We are currently in the middle of a bullish market that has lifted many stocks. Tech stocks have benefitted the most, while other stocks have benefited to a lesser extent. For the most part, the markets as a whole have risen, with the TSX Index, in particular, being up 10.3% over the last year.

However, this rising tide has definitely not lifted all boats. For one reason or another, individual stocks have gotten lost in the shuffle. In some cases, it is due to real, persistent issues; in other cases, it is due to unjustified pessimism. In this article, I will explore three stocks that the bullish market left behind but may nevertheless be good buys today.

Air Canada

Air Canada (TSX:AC) is an airline stock that the market left behind long ago. The stock had been trending upward for over a decade, but in 2020, the COVID-19 pandemic hit, and AC stock crashed 71.52% from top to bottom. The stock's current price ($17.07) is closer to the COVID-19 era lows than to the previous highs. However, the business performance today is much closer to that seen in 2019 than the performance observed in the disaster years of 2020 and 2021.

In 2020, Air Canada lost $4 billion. It lost several billion more in 2021. Today, it does over $2 billion in annual profit. As a result of the low stock price and relatively high earnings, AC has just a 2.92 price-to-earnings (P/E) ratio today. Definitely a TSX stock worth considering.

TD Bank

Toronto-Dominion Bank (TSX:TD) is another stock that has lagged the market over the last five years. Unlike Air Canada, it is not actually down over that period, but it's only up about 5%. The big problems for Air Canada started in 2022. That year, the company announced that it was trying to buy out the U.S. regional bank First Horizon. In 2023, the bank's First Horizon deal was scuttled due to money-laundering concerns.

Things really got intense this year. In 2024, The Wall Street Journal reported that TD Bank's deal was scuttled due to fentanyl-related money laundering. The bank itself later revealed that it had booked $615 million in charges related to upcoming fines. This was certainly all very bad news, but as a result, TD is now one of the cheapest North American money centre banks, trading at 9.5 times earnings. If the fines really spiral out of control, then maybe my thesis could get busted, but I think the current issues will blow over.

Enbridge

Enbridge (TSX:ENB) is a Canadian pipeline stock that has barely risen over the last five years. Its dividend has risen over the last five years, which has resulted in a 7.3% dividend yield. Enbridge recently managed to get its dividend payout ratio below 100%. That's a distinction it hadn't held in some time. It could benefit from a Trump victory in the upcoming U.S. election because Trump is generally very pipeline-friendly. The company is a vital component of North America's energy infrastructure, transporting 30% of the continent's crude and 75% of Ontario's natural gas. It isn't going anywhere.

The post The Bullish Market Left These 3 Stocks Behind, But They're Buys Right Now appeared first on The Motley Fool Canada.