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Stock Opinions by Andrew Pyle

COMMENT
We may have had a the Santa rally already starting in mid-October and we milked that already, unfortunately. Today, American CEOs are correct: we will see a recession in 2023. We haven't seen evidence of one yet, though. The pullback in recent days reflects the market realize a recession is coming. For 2023, play in the bond space to pick up yield, the first time in a while. De-risk portfolios and look at government bonds.
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HOLD
It has sold off the last several months. Attractive dividend. Hold, don't sell. As bond yields slip lower in 2023, RNW will look attractive.
Energy Infrastructure, Industrials & Utilities
HOLD
Has pulled back a lot. It holds US medical property. It has suffered inflationary pressures, but will diminish in 2023 and the stock will recover. Don't sell it in the current Dutch auction.
other services
HOLD
Will cut their dividend A dividend trap happens when a stock plunges and the yield soars. With AQN, investors expect a dividend cut to reflect a shift in the fundamentals, which is why shares have fallen lately. He owned this earlier this year, and let it go because fundamentals deteriorated. Don't toss this out.
electrical utilities
BUY
A decent long-term stock. Has rebounded in recent weeks. PKI and the sector boast solid fundamentals, and is definitely one to own going into 2023. They are doubling their EV-charging network in western Canada, which he likes, since green energy is a long-term trend.
merchandising / lodging
BUY
Long-duration government bonds in Canada and US after reducing stocks exposure Bonds offer opportunities in 2023, like short-term corporates. Recessions will eventually reduce interest rates, so keep duration in mind. One- or two-year play? Also, look for inflation sticking into 2024.
E.T.F.'s
PARTIAL SELL
Can be a safe haven stock. Health care offers defence. But BSX has had a big run and he expects this market to roll over a bit. Take some profits and wait for opportunities, which could mean buying this back in 2-3 months. Has fantastic fundamentals, but valuation is rich.
biotechnology / pharmaceutical
PARTIAL SELL
Doesn't see much upside. The stock has done very well in recent months. But the reality check is a recession in 2023, which he expects, which will impact consider spending and shipping. Shares are currently overvalued. Take profits.
Transportation
BUY
He likes utilities in this time of aggressive rate hikes. Utilities (and REITs) offer safety and defence heading into 2023. A long-term hold.
mngmnt / diversified
PAST TOP PICK
(A Top Pick Apr 05/22, Up 2%)Bought a company in central Europe today Still likes it as an infrastructure play. Has held this for years. Very diversified portfolio. Acquisitions are key for WSP. However, a deep recession will see valuation pull back and he will likely sell some shares.
Business Services
PAST TOP PICK
(A Top Pick Apr 05/22, Up 22%) Key driver: a company less impacted by supply constraints around the world, particularly Europe. That's why he bought it. However, they could suffer if there's a deep recession in 2023. Fundamentals remain rock solid. Will emerge strong after a recession, if it happens.
transportation equip & components
PAST TOP PICK
(A Top Pick Apr 05/22, Down 7%) Emerging markets don't do well when the Feds tighten. Also, China hasn't bounced back this year, as expected, because their Covid policy induces more lockdowns. That said, there has been some easing of lockdowns lately. Careful here, because China's vaccination rates remain low.
0
PARTIAL BUY
He trimmed it recently. Shares have come off a bit. A good infrastructure play and to own long term. Likes the current valuation. If shares bounce off these lows, he might re-buy his shares.
Energy Infrastructure, Industrials & Utilities
PARTIAL BUY
He bought it earlier this year, because of the transition from fossil fuels to nuclear and green energy will only continue. Can be volatile, so don't buy a ton of shares, but hold this for 5-10 years.
integrated mines
TOP PICK
A valuation play. Shares have fallen 50% from 2021 highs. All negativity has been absorbed. They continue to expand cloud which sets it up well for 2023. Tech will be a winning category along with bonds in 2023. He targets $50 in 12-18 months. Attractive price now. (Analysts’ price target is $55.84)
computer software / processing
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