Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
The RBC global equity team is recommending Canadian market sectors with higher exposure to the U.S. dollar,
“The underperformance of the Canadian economy relative to the U.S. increases the odds that a gap in policy rate and a weaker CAD are more likely to be tolerated by the BoC, and RBC expects the BoC to cut rates before the Fed, and at a more aggressive pace afterwards. For now, the RBC Capital Markets Global FX Desk Strategy* team maintains an expected 2024 trading range of 1.3250-1.
“As accelerated computing is a more critical part of the overall computing landscape, interconnect density and performance requirements are also significantly enhanced. We view Amphenol , TE Connectivity , Molex for DAC/ACC cables and Corning as particularly well positioned to take advantage of this trend. We raise our PO for APH to $137 from $124 and TEL to $165 from $161 on higher multiples, as we see this opportunity drive significant upside to estimates.
“We were constructive on earnings coming into the Q1 season, expecting growth to remain robust at around 10 per cent year-over-year … Halfway through the season, earnings have surpassed even our constructive expectations. Beats are running at 9.2 per cent in aggregate, a near three-year high and almost double the historical average of 4.9 per cent. If these beats hold through to the end of the season, earnings growth is on track to accelerate into the double digits to 11.
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