Brianne Gardner

TSX has outperformed the US market so far in July, mainly driven by metals such as gold, silver and copper. Canada will continue to cut interest rates faster at this point, and this creates tailwinds for Canadian stocks in the second half. So she's a bit more bullish and optimistic on the Canadian equity market for the second half, if pace of rate cuts continues.

Kicked off already, with positive news last week from the financials. Earnings growth rate for the S&P 500 is projected to be 9.3%, up from last year. Lots of positive momentum in the markets, as well as across the markets because we're seeing more broadening out.

The momentum from the Magnificent 7 and the Fabulous 5 from 2023 has continued into 2024. Now we're seeing a broadening out. Seeing a runup in the small caps, Russell 2000 was up 3.5% yesterday. Mid-caps, the S&P and the Dow are responding as well.

Interest rates affect the various sectors differently, and now we're seeing a pickup in real estate, utilities, and materials. Seeing 95% probability of a Fed rate cut in September. Though the Fed has its eye on 2% target inflation, she expects continued cuts, which will be bullish for both Canadian and US markets.

After the monster gains in the S&P 500 with narrow participation, likelihood of soft landing and prospect of rate cuts in just a couple of months suggests a bull market entering a new phase.

Diversify away from some of the overly crowded trades and the AI, big-tech-dominated trades. She's looking to include many more stocks in many more industries.

Done well with a best-selling arthritis drug. Strategically pivoted to other products to bolster revenue stream. Significant growth expected over next 5-10 years. Long-term hold. Increased guidance. Potential 8.5% upside from here.

Chart's pulled back, but still participating in the rally. Great choice in the financial services sector, doing well compared even to some Canadian banks. 18% upside to street's price target. Nice upward trend, sees it continuing. Until it breaks down, she likes it.

Stable dividend of 5%. Increased loan loss provisions, squeezed with where interest rates are. Opportunity in Canadian banks, but she favours RY. More revenue coming for all banks in Q4 and 2025 with mortgage renewals. Ranks 8/10 on fundamentals.

Opportunity in Canadian banks, and this is her favoured pick. More revenue coming for all banks in Q4 and 2025 with mortgage renewals. Ranks 8/10 fundamentally, 8/10 on value. Leader among Canadian banks. When it gets too big a position, she takes some profits off the table, and then lets the rest ride.

Scores 8/10 fundamentally. One of the largest financial institutions in US, with more than $3T of assets. When it gets too big a position, she trims a bit, and then lets the profits ride.

Growth significantly driven by increased industrial activity, near-shoring is increasing demand. Benefited from higher US shipments, offsetting lower Canadian grain and coal volumes. This just reflects the stronger US economy. Strong growth in coming years. 27x is a bit expensive, but growth is higher too. Potential 11% upside from here.

Downward slope since April 2022. Value score of 9/10 is attractive, but wait to see a turnaround. Telcos and utilities should start to do better once interest rates come down. Late 2024 or early 2025 may be promising. Dividend of ~8.8% safe. If you own it, she and the street say Hold.

3/10 on value, not too attractive. Super-volatile stock. Fundamentally, 9/10. Employees are in 400 offices across 40 countries. AI boom isn't going anywhere. Valuation stretched, upside potential of 6%. Wait to see how the tech play is going before entering. Good long-term hold.

Underperforming. Great specialty beauty retailer in the US, partners with Target. Chart's a roller-coaster, too volatile for her. You can trade it if you want, get in and get out, but she's staying away.

Still bullish. Stock's around her target of $49, but she believes it's fairly valued. Street consensus ratcheted up to $58-62, another 20% higher from here. 8/10 on fundamentals and technicals. Yield is 4%.

Despite pullback, still sees positives going forward. About 22% upside to her target price. Plenty of cash that it keeps investing to continue the momentum of earnings growth. 9/10 on value, 8/10 on fundamentals. Not a core holding the way CNQ is.