Top picks from Bruce Murray, CEO, The Murray Wealth
Bruce Murray, CEO and CIO at The Murray Wealth Group, discusses his top picks: Qualcomm, Air Canada, and Bank of Nova Scotia.A technology leader in cellphones with hundreds of patents. Apple is looking to make its own chips, so stock is off 30 per cent from late 2021 high. Revenue has doubled since 2020 but is expected to decline by 15 per cent this year but recover after that. We feel the cellphone market and technology will continue to grow so the slowdown is temporary.
We are looking for recovery to prior levels this year and 5-10 per cent growth per annum beyond that. The stock was over $50 just before the pandemic and we look for operating income to recover and exceed 2019 levels. Debt levels though grew by $7 billion up over 50 per cent to fund pandemic losses. Cash flow has turned positive and debt stabilizing, and we look for this to gradually improve and believe the stock can approach $30.
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