Inside the Market’s roundup of some of today’s key analyst actions
With the Bank of Canada “finally” beginning its long-awaited rate-cutting cycle, Desjardins Securities analyst Doug Young thinks investor sentiment could be shifting toward domestics banks as third-quarter earnings season in the sector approaches.
“Credit will be the topic du jour. We expect a PCL rate of 42 basis points on average for the Big 6. CRE and Canadian consumer trends will be the key focus. We are in the camp anticipating a further normalization of PCLs, not a massive deterioration, and we expect PCL rates on average to plateau in FY25 vs FY24. We will be looking for any clues to support or refute our views.”“We like its ‘Steady Eddie’ performance of late, which we expect to continue, the U.S.
“This transaction could trigger more changes within the company,” he said. “While LUN remains in good financial position to continue operating all assets, the divestiture of non-core European assets including Zinkgruvan and Neves-Corvo is a possibility as the centre of gravity for mining is established in South America. Cross border issues are also a focus as LUN and BHP work through the logistics of operating two mines in Argentina while shipping concentrate from an established port in Chile.
“We note the following trends in PJC front-end: Government data indicate higher influenza cases & symptoms year-over-year, We expect higher beauty sales reflecting solid consumer demand. We expect growth in Rx, driven by professional services and specialty medication. ... Our review of peer commentary points to the following trends, among others: a continuation of customers looking for value, expectation of more tradespend by CPG companies, and moderating inflation year-over-year. ...
“We believe that Metro is a solid company which has delivered superior long-term performance supported by strong execution and strong capital allocation; however, these favourable attributes are reflected in the valuation, in our view,” he said.) as “encouraging as management expressed confidence in the outlook as the combination of continued firm markets and expense improvements drive the ROE expansion story.
Target Average Rating Lun Street Production Quarter Ryan Brinkman Bank Of Canada BHP
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