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The S&P/TSX Composite Index is barely holding on to the gains realized in the first half of the third-quarter. Quarter-to-date, the TIndex is up 2.7 per cent with seven of the 11 sectors currently in positive territory.

Year-to-date, the S&P/TSX Composite Index is down 8.7 per cent.

According to Bloomberg, the S&P/TSX Composite Index is trading at a forward P/E multiple of 11.6 times the 2023 consensus estimate, below its 10-year historical average of 14.4 times and near its 10-year low of approximately 11.2 times.

Ahead of the third quarter reporting season, earnings estimates have been holding steady, rising 0.8 per cent over the past month. However, there is growing speculation is that earnings estimates will be revised down for many companies, especially after earnings warnings were recently announced by several large U.S. companies, including FedEx Corp.. Many investors consider FedEx a barometer of global economic conditions.

To help investors navigate this challenging market, this report includes a link to a list of analysts’ target prices, recommendations, and forecast returns for all securities in the S&P/TSX Composite Index grouped by sector and ranked according to their expected price returns (excluding dividend and distribution income). The posted target price for each security is an average of all available target prices from analysts. A target price typically reflects an expected share or unit price 12 months from now based on an analyst’s financial modelling, such as a discounted cash flow or sum-of-the-parts model.

It’s important to note that high target prices, which imply stellar returns that seem unbelievable may be just that - unrealistic. At times, when a stock price falls analysts may maintain their bullish expectations, inflating the forecast return. In addition, an outlier (extreme target price) can skew the average target price, to the upside or downside, particularly when the number of analysts covering a stock is low. Don’t let a huge projected gain lure you into a position – it is critical to look at the company and industry fundamentals.

Click here to download an Excel version of the guide.

SecurityBuysHoldsSells Sept. 20 price Avg. Target Price Forecast return
COMMUNICATION SERVICES
CJR-B-TCORUS ENTERTAINMENT INC250 $2.57 $4.07 58%
CCA-TCOGECO COMMUNICATIONS INC451 $75.84 $108.55 43%
RCI-B-TROGERS COMMUNICATIONS INC1330 $54.88 $74.17 35%
QBR-B-TQUEBECOR INC 1111 $26.60 $34.56 30%
T-TTELUS CORP1340 $28.52 $34.14 20%
SJR-B-TSHAW COMMUNICATIONS INC460 $33.71 $39.78 18%
BCE-TBCE INC5111 $61.74 $68.46 11%
CONSUMER DISCRETIONARY
GOOS-TCANADA GOOSE HOLDINGS INC842 $23.55 $39.64 68%
PLC-TPARK LAWN CORP900 $24.84 $41.44 67%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC520 $24.70 $38.57 56%
DOO-TBRP INC1710 $92.92 $134.40 45%
MG-TMAGNA INTERNATIONAL INC1441 $72.53 $101.34 40%
TOY-TSPIN MASTER CORP920 $45.19 $63.00 39%
CTC-A-TCANADIAN TIRE CORP911 $154.87 $215.54 39%
ATZ-TARITZIA INC810 $46.42 $58.14 25%
LNR-TLINAMAR CORP410 $64.11 $80.00 25%
UNS-TUNI-SELECT INC610 $36.18 $44.08 22%
MTY-TMTY FOOD GROUP INC340 $59.61 $70.64 19%
GIL-TGILDAN ACTIVEWEAR INC1120 $41.56 $47.75 15%
DOL-TDOLLARAMA INC1050 $78.50 $87.11 11%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC14133 $78.12 $84.86 9%
CONSUMER STAPLES
MFI-TMAPLE LEAF FOODS INC600 $22.25 $35.00 57%
PBH-TPREMIUM BRANDS HOLDINGS CORP820 $95.13 $132.20 39%
JWEL-TJAMIESON WELLNESS INC910 $35.78 $45.42 27%
PRMW-TPRIMO WATER CORP1010 $18.14 $22.86 26%
EMP-A-TEMPIRE CO LTD 621 $36.36 $43.89 21%
WN-TWESTON (GEORGE) LTD620 $148.17 $178.00 20%
ATD-TALIMENTATION COUCHE-TARD INC1510 $57.59 $67.43 17%
NWC-TNORTH WEST CO INC230 $32.61 $37.60 15%
L-TLOBLAW COMPANIES LTD741 $112.86 $126.36 12%
SAP-TSAPUTO INC711 $33.75 $37.61 11%
MRU-TMETRO INC371 $70.46 $73.27 4%
ENERGY
PXT-TPAREX RESOURCES INC1010 $20.91 $40.25 92%
TVE-TTAMARACK VALLEY ENERGY LTD1100 $4.12 $7.80 89%
NXE-TNEXGEN ENERGY LTD1100 $5.45 $9.36 72%
DML-TDENISON MINES CORP610 $1.68 $2.84 69%
SDE-TSPARTAN DELTA CORP1400 $11.97 $20.14 68%
EFR-TENERGY FUELS INC900 $8.54 $14.25 67%
CPG-TCRESCENT POINT ENERGY CORP1120 $9.24 $15.23 65%
HWX-THEADWATER EXPLORATION INC900 $6.28 $10.25 63%
PD-TPRECISION DRILLING CORP920 $82.86 $133.91 62%
WCP-TWHITECAP RESOURCES INC1410 $9.55 $15.38 61%
PEY-TPEYTO EXPLORATION & DEV CORP540 $11.69 $18.56 59%
PKI-TPARKLAND CORP1401 $31.51 $48.14 53%
POU-TPARAMOUNT RESOURCES LTD 730 $27.89 $42.60 53%
SES-TSECURE ENERGY SERVICES INC1200 $5.90 $8.98 52%
PSI-TPASON SYSTEMS INC510 $13.47 $20.33 51%
ATH-TATHABASCA OIL CORP230 $2.27 $3.30 45%
NVA-TNUVISTA ENERGY LTD850 $11.51 $16.52 44%
TPZ-TTOPAZ ENERGY CORP1400 $21.47 $30.06 40%
VET-TVERMILION ENERGY INC770 $30.12 $41.93 39%
MEG-TMEG ENERGY CORP770 $18.19 $25.11 38%
FRU-TFREEHOLD ROYALTIES LTD1330 $14.78 $20.28 37%
ARX-TARC RESOURCES LTD1400 $18.48 $25.27 37%
CVE-TCENOVUS ENERGY INC1700 $24.56 $33.22 35%
BTE-TBAYTEX ENERGY CORP380 $6.72 $9.07 35%
SU-TSUNCOR ENERGY INC1261 $41.72 $56.22 35%
AAV-TADVANTAGE ENERGY LTD1120 $10.76 $14.44 34%
CNQ-TCANADIAN NATURAL RESOURCES1370 $71.20 $91.95 29%
BIR-TBIRCHCLIFF ENERGY LTD1120 $11.06 $14.19 28%
PSK-TPRAIRIESKY ROYALTY LTD950 $18.96 $24.13 27%
TOU-TTOURMALINE OIL CORP1200 $77.45 $95.17 23%
IMO-TIMPERIAL OIL LTD6111 $61.91 $75.17 21%
KEY-TKEYERA CORP1050 $30.72 $36.18 18%
CCO-TCAMECO CORP1300 $37.88 $44.42 17%
ERF-TENERPLUS CORP1210 $20.73 $24.14 16%
ENB-TENBRIDGE INC14100 $54.38 $60.70 12%
PPL-TPEMBINA PIPELINE CORP981 $46.44 $51.82 12%
TRP-TTC ENERGY CORP6134 $62.94 $69.57 11%
GEI-TGIBSON ENERGY INC2121 $24.57 $26.39 7%
FINANCIALS
TSU-TTRISURA GROUP LTD700 $31.92 $55.43 74%
GSY-TGOEASY LTD810 $117.87 $203.44 73%
CF-TCANACCORD GENUITY GROUP INC400 $7.34 $12.13 65%
EQB-TEQB INC900 $48.89 $78.71 61%
ECN-TECN CAPITAL CORP710 $5.12 $7.97 56%
HCG-THOME CAPITAL GROUP INC520 $28.01 $41.86 49%
ONEX-TONEX CORPORATION410 $65.54 $97.00 48%
CWB-TCANADIAN WESTERN BANK940 $24.01 $33.23 38%
FFH-TFAIRFAX FINANCIAL HLDGS LTD520 $652.39 $887.67 36%
CIX-TCI FINANCIAL CORP630 $14.81 $19.44 31%
LB-TLAURENTIAN BANK OF CANADA192 $32.67 $42.83 31%
CM-TCAN IMPERIAL BK OF COMMERCE1150 $63.02 $76.18 21%
MFC-TMANULIFE FINANCIAL CORP781 $22.66 $27.03 19%
SLF-TSUN LIFE FINANCIAL INC861 $57.32 $68.14 19%
BMO-TBANK OF MONTREAL1221 $126.07 $149.53 19%
POW-TPOWER CORP OF CANADA360 $33.85 $40.11 18%
BNS-TBANK OF NOVA SCOTIA3111 $71.08 $84.17 18%
IGM-TIGM FINANCIAL INC521 $36.47 $43.13 18%
GWO-TGREAT-WEST LIFECO INC271 $31.18 $36.80 18%
SII-TSPROTT INC120 $45.37 $53.33 18%
X-TTMX GROUP LTD340 $130.26 $150.86 16%
EFN-TELEMENT FLEET MANAGEMENT CORP900 $16.58 $19.14 15%
TD-TTORONTO-DOMINION BANK1060 $87.79 $100.08 14%
NA-TNATIONAL BANK OF CANADA742 $90.33 $102.92 14%
IAG-TIA FINANCIAL CORP INC810 $73.56 $82.72 12%
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC1021 $63.39 $71.00 12%
RY-TROYAL BANK OF CANADA1223 $127.25 $139.73 10%
IFC-TINTACT FINANCIAL CORP1301 $200.93 $213.07 6%
DFY-TDEFINITY FINANCIAL CORP830 $39.81 $39.14 -2%
HEALTH CARE
BHC-TBAUSCH HEALTH COS INC251 $9.51 $17.65 86%
TLRY-TTILRAY BRANDS INC4125 $4.13 US $5.26 71%
CRON-TCRONOS GROUP INC572 $4.01 $6.01 50%
BLU-TBELLUS HEALTH INC810 $14.37 $20.31 41%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES510 $9.99 $13.21 32%
SIA-TSIENNA SENIOR LIVING INC530 $13.06 $15.84 21%
WEED-TCANOPY GROWTH CORP2711 $4.14 $4.73 14%
INDUSTRIALS
CJT-TCARGOJET INC1020 $123.41 $207.50 68%
BBD-B-TBOMBARDIER INC-B1222 $31.63 $51.90 64%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP800 $27.65 $44.75 62%
ATA-TATS AUTOMATION TOOLING SYSTEMS INC600 $39.21 $59.75 52%
CAE-TCAE INC930 $23.05 $34.96 52%
FTT-TFINNING INTERNATIONAL INC810 $26.22 $39.29 50%
SNC-TSNC-LAVALIN GROUP INC1310 $24.91 $36.93 48%
BLDP-TBALLARD POWER SYSTEMS INC5162 $9.07 $13.07 44%
AC-TAIR CANADA1330 $19.14 $27.00 41%
RUS-TRUSSEL METALS INC520 $27.93 $38.08 36%
RCH-TRICHELIEU HARDWARE LTD300 $36.68 $48.83 33%
EIF-TEXCHANGE INCOME CORP1100 $47.29 $61.50 30%
GFL-TGFL ENVIRONMENTAL INC1211 $37.78 $48.50 28%
STN-TSTANTEC INC1110 $62.18 $73.91 19%
NFI-TNFI GROUP INC232 $13.21 $15.50 17%
TIH-TTOROMONT INDUSTRIES LTD630 $101.17 $118.38 17%
MTL-TMULLEN GROUP LTD820 $15.00 $17.40 16%
WSP-TWSP GLOBAL INC1120 $158.27 $181.17 14%
BYD-TBOYD GROUP SERVICES INC940 $187.49 $213.83 14%
TFII-TTFI INTERNATIONAL INC1830 $129.05 $145.22 13%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP140 $28.76 $32.00 11%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD431 $31.85 $35.28 11%
CP-TCANADIAN PACIFIC RAILWAY LTD17111 $97.60 $105.49 8%
WCN-TWASTE CONNECTIONS INC1522 $192.48 US$152.48 6%
TRI-TTHOMSON REUTERS CORP952 $146.07 $152.73 5%
CNR-TCANADIAN NATL RAILWAY COMPANY10212 $156.18 $162.33 4%
RBA-TRITCHIE BROS AUCTIONEERS INC262 $86.38 US$66.50 3%
INFORMATION TECHNOLOGY
DND-TDYE & DURHAM LTD400 $13.02 $42.50 226%
LSPD-TLIGHTSPEED COMMERCE INC1611 $23.86 $49.29 107%
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP1120 $5.73 $10.44 82%
NVEI-TNUVEI CORP850 $42.32 $70.02 65%
OTEX-TOPEN TEXT CORP720 $37.49 $60.26 61%
KXS-TKINAXIS INC1000 $137.26 $217.50 58%
SHOP-TSHOPIFY INC 19223 $41.35 $63.72 54%
CLS-TCELESTICA INC360 $12.26 $16.02 31%
ENGH-TENGHOUSE SYSTEMS LTD220 $29.46 $37.38 27%
CSU-TCONSTELLATION SOFTWARE INC520 $1,933.12 $2,437.14 26%
GIB-A-TCGI INC1211 $103.10 $129.91 26%
TIXT-TTELUS INTERNATIONAL CDA INC1131 $37.93 US$34.18 20%
BB-TBLACKBERRY LTD133 $7.47 $7.80 4%
DSG-TDESCARTES SYSTEMS GROUP INC750 $88.47 $91.00 3%
MATERIALS
SEA-TSEABRIDGE GOLD INC400 $16.58 $47.25 185%
TXG-TTOREX GOLD RESOURCES INC630 $9.28 $20.89 125%
OSK-TOSISKO MINING INC1000 $2.76 $5.78 109%
SIL-TSILVERCREST METALS INC800 $7.22 $14.63 103%
DPM-TDUNDEE PRECIOUS METALS INC900 $5.83 $11.64 100%
CS-TCAPSTONE COPPER CORP1010 $3.24 $6.07 87%
ELD-TELDORADO GOLD CORP731 $7.79 $14.42 85%
EQX-TEQUINOX GOLD CORP560 $4.45 $8.20 84%
K-TKINROSS GOLD CORP1140 $4.68 $8.51 82%
CFP-TCANFOR CORP700 $21.99 $39.43 79%
OGC-TOCEANAGOLD CORP820 $1.99 $3.48 75%
BTO-TB2GOLD CORP1410 $4.30 $7.39 72%
FIL-TFILO MINING CORP1200 $15.76 $26.20 66%
OR-TOSISKO GOLD ROYALTIES LTD1110 $13.16 $21.75 65%
HBM-THUDBAY MINERALS INC1520 $5.56 $9.02 62%
ASTL-TALGOMA STEEL GROUP INC410 $10.70 $17.30 62%
FVI-TFORTUNA SILVER MINES INC430 $3.09 $4.97 61%
WDO-TWESDOME GOLD MINES LTD740 $8.39 $13.48 61%
IFP-TINTERFOR CORP600 $28.03 $44.83 60%
STLC-TSTELCO HOLDINGS INC640 $32.97 $51.62 57%
SSRM-TSSR MINING INC1010 $18.78 $29.32 56%
YRI-TYAMANA GOLD INC930 $5.63 $8.78 56%
CG-TCENTERRA GOLD INC361 $5.71 $8.84 55%
IVN-TIVANHOE MINES LTD-CL A1000 $8.84 $13.69 55%
AEM-TAGNICO EAGLE MINES LTD1720 $54.97 $84.68 54%
WFG-TWEST FRASER TIMBER CO LTD600 $103.21 $158.76 54%
KNT-TK92 MINING INC1300 $7.37 $11.27 53%
WPM-TWHEATON PRECIOUS METALS CORP1520 $42.43 $64.69 52%
NG-TNOVAGOLD RESOURCES INC220 $5.91 $9.00 52%
IMG-TIAMGOLD CORP247 $1.51 $2.29 52%
SSL-TSANDSTORM GOLD LTD1020 $8.22 $12.33 50%
MAG-TMAG SILVER CORP930 $16.36 $24.32 49%
EDR-TENDEAVOUR SILVER CORP460 $3.94 $5.75 46%
ABX-TBARRICK GOLD CORP1870 $20.08 $28.72 43%
PAAS-TPAN AMERICAN SILVER CORP720 $21.34 $30.50 43%
MX-TMETHANEX CORP652 $43.13 $61.08 42%
AGI-TALAMOS GOLD INC940 $9.56 $13.44 41%
LUN-TLUNDIN MINING CORP8131 $7.11 $9.84 38%
ERO-TERO COPPER CORP1010 $14.22 $19.55 37%
FM-TFIRST QUANTUM MINERALS LTD1462 $24.00 $32.28 35%
TCL-A-TTRANSCONTINENTAL INC330 $16.79 $21.83 30%
FNV-TFRANCO-NEVADA CORP1171 $158.77 $204.61 29%
NTR-TNUTRIEN LTD1941 $120.13 $149.91 25%
TECK-B-TTECK RESOURCES LTD2130 $43.20 $52.24 21%
SJ-TSTELLA-JONES INC710 $41.00 $49.14 20%
LAC-TLITHIUM AMERICAS CORP1320 $38.72 $45.58 18%
WPK-TWINPAK LTD220 $53.50 18%
FR-TFIRST MAJESTIC SILVER CORP240 $10.09 $11.81 17%
CCL-B-TCCL INDUSTRIES INC 1010 $67.83 $78.50 16%
TRQ-TTURQUOISE HILL RESOURCES LTD320 $41.21 $43.75 6%
LIF-TLABRADOR IRON ORE ROYALTY CORP160 $31.19 $32.50 4%
REAL ESTATE
TCN-TTRICON RESIDENTIAL INC1210 $13.08 $18.85 44%
AP-UN-TALLIED PROPERTIES REIT1100 $29.37 $42.30 44%
DIR-UN-TDREAM INDUSTRIAL REIT1000 $11.36 $15.98 41%
HR-UN-TH&R REIT520 $11.86 $16.39 38%
CAR-UN-TCAN APARTMENT PROPERTIES REIT1310 $42.00 $57.87 38%
IIP-UN-TINTERRENT REIT1011 $11.72 $16.11 37%
KMP-UN-TKILLAM APARTMENT REIT1220 $16.01 $21.61 35%
GRT-UN-TGRANITE REIT1100 $72.54 $97.00 34%
AIF-TALTUS GROUP LTD710 $47.92 $64.00 34%
CIGI-TCOLLIERS INTERNATIONAL GROUP720 $145.80 $189.47 30%
BEI-UN-TBOARDWALK REIT821 $46.48 $59.40 28%
FCR-UN-TFIRST CAPITAL REIT620 $14.99 $19.00 27%
REI-UN-TRIOCAN REIT900 $19.57 $24.72 26%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT630 $17.67 $22.06 25%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT520 $11.72 $14.50 24%
AX-UN-TARTIS REIT160 $10.36 $12.71 23%
PMZ-UN-TPRIMARIS REIT300 $13.37 $16.33 22%
FSV-TFIRSTSERVICE CORP230 $156.24 $187.10 20%
CRR-UN-TCROMBIE REIT630 $15.49 $18.06 17%
SRU-UN-TSMARTCENTRES REIT260 $27.15 $31.03 14%
CHP-UN-TCHOICE PROPERTIES REIT360 $13.53 $15.11 12%
CRT-UN-TCT REIT340 $15.99 $17.79 11%
UTILITIES
TA-TTRANSALTA CORP930 $12.53 $16.73 33%
SPB-TSUPERIOR PLUS CORP750 $10.59 $13.54 28%
ALA-TALTAGAS LTD1410 $28.73 $34.29 19%
RNW-TTRANSALTA RENEWABLES INC0120 $16.24 $18.82 16%
INE-TINNERGEX RENEWABLE ENERGY INC741 $19.32 $22.29 15%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP1111 $54.85 US$47.00 15%
AQN-TALGONQUIN POWER & UTILITIES CORP662 $17.12 $19.53 14%
NPI-TNORTHLAND POWER INC1311 $44.86 $50.33 12%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP1251 $50.25 US$41.88 11%
ACO-X-TATCO LTD 430 $46.26 $51.50 11%
FTS-TFORTIS INC2115 $56.02 $61.28 9%
BLX-TBORALEX INC 1050 $46.30 $50.64 9%
EMA-TEMERA INC791 $60.57 $65.27 8%
H-THYDRO ONE LTD591 $34.94 $36.63 5%
CPX-TCAPITAL POWER CORP580 $51.13 $52.19 2%
CU-TCANADIAN UTILITIES LTD062 $40.23 $39.56 -2%

Source: Bloomberg and Refinitiv

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