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 .
Security Buys Holds Sells Sept. 20 price Avg. Target Price Forecast return COMMUNICATION SERVICES CJR-B-T CORUS ENTERTAINMENT INC 2 5 0 $2.57 $4.07 58% CCA-T COGECO COMMUNICATIONS INC 4 5 1 $75.84 $108.55 43% RCI-B-T ROGERS COMMUNICATIONS INC 13 3 0 $54.88 $74.17 35% QBR-B-T QUEBECOR INC 11 1 1 $26.60 $34.56 30% T-T TELUS CORP 13 4 0 $28.52 $34.14 20% SJR-B-T SHAW COMMUNICATIONS INC 4 6 0 $33.71 $39.78 18% BCE-T BCE INC 5 11 1 $61.74 $68.46 11% CONSUMER DISCRETIONARY GOOS-T CANADA GOOSE HOLDINGS INC 8 4 2 $23.55 $39.64 68% PLC-T PARK LAWN CORP 9 0 0 $24.84 $41.44 67% ZZZ-T SLEEP COUNTRY CANADA HOLDINGS INC 5 2 0 $24.70 $38.57 56% DOO-T BRP INC 17 1 0 $92.92 $134.40 45% MG-T MAGNA INTERNATIONAL INC 14 4 1 $72.53 $101.34 40% TOY-T SPIN MASTER CORP 9 2 0 $45.19 $63.00 39% CTC-A-T CANADIAN TIRE CORP 9 1 1 $154.87 $215.54 39% ATZ-T ARITZIA INC 8 1 0 $46.42 $58.14 25% LNR-T LINAMAR CORP 4 1 0 $64.11 $80.00 25% UNS-T UNI-SELECT INC 6 1 0 $36.18 $44.08 22% MTY-T MTY FOOD GROUP INC 3 4 0 $59.61 $70.64 19% GIL-T GILDAN ACTIVEWEAR INC 11 2 0 $41.56 $47.75 15% DOL-T DOLLARAMA INC 10 5 0 $78.50 $87.11 11% QSR-T RESTAURANT BRANDS INTERNATIONAL INC 14 13 3 $78.12 $84.86 9% CONSUMER STAPLES MFI-T MAPLE LEAF FOODS INC 6 0 0 $22.25 $35.00 57% PBH-T PREMIUM BRANDS HOLDINGS CORP 8 2 0 $95.13 $132.20 39% JWEL-T JAMIESON WELLNESS INC 9 1 0 $35.78 $45.42 27% PRMW-T PRIMO WATER CORP 10 1 0 $18.14 $22.86 26% EMP-A-T EMPIRE CO LTD 6 2 1 $36.36 $43.89 21% WN-T WESTON (GEORGE) LTD 6 2 0 $148.17 $178.00 20% ATD-T ALIMENTATION COUCHE-TARD INC 15 1 0 $57.59 $67.43 17% NWC-T NORTH WEST CO INC 2 3 0 $32.61 $37.60 15% L-T LOBLAW COMPANIES LTD 7 4 1 $112.86 $126.36 12% SAP-T SAPUTO INC 7 1 1 $33.75 $37.61 11% MRU-T METRO INC 3 7 1 $70.46 $73.27 4% ENERGY PXT-T PAREX RESOURCES INC 10 1 0 $20.91 $40.25 92% TVE-T TAMARACK VALLEY ENERGY LTD 11 0 0 $4.12 $7.80 89% NXE-T NEXGEN ENERGY LTD 11 0 0 $5.45 $9.36 72% DML-T DENISON MINES CORP 6 1 0 $1.68 $2.84 69% SDE-T SPARTAN DELTA CORP 14 0 0 $11.97 $20.14 68% EFR-T ENERGY FUELS INC 9 0 0 $8.54 $14.25 67% CPG-T CRESCENT POINT ENERGY CORP 11 2 0 $9.24 $15.23 65% HWX-T HEADWATER EXPLORATION INC 9 0 0 $6.28 $10.25 63% PD-T PRECISION DRILLING CORP 9 2 0 $82.86 $133.91 62% WCP-T WHITECAP RESOURCES INC 14 1 0 $9.55 $15.38 61% PEY-T PEYTO EXPLORATION & DEV CORP 5 4 0 $11.69 $18.56 59% PKI-T PARKLAND CORP 14 0 1 $31.51 $48.14 53% POU-T PARAMOUNT RESOURCES LTD 7 3 0 $27.89 $42.60 53% SES-T SECURE ENERGY SERVICES INC 12 0 0 $5.90 $8.98 52% PSI-T PASON SYSTEMS INC 5 1 0 $13.47 $20.33 51% ATH-T ATHABASCA OIL CORP 2 3 0 $2.27 $3.30 45% NVA-T NUVISTA ENERGY LTD 8 5 0 $11.51 $16.52 44% TPZ-T TOPAZ ENERGY CORP 14 0 0 $21.47 $30.06 40% VET-T VERMILION ENERGY INC 7 7 0 $30.12 $41.93 39% MEG-T MEG ENERGY CORP 7 7 0 $18.19 $25.11 38% FRU-T FREEHOLD ROYALTIES LTD 13 3 0 $14.78 $20.28 37% ARX-T ARC RESOURCES LTD 14 0 0 $18.48 $25.27 37% CVE-T CENOVUS ENERGY INC 17 0 0 $24.56 $33.22 35% BTE-T BAYTEX ENERGY CORP 3 8 0 $6.72 $9.07 35% SU-T SUNCOR ENERGY INC 12 6 1 $41.72 $56.22 35% AAV-T ADVANTAGE ENERGY LTD 11 2 0 $10.76 $14.44 34% CNQ-T CANADIAN NATURAL RESOURCES 13 7 0 $71.20 $91.95 29% BIR-T BIRCHCLIFF ENERGY LTD 11 2 0 $11.06 $14.19 28% PSK-T PRAIRIESKY ROYALTY LTD 9 5 0 $18.96 $24.13 27% TOU-T TOURMALINE OIL CORP 12 0 0 $77.45 $95.17 23% IMO-T IMPERIAL OIL LTD 6 11 1 $61.91 $75.17 21% KEY-T KEYERA CORP 10 5 0 $30.72 $36.18 18% CCO-T CAMECO CORP 13 0 0 $37.88 $44.42 17% ERF-T ENERPLUS CORP 12 1 0 $20.73 $24.14 16% ENB-T ENBRIDGE INC 14 10 0 $54.38 $60.70 12% PPL-T PEMBINA PIPELINE CORP 9 8 1 $46.44 $51.82 12% TRP-T TC ENERGY CORP 6 13 4 $62.94 $69.57 11% GEI-T GIBSON ENERGY INC 2 12 1 $24.57 $26.39 7% FINANCIALS TSU-T TRISURA GROUP LTD 7 0 0 $31.92 $55.43 74% GSY-T GOEASY LTD 8 1 0 $117.87 $203.44 73% CF-T CANACCORD GENUITY GROUP INC 4 0 0 $7.34 $12.13 65% EQB-T EQB INC 9 0 0 $48.89 $78.71 61% ECN-T ECN CAPITAL CORP 7 1 0 $5.12 $7.97 56% HCG-T HOME CAPITAL GROUP INC 5 2 0 $28.01 $41.86 49% ONEX-T ONEX CORPORATION 4 1 0 $65.54 $97.00 48% CWB-T CANADIAN WESTERN BANK 9 4 0 $24.01 $33.23 38% FFH-T FAIRFAX FINANCIAL HLDGS LTD 5 2 0 $652.39 $887.67 36% CIX-T CI FINANCIAL CORP 6 3 0 $14.81 $19.44 31% LB-T LAURENTIAN BANK OF CANADA 1 9 2 $32.67 $42.83 31% CM-T CAN IMPERIAL BK OF COMMERCE 11 5 0 $63.02 $76.18 21% MFC-T MANULIFE FINANCIAL CORP 7 8 1 $22.66 $27.03 19% SLF-T SUN LIFE FINANCIAL INC 8 6 1 $57.32 $68.14 19% BMO-T BANK OF MONTREAL 12 2 1 $126.07 $149.53 19% POW-T POWER CORP OF CANADA 3 6 0 $33.85 $40.11 18% BNS-T BANK OF NOVA SCOTIA 3 11 1 $71.08 $84.17 18% IGM-T IGM FINANCIAL INC 5 2 1 $36.47 $43.13 18% GWO-T GREAT-WEST LIFECO INC 2 7 1 $31.18 $36.80 18% SII-T SPROTT INC 1 2 0 $45.37 $53.33 18% X-T TMX GROUP LTD 3 4 0 $130.26 $150.86 16% EFN-T ELEMENT FLEET MANAGEMENT CORP 9 0 0 $16.58 $19.14 15% TD-T TORONTO-DOMINION BANK 10 6 0 $87.79 $100.08 14% NA-T NATIONAL BANK OF CANADA 7 4 2 $90.33 $102.92 14% IAG-T IA FINANCIAL CORP INC 8 1 0 $73.56 $82.72 12% BAM-A-T BROOKFIELD ASSET MANAGEMENT INC 10 2 1 $63.39 $71.00 12% RY-T ROYAL BANK OF CANADA 12 2 3 $127.25 $139.73 10% IFC-T INTACT FINANCIAL CORP 13 0 1 $200.93 $213.07 6% DFY-T DEFINITY FINANCIAL CORP 8 3 0 $39.81 $39.14 -2% HEALTH CARE BHC-T BAUSCH HEALTH COS INC 2 5 1 $9.51 $17.65 86% TLRY-T TILRAY BRANDS INC 4 12 5 $4.13 US $5.26 71% CRON-T CRONOS GROUP INC 5 7 2 $4.01 $6.01 50% BLU-T BELLUS HEALTH INC 8 1 0 $14.37 $20.31 41% CSH-UN-T CHARTWELL RETIREMENT RESIDENCES 5 1 0 $9.99 $13.21 32% SIA-T SIENNA SENIOR LIVING INC 5 3 0 $13.06 $15.84 21% WEED-T CANOPY GROWTH CORP 2 7 11 $4.14 $4.73 14% INDUSTRIALS CJT-T CARGOJET INC 10 2 0 $123.41 $207.50 68% BBD-B-T BOMBARDIER INC-B 12 2 2 $31.63 $51.90 64% BBU-UN-T BROOKFIELD BUSINESS PARTNERS LP 8 0 0 $27.65 $44.75 62% ATA-T ATS AUTOMATION TOOLING SYSTEMS INC 6 0 0 $39.21 $59.75 52% CAE-T CAE INC 9 3 0 $23.05 $34.96 52% FTT-T FINNING INTERNATIONAL INC 8 1 0 $26.22 $39.29 50% SNC-T SNC-LAVALIN GROUP INC 13 1 0 $24.91 $36.93 48% BLDP-T BALLARD POWER SYSTEMS INC 5 16 2 $9.07 $13.07 44% AC-T AIR CANADA 13 3 0 $19.14 $27.00 41% RUS-T RUSSEL METALS INC 5 2 0 $27.93 $38.08 36% RCH-T RICHELIEU HARDWARE LTD 3 0 0 $36.68 $48.83 33% EIF-T EXCHANGE INCOME CORP 11 0 0 $47.29 $61.50 30% GFL-T GFL ENVIRONMENTAL INC 12 1 1 $37.78 $48.50 28% STN-T STANTEC INC 11 1 0 $62.18 $73.91 19% NFI-T NFI GROUP INC 2 3 2 $13.21 $15.50 17% TIH-T TOROMONT INDUSTRIES LTD 6 3 0 $101.17 $118.38 17% MTL-T MULLEN GROUP LTD 8 2 0 $15.00 $17.40 16% WSP-T WSP GLOBAL INC 11 2 0 $158.27 $181.17 14% BYD-T BOYD GROUP SERVICES INC 9 4 0 $187.49 $213.83 14% TFII-T TFI INTERNATIONAL INC 18 3 0 $129.05 $145.22 13% WTE-T WESTSHORE TERMINALS INVESTMENT CORP 1 4 0 $28.76 $32.00 11% BDGI-T BADGER INFRASTRUCTURE SOLUTIONS LTD 4 3 1 $31.85 $35.28 11% CP-T CANADIAN PACIFIC RAILWAY LTD 17 11 1 $97.60 $105.49 8% WCN-T WASTE CONNECTIONS INC 15 2 2 $192.48 US$152.48 6% TRI-T THOMSON REUTERS CORP 9 5 2 $146.07 $152.73 5% CNR-T CANADIAN NATL RAILWAY COMPANY 10 21 2 $156.18 $162.33 4% RBA-T RITCHIE BROS AUCTIONEERS INC 2 6 2 $86.38 US$66.50 3% INFORMATION TECHNOLOGY DND-T DYE & DURHAM LTD 4 0 0 $13.02 $42.50 226% LSPD-T LIGHTSPEED COMMERCE INC 16 1 1 $23.86 $49.29 107% CTS-T CONVERGE TECHNOLOGY SOLUTIONS CORP 11 2 0 $5.73 $10.44 82% NVEI-T NUVEI CORP 8 5 0 $42.32 $70.02 65% OTEX-T OPEN TEXT CORP 7 2 0 $37.49 $60.26 61% KXS-T KINAXIS INC 10 0 0 $137.26 $217.50 58% SHOP-T SHOPIFY INC 19 22 3 $41.35 $63.72 54% CLS-T CELESTICA INC 3 6 0 $12.26 $16.02 31% ENGH-T ENGHOUSE SYSTEMS LTD 2 2 0 $29.46 $37.38 27% CSU-T CONSTELLATION SOFTWARE INC 5 2 0 $1,933.12 $2,437.14 26% GIB-A-T CGI INC 12 1 1 $103.10 $129.91 26% TIXT-T TELUS INTERNATIONAL CDA INC 11 3 1 $37.93 US$34.18 20% BB-T BLACKBERRY LTD 1 3 3 $7.47 $7.80 4% DSG-T DESCARTES SYSTEMS GROUP INC 7 5 0 $88.47 $91.00 3% MATERIALS SEA-T SEABRIDGE GOLD INC 4 0 0 $16.58 $47.25 185% TXG-T TOREX GOLD RESOURCES INC 6 3 0 $9.28 $20.89 125% OSK-T OSISKO MINING INC 10 0 0 $2.76 $5.78 109% SIL-T SILVERCREST METALS INC 8 0 0 $7.22 $14.63 103% DPM-T DUNDEE PRECIOUS METALS INC 9 0 0 $5.83 $11.64 100% CS-T CAPSTONE COPPER CORP 10 1 0 $3.24 $6.07 87% ELD-T ELDORADO GOLD CORP 7 3 1 $7.79 $14.42 85% EQX-T EQUINOX GOLD CORP 5 6 0 $4.45 $8.20 84% K-T KINROSS GOLD CORP 11 4 0 $4.68 $8.51 82% CFP-T CANFOR CORP 7 0 0 $21.99 $39.43 79% OGC-T OCEANAGOLD CORP 8 2 0 $1.99 $3.48 75% BTO-T B2GOLD CORP 14 1 0 $4.30 $7.39 72% FIL-T FILO MINING CORP 12 0 0 $15.76 $26.20 66% OR-T OSISKO GOLD ROYALTIES LTD 11 1 0 $13.16 $21.75 65% HBM-T HUDBAY MINERALS INC 15 2 0 $5.56 $9.02 62% ASTL-T ALGOMA STEEL GROUP INC 4 1 0 $10.70 $17.30 62% FVI-T FORTUNA SILVER MINES INC 4 3 0 $3.09 $4.97 61% WDO-T WESDOME GOLD MINES LTD 7 4 0 $8.39 $13.48 61% IFP-T INTERFOR CORP 6 0 0 $28.03 $44.83 60% STLC-T STELCO HOLDINGS INC 6 4 0 $32.97 $51.62 57% SSRM-T SSR MINING INC 10 1 0 $18.78 $29.32 56% YRI-T YAMANA GOLD INC 9 3 0 $5.63 $8.78 56% CG-T CENTERRA GOLD INC 3 6 1 $5.71 $8.84 55% IVN-T IVANHOE MINES LTD-CL A 10 0 0 $8.84 $13.69 55% AEM-T AGNICO EAGLE MINES LTD 17 2 0 $54.97 $84.68 54% WFG-T WEST FRASER TIMBER CO LTD 6 0 0 $103.21 $158.76 54% KNT-T K92 MINING INC 13 0 0 $7.37 $11.27 53% WPM-T WHEATON PRECIOUS METALS CORP 15 2 0 $42.43 $64.69 52% NG-T NOVAGOLD RESOURCES INC 2 2 0 $5.91 $9.00 52% IMG-T IAMGOLD CORP 2 4 7 $1.51 $2.29 52% SSL-T SANDSTORM GOLD LTD 10 2 0 $8.22 $12.33 50% MAG-T MAG SILVER CORP 9 3 0 $16.36 $24.32 49% EDR-T ENDEAVOUR SILVER CORP 4 6 0 $3.94 $5.75 46% ABX-T BARRICK GOLD CORP 18 7 0 $20.08 $28.72 43% PAAS-T PAN AMERICAN SILVER CORP 7 2 0 $21.34 $30.50 43% MX-T METHANEX CORP 6 5 2 $43.13 $61.08 42% AGI-T ALAMOS GOLD INC 9 4 0 $9.56 $13.44 41% LUN-T LUNDIN MINING CORP 8 13 1 $7.11 $9.84 38% ERO-T ERO COPPER CORP 10 1 0 $14.22 $19.55 37% FM-T FIRST QUANTUM MINERALS LTD 14 6 2 $24.00 $32.28 35% TCL-A-T TRANSCONTINENTAL INC 3 3 0 $16.79 $21.83 30% FNV-T FRANCO-NEVADA CORP 11 7 1 $158.77 $204.61 29% NTR-T NUTRIEN LTD 19 4 1 $120.13 $149.91 25% TECK-B-T TECK RESOURCES LTD 21 3 0 $43.20 $52.24 21% SJ-T STELLA-JONES INC 7 1 0 $41.00 $49.14 20% LAC-T LITHIUM AMERICAS CORP 13 2 0 $38.72 $45.58 18% WPK-T WINPAK LTD 2 2 0 $53.50 18% FR-T FIRST MAJESTIC SILVER CORP 2 4 0 $10.09 $11.81 17% CCL-B-T CCL INDUSTRIES INC 10 1 0 $67.83 $78.50 16% TRQ-T TURQUOISE HILL RESOURCES LTD 3 2 0 $41.21 $43.75 6% LIF-T LABRADOR IRON ORE ROYALTY CORP 1 6 0 $31.19 $32.50 4% REAL ESTATE TCN-T TRICON RESIDENTIAL INC 12 1 0 $13.08 $18.85 44% AP-UN-T ALLIED PROPERTIES REIT 11 0 0 $29.37 $42.30 44% DIR-UN-T DREAM INDUSTRIAL REIT 10 0 0 $11.36 $15.98 41% HR-UN-T H&R REIT 5 2 0 $11.86 $16.39 38% CAR-UN-T CAN APARTMENT PROPERTIES REIT 13 1 0 $42.00 $57.87 38% IIP-UN-T INTERRENT REIT 10 1 1 $11.72 $16.11 37% KMP-UN-T KILLAM APARTMENT REIT 12 2 0 $16.01 $21.61 35% GRT-UN-T GRANITE REIT 11 0 0 $72.54 $97.00 34% AIF-T ALTUS GROUP LTD 7 1 0 $47.92 $64.00 34% CIGI-T COLLIERS INTERNATIONAL GROUP 7 2 0 $145.80 $189.47 30% BEI-UN-T BOARDWALK REIT 8 2 1 $46.48 $59.40 28% FCR-UN-T FIRST CAPITAL REIT 6 2 0 $14.99 $19.00 27% REI-UN-T RIOCAN REIT 9 0 0 $19.57 $24.72 26% SMU-UN-T SUMMIT INDUSTRIAL INCOME REIT 6 3 0 $17.67 $22.06 25% NWH-UN-T NORTHWEST HEALTHCARE PROPERTIES REIT 5 2 0 $11.72 $14.50 24% AX-UN-T ARTIS REIT 1 6 0 $10.36 $12.71 23% PMZ-UN-T PRIMARIS REIT 3 0 0 $13.37 $16.33 22% FSV-T FIRSTSERVICE CORP 2 3 0 $156.24 $187.10 20% CRR-UN-T CROMBIE REIT 6 3 0 $15.49 $18.06 17% SRU-UN-T SMARTCENTRES REIT 2 6 0 $27.15 $31.03 14% CHP-UN-T CHOICE PROPERTIES REIT 3 6 0 $13.53 $15.11 12% CRT-UN-T CT REIT 3 4 0 $15.99 $17.79 11% UTILITIES TA-T TRANSALTA CORP 9 3 0 $12.53 $16.73 33% SPB-T SUPERIOR PLUS CORP 7 5 0 $10.59 $13.54 28% ALA-T ALTAGAS LTD 14 1 0 $28.73 $34.29 19% RNW-T TRANSALTA RENEWABLES INC 0 12 0 $16.24 $18.82 16% INE-T INNERGEX RENEWABLE ENERGY INC 7 4 1 $19.32 $22.29 15% BIP-UN-T BROOKFIELD INFRASTRUCTURE PARTNERS LP 11 1 1 $54.85 US$47.00 15% AQN-T ALGONQUIN POWER & UTILITIES CORP 6 6 2 $17.12 $19.53 14% NPI-T NORTHLAND POWER INC 13 1 1 $44.86 $50.33 12% BEP-UN-T BROOKFIELD RENEWABLE PARTNERS LP 12 5 1 $50.25 US$41.88 11% ACO-X-T ATCO LTD 4 3 0 $46.26 $51.50 11% FTS-T FORTIS INC 2 11 5 $56.02 $61.28 9% BLX-T BORALEX INC 10 5 0 $46.30 $50.64 9% EMA-T EMERA INC 7 9 1 $60.57 $65.27 8% H-T HYDRO ONE LTD 5 9 1 $34.94 $36.63 5% CPX-T CAPITAL POWER CORP 5 8 0 $51.13 $52.19 2% CU-T CANADIAN UTILITIES LTD 0 6 2 $40.23 $39.56 -2%
Source: Bloomberg and Refinitiv
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Jennifer Dowty