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Stock Opinions by Shannon Saccocia, CIO, Boston Private

COMMENT
volatility isn't spiking now That's a good thing, because the street perceives there's less uncertainty in the economy path after extreme hikes in interest rates this year. She does not expect stocks to spike in early 2023. Aside from rates, the street perceives a peak in the strong US dollar, which is fuelling markets. A stable, range-bound dollar in 2023 could be a catalyst for risk assets.
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COMMENT
There's a strong secular tailwind for agriculture as well as capital expenditure to produce greater efficiency. She'd be looking at automation, like Rockwell and Honeywell. Then, how do you move those goods? Look at Union Pacific. There are various ways to play the industrial sector as you move into 2023. She expects capex in private and public levels to pick up in 2023 in the U.S. but also globally even with a (shallow) recession. This is a long-term trend. You can also play this the ETF, GUNR,
transportation equip & components
BUY
There's a strong secular tailwind for agriculture as well as capital expenditure to produce greater efficiency. She'd be looking at automation, like Rockwell and Honeywell. Then, how do you move those goods? Look at Union Pacific. There are various ways to play the industrial sector as you move into 2023. She expects capex in private and public levels to pick up in 2023 in the U.S. but also globally even with a (shallow) recession. This is a long-term trend. You can also play this the ETF, GUNR,
INDUSTRIAL PRODUCTS
BUY
There's a strong secular tailwind for agriculture as well as capital expenditure to produce greater efficiency. She'd be looking at automation, like Rockwell and Honeywell. Then, how do you move those goods? Look at Union Pacific. There are various ways to play the industrial sector as you move into 2023. She expects capex in private and public levels to pick up in 2023 in the U.S. but also globally even with a (shallow) recession. This is a long-term trend. You can also play this the ETF, GUNR,
Transportation
BUY
There's a strong secular tailwind for agriculture as well as capital expenditure to produce greater efficiency. She'd be looking at automation, like Rockwell and Honeywell. Then, how do you move those goods? Look at Union Pacific. There are various ways to play the industrial sector as you move into 2023. She expects capex in private and public levels to pick up in 2023 in the U.S. but also globally even with a (shallow) recession. This is a long-term trend. You can also play this the ETF, GUNR,
E.T.F.'s
BUY
She owns little retail. Her expectations for BB were so low, like a decline in same-store sales (10.5% decline this quarter, in fact) vs. expectations of a 13% decline. Better than expects, though it's not great. BB is used to managing their consumer electronics inventory, so BB's margins will be hindered compared to Target and Walmart are not as disciplined in managing their electronics inventory. So, there'll be compression in BB stores from promotional activity. Note: computer revenues this quarter are up 23% from Q4 2019, so consumer demand is still there, not dead. Don't forget the power of seasonal spending--and we're on the cusp of holiday spending. This bdoes well for November and December comps.
specialty stores
BUY
Will we see snapback for handsets? She is surprised; she expected a flat reaction to their latest quarter and not this bounce. Why? Apple has China supply problems. Yet, they saw a sharp snapback in Mac sales this quarters, after two quarters of challenging supply chains.Half of the new Mac buyers this quarter were new buyers--this indicates sustainable brand reach and sustains Apple's premium. Most importantly, China will be Apple's inflection point. So, if we see a similar snapback for phones for the next few quarters, this could change the thesis.
electrical / electronic
BUY
Just reported and getting hit today. It's a definite disappointment, especially their guidance for softer sales in Q4, and in their slowing cloud business. Amazon can't just cut costs, but see ongoing strong cloud bookings. They continue to deal with too much labour and overcapacity to meet consumer demand. But advertising and AWS point to a great second-half 2023 story. Advertising is up 25% YOY, better than many peers.
specialty stores
BUY
She doesn't own the big integrateds. There will be strength in oil. We may see a modest economic slowdown in the second half of 2023, and that could be a chance to buy tese oil stocks. You probably get another shot at these stocks, and integrateds will be a great way to buy it. Also, they have exposure to renewables.
E.T.F.'s
BUY
They report today. She trimmed it earlier this year to take profits. She really likes healthcare--traditionally defensive but also a disruptive/growth space. MRNA has spotlighted how much more can be done in therapeutics. It's a growth and value trade.
0
BUY
It reports next week and she hopes it will be decent. They may face question on oversupply. Sees this as a multi-year play as she expects AMD to take further market share from Intel.
electrical / electronic
COMMENT
It reports next week. Eager to hear results. She doesn't own a lot of consumer discretionary. It's a prestige brand and could grow its market share and margins over time, but even though the PE is pricey. Problem is they rely on China where Covid restrictions are an overhang.
Consumer Products
BUY
Look at the multiple of the megacap tech companies. She's added to Oracle, Cisco and IBM for their lower multiples vs. tech peers. Three years ago, she would have been concentrated in Apple, Microsoft and Alphabet.
computer software / processing
BUY
Look at the multiple of the megacap tech companies. She's added to Oracle, Cisco and IBM for their lower multiples vs. tech peers. Three years ago, she would have been concentrated in Apple, Microsoft and Alphabet.
electrical / electronic
BUY
Look at the multiple of the megacap tech companies. She's added to Oracle, Cisco and IBM for their lower multiples vs. tech peers. Three years ago, she would have been concentrated in Apple, Microsoft and Alphabet.
electrical / electronic
Showing 1 to 15 of 105 entries