Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
“Q2 results saw almost all REITs maintain their outlooks, reflecting consistent operational performance. Retail REIT fundamentals were the most intact with high-90% occupancy and sustained large leasing spreads. CHP units notably lead the sector on valuation and are within 5% of NAV, reflecting the market’s preference for defense. In retail we like CRR for its defensive positioning and potential for valuation to catch up to concentrated-tenant peers.
Mr. Syed has outperform ratings on H&R REIT, Nexus Industrial REIT, Automotive Properties REIT, Granite REIT, Crombie REIT, PRO REIT and Primaris REIT.BofA Securities analyst Ebrahim Poonawala previewed Canadian bank earnings and provided top picks, “3Q24 results are likely to reflect a challenged Canadian economy, with banks expected to report sluggish loan growth, while credit costs creep higher. The key question for investors is whether the ~100bp recent decline in bond yields is enough to brighten the EPS outlook for the sector? … Our revised EPS estimates imply EPS growth +3.3% YoY for 3Q24 or the same as what banks reported for 2Q24. Key drivers of our 3Q24 forecast include: rising impaired PCLs 48bp or +4bp QoQ, tepid loan growth 2.
“Even as the S&P/TSX hits a new all-time high, sentiment and general tone from most of the Canadian centric investors we speak with remains decidedly skeptical, at best. However, when we combine predominantly negative sentiment with elevated levels of cash on the sidelines and steadily improving foreign flows, we believe there remains a lot of room for Canadian stocks to run to continued new price highs.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian telecoms could sell assets, with everything from Maple Leafs to cell towers possible: CIBCA low-growth environment may drive Rogers, BCE, Telus and others to divest non-core assets to pay down debt, it says.
Read more »
CIBC sees US$160 billion piling back into Canadian dividend stocksInvestors are starting to plow funds into Toronto’s out-of-favor dividend-paying stocks after more than two years of antipathy, according to Canadian Imperial Bank of Commerce. It’s a trend that promises to grow as short-term interest rates in the country continue to be scaled back.
Read more »
Downtown water service to be knocked out on Tuesday, ThursdayHydrants are being replaced near CIBC and Missanabie Cree First Nation office (former RBC bank)
Read more »
CIBC plans more hiring in artificial intelligence, data jobsCanadian Imperial Bank of Commerce plans to hire more than 200 employees in data and artificial intelligence over the next year as it expands its use of generative AI.
Read more »
TC Energy CEO François Poirier to join CIBC board of directorsTORONTO — CIBC is adding TC Energy Corp. chief executive François Poirier to its board of directors.
Read more »
CIBC analyst recommends defensive portfolio positioning using these ETFs and stocksDaily roundup of research and analysis from Scott Barlow
Read more »