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Latest Top Picks

Stock Opinions by Andrew Pyle

PAST TOP PICK
(A Top Pick Jul 09/21, Up 30%) Was in the portfolio before the pandemic. Has pieced back into it since. Added to the name due to the infrastructure spending.
Energy Infrastructure, Industrials & Utilities
PAST TOP PICK
(A Top Pick Jul 09/21, Up 103%) Still a holder of BMO. Trimmed a little due to the valuation being quite high. Dividend yield is also being compressed. Investors are looking at banks for the anticipated dividend increases. Still owns it. When yields pop up to above 4%, they will buy back more.
banks
PAST TOP PICK
(A Top Pick Jul 09/21, Up 20%) Trading in and out of this stock. Has pulled out of Loblaws when they were seeing key technical resistance. The yoy comparisons will become more challenging when we get to the third and fourth quarter. Does not own it currently. Would trim back.
food stores
COMMENT
Market outlook. The cycle will continue to be bumpy. We are in the early stages of the bull cycle. The global economy is getting back up on its feet. Once it's back, it will expand and valuation will expand. Seasoned investors expect those bumps to occur, but we will see even higher valuations.
Unknown
COMMENT
Bond yields. The bon yields continue to fall. The markets are a pendulum. There was a lot of worries over inflation and government aid being pulled back in the first quarter. Now, the pendulum is coming back to centre. We see a technical breakout in the bond yield. The up trend should continue.
Unknown
COMMENT
Covid variant risks. We cannot tell anybody that covid is behind us. It is a question of the probability of a variant that we do not have an effective tool against is going down. Vaccine roll out is moving forward and although we are seeing variants, vaccines are still effective.
Unknown
PARTIAL SELL
The stock has seen some significant down moves in recent weeks. Starting to show up with buy recommendations based on value. The company is well positioned as the second largest wine producer in Canada. Dealing with some headwinds. Strengthening CAD will create more imports which can be difficult for domestic producers. A short term speculative positioning rather than a long position. Will see volatility, especially in summer with thinner liquidity.
breweries / beverages
PARTIAL SELL
A fantastic company. Has built a brand image and brand following. Has massive margins from the brand following. Consumers have tremendous amounts of spending power, since incomes have built up. Easier to sell high end brands. Very easy for competition to come in at decent margins and take away from them. The best days are probably behind them now.
Consumer Products
WEAK BUY
The broader tech sector has done well during the pandemic. Now at a point where the tech sector needs to be looked at in terms of companies that will continue to generate good revenues and other companies that will not. Digital files are growing and Adobe is part of this. The stock valuation is rich but the outlook is still positive.
computer software / processing
BUY
A good play right now. As we open up the economy, will do well. People will start to go to physical spaces. A stock that would be in the medium to long term positions. The valuations are decent right now.
food services
BUY
One of the names that pop up when looking into tilting the portfolio towards renewables. A solid space in the longer term. A good company and it has seen a nice lift off from lows.
Energy Infrastructure, Industrials & Utilities
BUY on WEAKNESS
Good companies get through tough times and recover. Boeing has been affected by the pandemic and the issues with 747s. There are only 2 aircraft makers though. Not a bad time to get into this name.
Transportation
PARTIAL BUY
The lockdown in the second quarter brought fear into the projects that Aecon is working on. There is also a global picture where infrastructure projects are coming. One of the better plays for the long term with the infrastructure spending.
contractors
BUY on WEAKNESS
Used to own it in the portfolio. An ancillary energy play. Playing inversely against natural gas. In the cyclical category. If you believe there will be a cyclical rebound in the world, it is a good play. Was extremely overbought and nat gas prices have gone up. The valuation has gotten to a point where it is attractive as an entry point. Will benefit over the next 3 years.
chemicals
PARTIAL BUY
If you believe in the oil story, it could be a good play. Oil will remain elevated in the recovery story. Fundamentals are favourable. If you own it, you are not at risk of seeing a significant pullback.
oil / gas
BUY
Has recently started adding to it in the portfolio. The fundamentals for the stocks are good for EV. Does not have a massive position but outlook is good. Levels right now are decent to get into.
electrical / electronic
BUY
Largest uranium play in the world. A patience play where some times the stock does not do well, and others it does very well. Recently hit new highs. There is a long term transition away from fossil fuels to alternative energy. Nuclear will be an option. Outlook is favourable.
integrated mines
TOP PICK
Was hot in the beginning and then fell out of favour. The adoption of EV will be a tailwind. Believes hydrogen fuel cells will be part of the solution. Valuation is attractive. Layering into the company. A long term play. (Analysts’ price target is $28.53)
misc industrial products
TOP PICK
The reflation trade. Believes the reflation trade is still there. Handed better opportunities in the reflation play and believes commodities will do well. A cyclical play while we work through reflation. (Analysts’ price target is $33.44)
Mining
TOP PICK
A good opportunity in Barrick. Well run. Could be a good alternative investment to bonds. (Analysts’ price target is $35.11)
precious metals
N/A
Market. We went through a number of phases since we went to market lows at the beginning of the pandemic. The market has looked at support from governments and so on and now we are in a re-opening phase. We need to see how that goes into June. Markets are a little bit too optimistic about a 'V' shaped recovery and he is encouraging clients to take a bit of money off the table. The market could continue going higher through June if COVID numbers don't overwhelm the healthcare system. At some point if the market is not getting guidance from companies on earnings then it could take money off the table by the fall. Investors are gun shy about putting money to work in the banks. The banks are providing some value right now.
Unknown
WAIT
One of the largest infrastructure companies, world-wide. The next round of support programs for the economy is really going to come back infrastructure. There is still some overhang from previous court battles.
contractors
BUY
We have seen some constructive signs coming out of it recently. It is a company hit by the demand-shock like so many during COVID. He is looking at putting it back into his portfolio.
chemicals
WEAK BUY
A lot of investors were agnostic about what area of real estate to get into before the pandemic but now they are getting more selective. Even within retail they are picky. He would prefer this one to other retail REITs. They can capture some of the upside. It is necessary that we can maintain these re-openings for this to work.
investment companies / funds
HOLD
The retirement living space has been going through massive challenges in terms of COVID. You would have wanted to be in this sector before COVID due to demographics. It is safe to say that regulations will tighten in the space and it may be hard to maintain capital to fund them to meet the regulations. You will have to be careful.
other services
BUY on WEAKNESS
It depends on what the government does in terms of support for landlords. The question is whether government support will continue. He feels we will see it continue. This one has seen some consolidation. Long term these are not bad levels to get into it.
investment companies / funds
HOLD
It has been a frustrating stock going back to '08/'09. He feels it is undervalued. It's like the banks where investors have concerns about the financial sector. Some of the concerns are real and MFC-T just gets lumped into it. This is a stock you would buy and hold for a long term, so at current levels it is not a bad opportunity.
insurance
DON'T BUY

It is not one of his favourites. SRU.UN-T would be a preference.

property mngmnt / investment
WAIT
Tech is looking a little overvalued at presence and he has started trimming back. Look for a pullback before buying. This one would be a buy then.
computer software / processing
PAST TOP PICK
(A Top Pick May 29/19, Up 66%) He sold out previously. He liked the 5 year forecast. As we came into late last year some of the volatility in the stock was not what he was interested in so he exited. He believes they will be stronger going forward.
Business Services
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