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Stock Opinions by Bruce Murray

COMMENT
Inflation is peaking now and supply is improving. He hopes things will moderate. The big thing is the Russian energy issue, replacing Russian oil and preventing them from selling it. He expects car production to rise quite nicely in latter-2022. Not sure if a recession will come, but it would happen in late-2023 or early 2024. It's tough to have a recession when everybody has a job and demand is strong. The market has sold off a lot, down to 15x earnings. 2023's earnings' growth is 8-10%, and 4-6% beyond that. You're getting value for your money now in stocks.
Unknown
WEAK BUY
It's one of the big healthcare stocks, a sector he likes. The issue here is that their big drug is coming off patent this year. Not sure how this will go. Be cautious in the coming year. The stock could be weak. Great dividend and drug pipeline, though.
0
BUY
It's one of the best-managed gold companies in Canada. They have a great asset base, including Australia after buying Kirkland Lake. He's not a big fan of gold; the price of it has lagged real estate and stocks. But AEM itself is a great company.
precious metals
BUY
Lately, commodities prices like copper have come off. This is heading to $20 due to demand, and there hasn't been mineral exploration for 10 years. There are only 3 major copper mines being built in the world. MDI is a great buy during this pullback and is on his list.
mining services
BUY on WEAKNESS
A nice company that seems to dominate the vitamin business, which offers long-term growth. Buy this at a decent PE. People buy this when markets are uncertain. Buy below $35.
0
BUY on WEAKNESS
Copper's price has plunged in recent days, taking down other metals. Their Manitoba mines are hand-to-mouth, and South American ones still need to be developed. Consider this around $6-7, but it's a lower-quality mining business.
precious metals
BUY
There was a lot of excitement in this during last year's reopening trade. A great company. It has sold off, but he'd hold it. It has a unique business model and was the first there.
Technology
BUY
A wonderful company and management. It could be a take-out target. An emerging company in the oil services business. They were lucky to grab a refinery from Husky Energy to diversify their company.
0
BUY
Sold it, because he wanted to buy oil companies like Whitecap. A great company and dividend yield, which will grow slowly over time. Energy prices will up for 2-3 years. You can hold this only for its dividend.
oil / gas pipelines
PAST TOP PICK
(A Top Pick Aug 30/21, Up 69%) Very well managed, offering broad exposure to Canadian oil. Energy has been under-invested since 2015. Earnings should be $11 EPS. This stock can be well over $100. They paid down their debt, so they could buyback shares. Will raise their dividends. This will continue to do well if oil prices remain high.
oil / gas
PAST TOP PICK
(A Top Pick Aug 30/21, Up 6%) A stable semi stock and trades cheaply at 13x 2022 PE and pays a 3.2% dividend. They grow by acquiring. They make chips for anything involving communications. They recently bought VMware. Well-managed company. Hoping to still own it. Lots of opportunity here.
0
PAST TOP PICK
(A Top Pick Aug 30/21, Down 42%) Covid delayed the reopening, but it will happen and Uber will deliver. Earnings are not expected until 2024. It's a high-growth, speculative stock.
Technology
WATCH
Their Indonesian copper/gold mine is one of the best ever found. It's a quality play. Sector risks include mines getting confiscated by governments and nationalized. Copper has a great future with electrification coming and there are few copper mines in the world. Caveat: copper stocks are declining now, so wait and see how copper goes short term.
non-base metal mining
BUY
It's one of the higher-levered companies to energy pricing. They are well-positioned in the US Bakken. Probably they can drill more and get more oil to market fairly quickly. Likes it and this should go higher.
oil / gas
BUY
BNS vs. CIBC or both? If you bought and held Canadian banks in 1976, they would have outperformed the markets. Banks enjoy an oligopoly. CIBC has had everything go wrong in the last 20 years, but they have now regained credibility. CIBC is more exposed to Canada than its peers. BNS is a big player in Latin America. CIBC is a solid play on the Canadian economy, driven by high oil prices (and the Russian war). BNS is invested in high-growth companies in Mexico, Peru and Chile. BNS will be more volatile than CIBC because of high oil prices and food shortage, but if those economies do well then BNS will also do very well.
banks
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