Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
BMO Capital Markets bank analyst Sohrab Movahedi gives his final forecast for earnings and provides top picks in the sector as profit reports begin,
“Across the “Big 5″ , Q2/24 cash earnings are expected to be down ~4% y/y, with positive pre-tax pre-provision earnings growth more than offset by still-elevated credit provisions . Our estimates contemplate slow loan growth but stable margins, some firming in Capital Markets/Wealth revenue, and sticky expenses not yet showing full benefits from last year’s restructuring charges.
Mr. Bagri has “buy” ratings on Phillips 66, Altus Power, Sunrun Inc., Shoals Technologies Group, Sunnova Energy International and Valero Energy Corp.CIBC Capital Markets analyst Paul Holden reiterated his recommendation of life insurance stocks over banks, “Q1 results were better than expected for three of the four lifecos. The stocks, for the most part, are pushing higher. We maintain our call for insurers over banks. We upgraded IAG to Outperformer on the back of strong Q1 results and a discounted valuation. We now have two Outperformers in the group, IAG and SLF, and both have lagged group leader MFC year-to-date.
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