5 High Growth Canadian Stocks to Buy Now

1. TransAlta Corporation (NYSE:TAC)

Expected 5-year EPS Growth: 55.02%

On April 16, CIBC analyst Mark Jarvi lowered the firm’s price target on TransAlta Corporation (NYSE:TAC) to C$24 from C$25 while maintaining an Outperformer rating. The small target reduction paired with a bullish rating indicates that analysts still see meaningful upside in the shares despite near-term market adjustments.

On March 24, National Bank upgraded TransAlta Corporation (NYSE:TAC) to Outperform from Sector Perform with a C$22 price target, citing the company’s potential for double-digit growth through 2029. The firm pointed to net load growth in Alberta, a recovery in power prices toward the mid-$80s per megawatt hour, and expected progress on the Keephills power plant as major catalysts. It also sees opportunity in coal-to-gas conversions beginning in 2026.

Unlike many pure renewable plays that still struggle with profitability, TransAlta Corporation (NYSE:TAC) combines clean-energy growth with established cash-generating assets. This gives management flexibility to return capital, reduce debt, and invest in new projects. For investors seeking income potential, energy transition exposure, and undervalued utility-style cash flow, TransAlta appears to be a strong stock to buy.

TransAlta Corporation (NYSE:TAC) is a major Canadian electricity producer that develops, owns, and operates a diversified portfolio of hydro, wind, solar, battery storage, and natural gas generation assets. Incorporated in 1909 and headquartered in Calgary, Alberta, the company has spent years repositioning itself away from coal and toward cleaner, more efficient energy sources.

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