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Stock Opinions by Steve Carlin

COMMENT

REITs. Still likes this area. Doesn’t have as much upside potential as it would have had a year or so ago. You have to look at these in terms of where 10 year Canada government bonds yields are. Looking at the valuations relative to bond yields, they are not expensive. You are looking at 10% upside potential, which he is very comfortable with. His favourite would be Boardwalk (BEI.UN-T) on the apartment side and Calloway REIT (CWT.UN-T) on the retail side.

Unknown
HOLD

Locked in a difficult natural gas pricing environment. Company has always had very solid assets. Performance has recently improved because of an increase in natural gas prices. Upside potential is not as strong as other names in the sector. He still has a tilt more towards oil leveraged stocks. 3.6% yield.

oil / gas
COMMENT

Have a good new solid CEO who is going to refocus the company. North sea is not the growth side for this company; in fact it is a cash flow generator for the company. We need the company to continue to refocus its efforts in North America and in South America. Southeast Asia assets are really valuable but the market really needs to see some more focus from the company to see a better growth opportunity. 2.5% yield.

oil / gas
BUY

Just reported. No surprises. Delivering on goods. One of the best operating companies out there. Biggest knock on the gold sector and gold stocks in the last 18-24 months is on companies that couldn’t deliver on ounces and costs. Really likes the prospects for this one going forward. Could see $23 in the next 12 months.

precious metals
WEAK BUY

Good coffee, good service, good product line. Same-store sales growth has been slowing a little bit but he still sees growth going forward. Stock is always a little bit ahead of itself. Not cheap. Incrementally growing 6% a year. 1.71% yield.

food services
BUY on WEAKNESS

Company has delivered very good traditional growth over the last couple of years. He would wait until the stock goes into the lower $80’s before buying. $92 target.

Transportation
DON'T BUY

Stock has been pretty dead for the last couple of years. Have some challenges on the profitability side. Notwithstanding the fact that they continue to roll out new stores and grow their square footage they have been very challenged on the prescription side due to some regulatory legislative changes. Stock has never been a cheap stock and he doesn’t see a whole lot of upside. 2.5% dividend yield.

specialty stores
DON'T BUY

Their business model is not particularly attractive. This is not one he is enamoured with. There are better names in the oil/gas sector. (See Top Picks.)

oil / gas
PAST TOP PICK

(A Top Pick Oct 26/11. Up 4.2%.) Sold this stock during the weakness of natural gas prices. Would look at this name in the lower $20’s.

oil / gas
PAST TOP PICK

(A Top Pick Oct 26/11. Up 21.72%.)

Automotive
PAST TOP PICK

(A Top Pick Oct 26/11. Up 5.38%.)

banks
TOP PICK

Likes the dividend and the earnings growth. With the dividend and capital appreciation, he sees a mid-teens upside for this bank. Likes the acquisitions they have made. 3.8% yield.

banks
TOP PICK

Has visible production growth. Christina Lake has been at phenomenal performer. They are going to add 20,000 barrels a day this year, next year and the year after that. Also, likes the downstream side of their business. Refining side helps to offset weakness in oil prices.

oil / gas
TOP PICK

Have lots of plans to get various products to end sources. 10% visible earnings growth over the next couple of years. Have $18 billion of projects in their backlog and another $12 billion potential so there is a lot of visibility for growth. 2.8% yield.

oil / gas pipelines
COMMENT

US Markets. Have concerns about the 2nd half of the year. Volumes have been very low this summer and the recent rally was a low grade one. His worry is on the “fiscal cliff” concern on a variety of different initiatives that will automatically get implemented in the US. Could potentially shave as much as 4% off of GDP out of the equation if politicians don’t get their act together. Doesn’t think it will play out as well as the headlines. Currently he is going to sit aside because he feels there will be better opportunity between now and the end of the year to look at some of the US names. Currently market has gone up because of expectations of a QE 3 by the Fed that he feels they will push out for at least a few more months.

Unknown
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