Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
CIBC Capital Markets analyst Robert Catellier updated his view on the income-heavy utilities and power sectors,
“We still believe there’s good value across the power / renewable space and remain constructive on that sub-segment … AQN and EMA both can use asset sales to de-risk their balance sheets but may not get a material multiple re-rating given higher payout ratios …Q1 results were better than expected for most Power stocks, which helped these stocks rally in the last month. Further, BEP’s Microsoft agreement was timely given the excitement of load growth from data centres/GenAI.
Mr. Catellier has “outperformer” ratings on Superior Plus Corp., Enbridge Inc., Pembina Pipeline Corp., Tidewater Renewables Ltd., AltaGas Ltd., Brookfield Infrastructure and Gibson Energy Corp.BMO chief economist Doug Porter detailed why domestic economic growth and inflation pressures are trailing the U.S. by such a wide margin,
“The contrast between Canadian and U.S. inflation trends in 2024 could not be starker. To pick but one glaring example, markets cheered last week’s U.S. April CPI, where core still rose 0.3%, and we are expecting a mild 0.2% rise in next week’s core PCE deflator. Good news, but this is still above the latest 0.1% result in Canada … Excluding those bothersome shelter components, Canadian inflation is now a minuscule 1.
“Eight companies announced stock splits this year, including Walmart in January and Chipotle in March. The surge in Big Tech share prices prompted four splits in the ‘Magnificent 7′ mega-cap stocks since 2022 with Google, Amazon, and Tesla all making shares more accessible. Apple split in 2020. Today, Microsoft and Meta are approaching the $500/share threshold. S&P 500 stocks with share prices over $500 represent $7.
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