Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“Foreign Residential: Getting A Bit More Interesting. OUR TAKE: Slightly Positive. Foreign residential names had a strong 2021 and since then have underperformed in 2022, 2023 and 2024 YTD as interest rates spiked and over-supply issues in U.S. Sunbelt impacted HOM and DRR. We are now searching for a turnaround in these names. Our foreign residential basket offers growth similar to CDN REIT sector but trades at almost double the valuation discount.
“The conference explored challenges related to legislative initiatives, electrification, and AI and its impact on the HVACR industry. Liquid cooling was a primary topic in data center discussions. Participants see liquid cooling quickly gaining share over air cooling in data centers. Liquid cooling has its drawbacks. ... We also heard concerns on energy efficiency for liquid cooling systems.
I will have to do more research to understand the climate-change related opportunities and those arising from the shift of U.S. population to southern states like Texas.Barclays analyst Theresa Chen listed a Canadian stock first on her top picks in North America research report, “as global consumption of natural gas increases, coupled with domestic tailwinds from industrial demand, reshoring, and potential uptick from AI/data center-related power generation over the long term, the structural need for incremental for US onshore natural gas infrastructure as well as and LNG export capacity persists. Within our midstream coverage, we think TRP offers good risk/reward from here and upgrade the company to Overweight, from Equal Weight.
“In Canada, RBC Economics views the economy as being stuck in excess supply, with per-capita GDP declining and unemployment trending higher. Inflation is set to moderate further following slower growth in mortgage and rent costs.
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