 2010 to 2014 that improved broadband access for nearly 90% of Eastern Ontario.
Rogers Communications Inc. (NYSE:RCI) is a communications and media company in Canada that operates through three segments: Wireless, Cable, and Media.
9. NexGen Energy Ltd. (NYSE:NXE)
Number of Hedge Fund Holders: 33
Average Upside Potential as of June 20: 37.55%
NexGen Energy Ltd. (NYSE:NXE) is one of the best Canadian stocks with huge upside potential. On June 12, NexGen Energy announced that the Saskatchewan Ministry of Environment has approved for its 2025 Site Program at the company’s 100%-owned Rook I Property in the Athabasca Basin, Saskatchewan. The program is set to commence in the coming weeks and conclude with camp commissioning in Q1 2026. It includes significant infrastructure enhancements.
The 2025 Site Program involves 3 main components: the establishment of a temporary gravel exploration airstrip of less than 1,000 meters long for worker health & safety, increased regional exploration, and improved emergency response. Secondly, the exploration accommodation camp facilities will be expanded by 373 beds through the engineering, procurement, and installation of hard-walled modular facilities. Lastly, improvements will be made to the 13 km Rook I access road to boost overall worker and equipment safety.
These infrastructure upgrades are crucial for supporting NexGen’s ongoing exploration programs, particularly at the Patterson Corridor East/PCE discovery, which is rapidly expanding. Located just 3.5 km east of the world-class Arrow Deposit, drill results from PCE have revealed high-grade basement-hosted mineralization, which shows the potential for another Arrow-style zone of mineralization. The company’s 2025 drilling program for PCE is preparing to recommence in June 2025.
NexGen Energy Ltd. (NYSE:NXE) is an exploration and development stage company that acquires, explores, evaluates, and develops uranium properties in Canada. It holds a 100% interest in the Rook I project.
8. Docebo Inc. (NASDAQ:DCBO)
Number of Hedge Fund Holders: 18
Average Upside Potential as of June 20: 50.78%
Docebo Inc. (NASDAQ:DCBO) is one of the best Canadian stocks with huge upside potential. Towards the end of May, Docebo announced that its LearnGov platform achieved FedRAMP Moderate Authorization. The authorization enables US federal agencies to securely and confidently deploy scalable learning programs using Docebo’s cloud-based platform.
The FedRAMP Moderate designation is listed on the FedRAMP Marketplace and signifies that Docebo meets the federal government’s stringent security and privacy controls. This includes hundreds of controls evaluated and authorized under the FedRAMP Moderate baseline. The platform is designed to support various government initiatives, such as workforce development, compliance training, and upskilling.
The Docebo LearnGov solution is engineered specifically for public sector organizations and offers robust security and compliance, the ability to align learning and development goals with federal program missions through measurable, data-driven outcomes, an extensive API ecosystem for integrated workflows, and operational efficiency through intuitive admin tools and streamlined workflows.
Docebo Inc. (NASDAQ:DCBO) develops and provides a learning management platform for training in North America and internationally. The company is known for its AI foundation and innovation.
7. Profound Medical Corp. (NASDAQ:PROF)
Number of Hedge Fund Holders: 12
Average Upside Potential as of June 20: 75.20%
Profound Medical Corp. (NASDAQ:PROF) is one of the best Canadian stocks with huge upside potential. On June 10, Profound Medical announced the successful completion of the first commercial benign prostatic hyperplasia/BPH treatment using its TULSA-PRO system with the new TULSA-AI Volume Reduction Module.
The procedure was performed on June 9 by Dr. Naveen Kella, the Founder of The Urology Place and an Adjunct Assistant Professor for the UT Health Science Center, San Antonio. BPH is a non-cancerous enlargement of the prostate gland common in aging men, which often leads to lower urinary tract symptoms/LUTS. Current BPH treatments, like transurethral resection of the prostate/TUR, have largely remained unchanged for 100+ years and carry risks of complications like bleeding, erectile dysfunction, loss of ejaculation, and extended hospital stays.
The TULSA procedure, performed with the TULSA-PRO system, is designed to be an incision- and radiation-free one-and-done treatment, which is typically completed in a few hours without requiring a hospital stay or causing bleeding.
The TULSA-PRO system, which received 510(k) clearance in 2019, employs real-time MR guidance and AI-enhanced planning for precise ablation of diseased prostate tissue by gently heating it to 55-57°C via sound absorption technology. The newly introduced TULSA-AI Volume Reduction module specifically streamlines TULSA procedures for BPH by reducing the volume of obstructive prostate tissue. Before the new module, the TULSA-PRO system was already used globally by surgeons for BPH.
Profound Medical Corp. (NASDAQ:PROF) is a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image-guided ablation of diseased tissue in Canada, Germany, the US, and Finland.
6. Integra Resources Corp. (NYSE:ITRG)
Number of Hedge Fund Holders: 10
Average Upside Potential as of June 20: 79.88%
Integra Resources Corp. (NYSE:ITRG) is one of the best Canadian stocks with huge upside potential. Earlier in May, Integra Resources announced the commencement of a gold resource growth-focused drill program at its primary operating asset, which is the Florida Canyon Mine in Nevada. The 2025 drill program, which began in early May, is the first phase of a multi-year growth strategy aimed at expanding mineral reserves and resources, extending mine life, and maximizing the value of Florida Canyon.
The program is expected to conclude in Q3 2025, with initial results anticipated during the summer months of 2025. The 2025 drill program will consist of ~10,000 meters of reverse circulation/RC drilling, which is budgeted at ~$1.5 million. This drilling is focused on 3 key near-mine targets at Florida Canyon to support oxide mineral reserve and resource growth and extend the mine’s operational life.
The program is designed to support a mineral resource and reserve update, along with a revised life-of-mine plan, in early 2026. The Florida Canyon Mine has a long operating history, having produced ~2.7 million ounces of gold from over 200 million tonnes of ore mined since operations began in 1986 through the end of 2024. As of December 31, 2024, proven and probable mineral reserves at Florida Canyon totaled 70.4 million tonnes at a grade of 0.35 grams per tonne gold, amounting to 785,000 ounces of gold.
Integra Resources Corp. (NYSE:ITRG) is a precious metals producer that acquires, explores, and develops mineral properties in the Great Basin of the Western US.
5. AbCellera Biologics Inc. (NASDAQ:ABCL)
Number of Hedge Fund Holders: 17
Average Upside Potential as of June 20: 90.62%
AbCellera Biologics Inc. (NASDAQ:ABCL) is one of the best Canadian stocks with huge upside potential. Earlier in May, AbCellera Biologics announced that the US Court of Appeals for the Federal Circuit/CAFC issued a Rule 36 Order, which affirmed the validity of its US Patent No. 10,087,408 (“the ‘408 Patent”). The patent specifically covers microfluidic devices and their application in culturing and selectively recovering cells.
Previously, Bruker Cellular Analysis Inc., which is a subsidiary of Bruker Corporation (NASDAQ:BRKR), had challenged the claims of the ‘408 Patent. Bruker argued for the patent’s invalidity based on allegations of anticipation and obviousness in light of prior art. However, the US Patent Trial and Appeal Board/PTAB rejected all of Bruker’s arguments. The CAFC’s recent decision further confirms the validity of all claims within AbCellera’s ‘408 Patent.
The 408 Patent is an integral part of ongoing multi-patent infringement litigation between AbCellera and Bruker, which is currently pending in the US District Court for the Northern District of California. AbCellera intends to continue defending its intellectual property portfolio and looks forward to proving its infringement case against Bruker in the District Court.
AbCellera Biologics Inc. (NASDAQ:ABCL) discovers and develops antibody-based medicines for indications with unmet medical needs in the US. Bruker Corporation (NASDAQ:BRKR) develops, manufactures, and distributes scientific instruments and analytical and diagnostic solutions.
4. Seabridge Gold Inc. (NYSE:SA)
Number of Hedge Fund Holders: 16
Average Upside Potential as of June 20: 161.41%
Seabridge Gold Inc. (NYSE:SA) is one of the best Canadian stocks with huge upside potential. On June 3, Seabridge Gold announced the commencement of its 2025 drill program at the Iskut Project, which is located in the Golden Triangle of northwest British Columbia, about 30 kilometers by air from its KSM gold-copper district.
The program’s primary focus is to delineate the copper-gold porphyry mineralization discovered during the 2024 program. The 2025 season’s program is fully funded with a budget of $13.4 million and will utilize 3 helicopter-portable drill rigs. The main objective is to complete at least 8,000 meters of core drilling to advance the Snip North discovery towards a maiden resource estimation.
Additionally, the program will evaluate other targets, such as the potential intrusive source of the copper-gold porphyry for the anticipated maiden resource. Seabridge is also targeting the source intrusion for this prospective resource, which is expected to be rooted in a district-scale structural trend known as the Bronson Trend. The trend contains newly recognized additional porphyry targets and connects the Quartz Rise, Bronson Slope, and Snip North occurrences, with high-level expressions of copper-gold porphyry systems along its corridor.
Seabridge Gold Inc. (NYSE:SA) acquires and explores gold properties in North America. It explores for gold, copper, silver, and molybdenum deposits. It holds a 100% interest in several North American gold projects.
3. Tilray Brands Inc. (NASDAQ:TLRY)
Number of Hedge Fund Holders: 14
Average Upside Potential as of June 20: 177.78%
Tilray Brands Inc. (NASDAQ:TLRY) is one of the best Canadian stocks with huge upside potential. Towards the end of May, Tilray Medical, which is a division of Tilray Brands, announced the launch of its Canadian cannabis brand called Good Supply in Germany. Good Supply is known for its consistent quality and affordability and is recognized in Canada for its range of whole flower cultivars.
The introduction of Good Supply to the German market empowers healthcare professionals with innovative options for addressing chronic conditions, pain management, and overall well-being. Good Supply offers a variety of strains in Germany, available in both 15g and 500g formats. The products are now available across Germany at pharmacies with a physician’s prescription.
Tilray Medical has its international cannabis operations in Canada, Portugal, and Germany, and is a leading global medical cannabis provider. Its commitment to excellence ensures patients worldwide have access to top-quality and affordable medical cannabis options. Tilray Medical began as an approved licensed producer of medical cannabis in Canada and went on to build the first GMP-certified cannabis production facilities in Portugal and Germany.
Tilray Brands Inc. (NASDAQ:TLRY) is a lifestyle consumer products company that researches, cultivates, processes, and distributes medical cannabis products in Canada, the US, Europe, Australia, New Zealand, Latin America, and internationally.
2. Repare Therapeutics Inc. (NASDAQ:RPTX)
Number of Hedge Fund Holders: 10
Average Upside Potential as of June 20: 254.61%
Repare Therapeutics Inc. (NASDAQ:RPTX) is one of the best Canadian stocks with huge upside potential. As May began, Repare Therapeutics announced an out-licensing agreement with the Canadian biotechnology firm DCx Biotherapeutics, involving certain discovery platforms and intellectual property/IP. Under the terms of the agreement, Repare will receive $4 million in upfront and near-term payments from DCx.
Additionally, Repare will gain a 10% common equity position in DCx, which includes certain dilution protection rights. Repare is also eligible for potential future payments tied to out-licensing, commercial and clinical milestones, and low-single-digit tiered sales royalties from DCx’s specific product development. As part of the deal, DCx Biotherapeutics will retain 20 of Repare’s preclinical research employees. DCx will also acquire lease rights to specific laboratory facilities and equipment in Montreal, Canada. Furthermore, Repare has secured the right to appoint a nominee to DCx’s board of directors.
The out-licensed platforms from Repare include the clinically validated SNIPRx platform, along with early discovery-stage platforms such as SNIPRx-surf and STEP², and other IP. The SNIPRx platform helped develop targeted therapies for genomic instability and DNA damage repair. The SNIPRx-surf platform identifies cell surface targets in tumors or cancer models, using gene expression, protein features, and an ML algorithm. STEP² is a chemogenomic discovery platform and uses CRISPR-enabled genetic screens with small-molecule inhibitors to identify genetic lesions sensitive to these inhibitors.
Repare Therapeutics Inc. (NASDAQ:RPTX) is a clinical-stage precision oncology company that discovers and develops therapeutics in Switzerland and the US.
1. Cybin Inc. (NYSEAMERICAN:CYBN)
Number of Hedge Fund Holders: 10
Average Upside Potential as of June 20: 838.30%
Cybin Inc. (NYSEAMERICAN:CYBN) is one of the best Canadian stocks with huge upside potential. On June 3, Cybin announced that the US Patent and Trademark Office granted US Patent No. 12,318,477. The new patent supports Cybin’s CYB004 deuterated N, N-dimethyltryptamine (DMT) program, which is currently in Phase 2 development for the treatment of generalized anxiety disorder/GAD.
The patent is expected to provide exclusivity until 2040 and covers novel formulations of DMT and deuterated isotopologues specifically for intramuscular/IM injection, including CYB004. The CEO of Cybin, Doug Drysdale, emphasized that the CYB004 program aims to offer a short-duration and rapid-acting treatment for anxiety disorders through patient-friendly IM administration. Dosing for the Phase 2 study of CYB004 in GAD is presently underway, with the study expected to be completed in mid-2025.
Cybin’s intellectual property portfolio consists of 90+ granted patents and 230+ pending applications. Beyond CYB004, the company is also developing CYB003, which is a proprietary deuterated psilocin program and is in Phase 3 development for the adjunctive treatment of major depressive disorder. Cybin maintains a research pipeline of investigational, 5-HT-receptor focused compounds and operates in Canada, the US, the UK, the Netherlands, and Ireland.
Cybin Inc. (NYSEAMERICAN:CYBN) is a clinical-stage biopharmaceutical company that develops psychedelic-based therapeutics for patients with mental health conditions.
While we acknowledge the potential of CYBN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CYBN and that has 100x upside potential, check out our report about the cheapest AI stock.
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Disclosure: None.
