Brianne Gardner

The TSX has quietly been delivering an impressive run, passing 27,000 and outpacing the S&P 500 so far in 2025. It's seen strength in energy, materials, and financials. Combined with expectations for lower interest rates, it's really given the index a fresh tailwind.

With the all-time highs, she is a little cautious. Big question is whether upcoming earnings can justify these levels, especially with treasury yields creeping higher again. Nearly half of the S&P 500 is set to report earnings in the next 10 days, and it includes some big tech names. Even if you don't own those names directly, their concentration risk means their results will dictate the path of the market headed into the fall. 

Both the S&P 500 and the QQQ have closed above their 20-day MA for 60 days in a row, which is the longest streak going back to the late 1990s. So those remain in overbought territory if looking from a technical or RSI point of view. Going back to 1975, this has happened only 4 times; the average return 1 year later is in double digits around 22%.

Though she is still bullish on the next 9-12 months, investors should be cautious and selective, taking some profits off the table. Markets at these levels tend to go sideways or perhaps even sell off. August and September are typically weak months, so she wouldn't be surprised to see a 7-8% selloff from stretched valuations.

Not much of a dividend. Challenges with global revenues. Beat revenue by 3.5%, but bottom line fell 39%. Underperforming both the sector and the S&P 500. Healthcare sector is super-undervalued, and that could change.

Can trade successfully if you watch technicals closely. Rarely meets analysts' expectations. Don't get greedy; when it hits $220, keep an eye on changing momentum.

Q2 beat. She's still bullish on gold and copper. More cyclical than large-cap tech or utilities. Strong US operations. A bit volatile for her, but still some upside of about 8% to price target from here.

Ranks 8/10 on fundamentals and value. Remains an anchor in the Canadian banking system. Diversified business model. Believes it's still on track for record earnings for 2025. Commercial metrics show signs of slipping, but good capital position and clean balance sheet.

Valuation not cheap, don't buy now. Decent yield of ~3.4%.

Upward trend from April selloff, showing strong support from the technical side. Fiscal 2025 EPS was slightly down, but forecast to rebound. Price target is 10% upside from here. Still below 52-week high. Analysts remain confident in company's leadership despite CEO stepping down, and she'll be monitoring closely.

Great company, a staple. Pullback lately. Membership renewal has been great, and she's watching that. Ranks 10/10 on fundamentals. She'd buy. Upside potential still 13-14% from here. 

Analysts say price is overvalued. Q2 results have not come out yet; EPS missed before, so she's keeping an eye. It's a hold for her right now. Decent yield of about 3%. 

Starting to see the sector as a whole turn around. Ranks 9/10 on value, 8/10 on fundamentals. Quietly transforming from coal to lower carbon. Last quarter was strong, with earnings ahead of expectations. Solid performance in US assets. Still 10% upside from here, though taking some profit not a bad idea.

Active in M&A, so she's watching leverage closely. Balance sheet is strong enough to carry that. Dividend continues to grow, yielding just over 4%, and management confirms plans to increase it to 6% this year. 

8/10 on value. EPS down 32% YOY, revenue forecast to be down 5%. Moderate buy on the street, with significant upside target of 38%. Well below 50-day MA and below 200-day MA. Wait for a solid turnaround to see conviction that it's trending upward. Decent dividend yield.

Reports July 30, hinting at potential upside surprise.

Value 9/10, fundamentals 8/10. Looks like strong momentum since April bottom. REITs have been hit; hopefully seeing a turnaround as rates come down. In NA and Europe. Below 50- and 200-day MAs. 

Remains one of the best compounders out there. Has moved beyond swipe fees to value-added services; fraud tools and data analytics continuing to grow extremely quickly, now accounting for over 25% of revenue. Core business benefiting as travel rebounds. Consumer spending remains resilient. Trades at 31x forward PE, not cheap but fair.

She averaged down and bought at $273 in May. Stock's been under a lot of pressure. Largest US healthcare manager, with strong vertical integration. Guidance cut, EPS outlook dropped. Under 11x forward PE despite 13-16% long-term target EPS growth. Sees ~25% upside from here.

Used it as a trading opportunity. Exited back in December when her team saw some weakness in the consumer. Sales grew 21% in China and 20% elsewhere. Margins held up despite inventory headwinds. Pricing power remains strong. Trades below 17x forward PE compared to 5-year average of 27x, undervalued again. Zero debt, lots of cash.

Cautious now, but back on her radar.

Very volatile. The story is shifting a bit from rapid EV growth to managing its scale. Q2 saw delivery fall 5% YOY, but still beat reduced expectations. Price cuts help, but continue to pressure profitability. Limited near-term upside. Value is 2/10. Compressed margins, rising Chinese competition. Political drama as well.

Diversified. Trying to find momentum. About 5% upside to price target. EPS growth and revenue have been down. She'd stay away until you see some strong numbers. Decent dividend yield of ~5.5%.