Canadian bank predicts a single-digit return overall for the TSX
Stock markets will post gains in the year ahead, with the Canadian benchmark index once again outperforming Wall Street, according to CIBC’s 2023 Equity Outlook report released this week.
The Canadian economic outlook is muted but not dire with real GDP growth of 0.6 per cent forecast by CIBC in 2023. CIBC has ‘underweight’ recommendations on the consumer discretionary, consumer staples, and information technology sectors.Equity analysts at CIBC Capital Markets revealed their 31 top stock picks across all 11 sectors, which are listed below accompanied by the analysts’ target prices:
In Industrials, Canadian Pacific Rail with a target of $120, Waste Connections with a target of U.S. $156, and Ag Growth International target of $53. In Consumer Staples, Alimentation Couche-Tard with a target of $73, Loblaw Companies with a target of $145, and Jamieson Wellness with a target of $41.
· Top picks include: BMO Canadian High Dividend Covered Call ETF and BMO Covered Call Utilities ETF .: “The lack of spare production capacity in the energy supply chain is likely to extend outperformance. Additionally, energy companies have shown remarkable capital discipline which helped to restore investor confidence in the sector.”
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