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Stock Opinions by Bruce Murray

COMMENT
Santa Claus rally? We're still in a very long-term bull market. The GDP recovery will continue from Covid for the next couple of years. 4% growth forecast for Europe and the US. Consensus EPS is around 7%, which is low and should be easily beaten. We'll see increased EPS. Industrial shortages need to be corrected, which will lead to growth. The market gains have reflected the strong earnings over the last 12 months, but the PE ratios really haven't changed. Stocks are cheap compared to bonds, perhaps even to real estate, a lot of cash still on the sidelines, and we have the infrastructure bill. Green lights all the way down the road.
Unknown
COMMENT
Reckoning for huge deficits? Grow the economy, get people back to work, and collect taxes from that. Stabilize the debt:GDP ratio with a growing GDP. Taxes are already pretty high in most of the west. US could raise taxes, but in Canada we're fairly well taxed.
Unknown
COMMENT
Canadian banks. Insurance companies have raised dividends 20%. Banks won't be quite that high, maybe 10%, which will give big support to the market. Loan losses were less than anticipated, and so the banks are very healthy. A healthy banking system is good for a strong economy.
Unknown
BUY
Aggressive mid-cap. If oil price holds around $70-80, buy it; if it drops to $50-60, it's probably a hold. He's optimistic that oil prices will hold. You probably have 6-12 months to hold this stock. In a standoff between TVE and SU, he doesn't have a strong preference, but perhaps the nod goes to TVE. If you're right, TVE will make you more money. If you're wrong, you'll lose less with SU.
oil / gas
BUY
SU vs. TVE He doesn't have a strong preference, but perhaps the nod goes to TVE. If you're right, TVE will make you more money. If you're wrong, you'll lose less with SU.
integrated oils
BUY
Very good product. One of the high flyers in tech. Downturn in the sector with people going back to the office. If you believe in it and you're prepared to hold it for 5-10 years, it's a good time to buy. It will continue to grow and have a major share of the market.
Technology
BUY on WEAKNESS
Great Canadian company. Continues to gain market share. Might want to hold off buying, as it's done so well. If you're prepared for the volatility, you'll do quite well.
0
WEAK BUY
A market darling, but got ahead of itself, consolidating since 2020. Yield in the high 4s, respectable. Going forward, it will recover and reflect the growth of the underlying assets. Could be a buy here.
electrical utilities
COMMENT
Favourite Canadian bank. BNS has the most upside, as it has major exposure in Latin America. Covid slowed the economy a lot more down there. Highest dividend yield, so in the weakest position to raise it. CM is doing better, nice yield. RY is always a 5-star candidate for long-term investment. TD is great as well.
Unknown
RISKY BUY
Takeover deal fell through so they might get some sort of breakup fee. Stock's recovered somewhat. Attendance is still very weak. Very high risk play. Should benefit from the economy reopening. For gamblers.
other services
PARTIAL BUY
He owns it for the big, fat yield. Longer term, an interesting play. Dividend varies with earnings, and will probably be lower in the next 12 months. Yield cut in half would still be a respectable 5-6%. Buy in stages.
other mines
BUY
Latest quarter was disappointing, so pullback is a chance to buy. As AMZN continues to grow, hopefully the stock will return to the $35 range over the next 18 months. Yield is around 3%.
packaging / containers
BUY on WEAKNESS
Shortage of consumption vs. production, but there are massive inventories on the sidelines, which is holding back gains. Japan turning reactors back on in the next 2-3 years will bump the price. Good long-term story. Wait for it to drift into the $20s before you buy.
integrated mines
PAST TOP PICK
(A Top Pick Dec 01/20, Up 11%) Robust outlook. Web services, advertising, and Prime are increasing margins, making AMZN more profitable. He cautions that shift to cyclicals will be better than AMZN for the next 6 months.
specialty stores
PAST TOP PICK
(A Top Pick Dec 01/20, Up 26%) Pummeled by chip shortage. Paid off all debt. Analysts have price target of $100. Well positioned in both fuel and electric vehicles.
transportation equip & components
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