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Stocks continue to grind higher, climbing the “wall of worry.”

Year-to-date, the S&P/TSX Composite Index has rallied a respectable 15 per cent with 10 of the 11 sectors reporting gains. The lone exception being the materials sector with precious metals stocks under pressure.

Also impressive is the breadth with 59 per cent of stocks delivering year-to-date price gainsof 10 per cent or higher (not including yields). Even more impressive is that 37 per cent of stocks in the Index have reported year-to-date price returns exceeding 20 per cent.

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The S&P/TSX Composite Index is only 1 per cent away from its record closing high of 20,300 reached on July 6.

Despite the strong rally in the stock market, the TSX is only trading at a slight premium to its historical average. According to Bloomberg, the index is currently trading at a price-to-earnings (P/E) multiple of 15.3 times the 2022 consensus estimate, which is slightly above its 10-year historical average multiple of 14.2 times.

In order to keep the positive price momentum going for stocks, investors will be looking for strong earnings results and guidance when companies report their quarterly results. The earnings season kicks off in earnest next week with 20 per cent of the stocks in the S&P/TSX Composite Index releasing their financial results.

To see what analysts are forecasting ahead of the reported quarterly earnings results, listed below are analysts’ target prices, recommendations, and forecast returns for all 231 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 reflect an expected share or unit price 12 months from now based on an analyst’s financial modelling such as a discounted cash flow model or sum-of-the-parts model.

Once companies report their financial results in the weeks ahead, earnings expectations, multiples, and target prices could be adjusted meaningfully depending on the reported earnings and management’s outlook (if provided).

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.

CompanyJuly 22 priceBuysHoldsSellsConsensus target Forecast Return
Communication Services
CJR-B-TCORUS ENTERTAINMENT INC $5.76 710 $8.08 40%
QBR-B-TQUEBECOR INC $33.21 1020 $39.17 18%
RCI-B-TROGERS COMMUNICATIONS INC $64.55 1230 $71.66 11%
CCA-TCOGECO COMMUNICATIONS INC $119.95 631 $131.20 9%
SJR-B-TSHAW COMMUNICATIONS INC $36.41 760 $39.05 7%
T-TTELUS CORP $27.59 1340 $29.33 6%
BCE-TBCE INC $61.65 6101 $61.21 -1%
Consumer Discretionary
MRE-TMARTINREA INTERNATIONAL INC $12.45 530 $18.79 51%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC $28.34 520 $38.43 36%
LNR-TLINAMAR CORP $73.33 500 $99.00 35%
MG-TMAGNA INTERNATIONAL INC $107.01 1550 $134.71 26%
DOO-TBRP INC $101.25 1240 $120.64 19%
ATZ-TARITZIA INC $35.85 900 $42.13 18%
CTC-A-TCANADIAN TIRE CORP $192.40 741 $219.75 14%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC $81.60 1991 $91.64 12%
GIL-TGILDAN ACTIVEWEAR INC $42.69 1022 $47.09 10%
GOOS-TCANADA GOOSE HOLDINGS INC $51.64 1233 $56.39 9%
DOL-TDOLLARAMA INC $57.73 950 $61.50 7%
TOY-TSPIN MASTER CORP $49.20 741 $49.10 0%
GC-TGREAT CANADIAN GAMING CORP $44.33 110 N.A. N.A.
Consumer Staples
VFF-TVILLAGE FARMS INTERNATIONAL INC $11.96 610 $23.05 93%
SOY-TSUNOPTA INC $13.18 500 $23.77 80%
MFI-TMAPLE LEAF FOODS INC $24.76 610 $35.64 44%
JWEL-TJAMIESON WELLNESS INC $34.77 720 $43.31 25%
SAP-TSAPUTO INC $35.87 612 $40.89 14%
EMP-A-TEMPIRE CO LTD $39.89 820 $45.20 13%
PRMW-TPRIMO WATER CORP $21.10 1120 $23.86 13%
ATD-B-TALIMENTATION COUCHE-TARD $48.58 1330 $53.56 10%
NWC-TNORTH WEST CO INC $35.64 140 $38.40 8%
PBH-TPREMIUM BRANDS HOLDINGS CORP $127.29 821 $133.20 5%
WN-TWESTON (GEORGE) LTD $122.91 520 $128.00 4%
MRU-TMETRO INC $61.55 381 $62.75 2%
L-TLOBLAW COMPANIES LTD $79.29 750 $80.00 1%
Energy
CPG-TCRESCENT POINT ENERGY CORP $4.26 1131 $7.68 80%
PXT-TPAREX RESOURCES INC $19.68 1010 $33.21 69%
DML-TDENISON MINES CORP $1.30 430 $2.16 66%
WCP-TWHITECAP RESOURCES INC $5.58 1510 $8.81 58%
CVE-TCENOVUS ENERGY INC $10.13 1721 $15.54 53%
ERF-TENERPLUS CORP $7.70 1130 $11.63 51%
MEG-TMEG ENERGY CORP $8.09 780 $12.03 49%
ARX-TARC RESOURCES LTD $9.68 1800 $14.32 48%
SU-TSUNCOR ENERGY INC $26.28 1760 $37.97 44%
VET-TVERMILION ENERGY INC $8.93 492 $12.30 38%
NXE-TNEXGEN ENERGY LTD $4.89 910 $6.66 36%
TOU-TTOURMALINE OIL CORP $34.11 1500 $46.28 36%
CNQ-TCANADIAN NATURAL RESOURCES LTD $41.10 2030 $54.41 32%
PKI-TPARKLAND CORP $38.84 1500 $49.64 28%
IMO-TIMPERIAL OIL LTD $34.13 3151 $42.72 25%
PSK-TPRAIRIESKY ROYALTY LTD $13.97 870 $16.93 21%
TRP-TTC ENERGY CORP $61.03 1670 $69.39 14%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP $58.79 800 $70.00 19%
ENB-TENBRIDGE INC $48.61 1950 $54.05 11%
GEI-TGIBSON ENERGY INC $22.76 772 $25.16 11%
CCO-TCAMECO CORP $21.70 571 $23.42 8%
KEY-TKEYERA CORP $32.09 1150 $34.06 6%
PPL-TPEMBINA PIPELINE CORP $39.46 940 $41.77 6%
IPL-TINTER PIPELINE LTD $20.16 0120 $19.61 -3%
Financials
CF-TCANACCORD GENUITY GROUP INC $13.25 300 $18.83 42%
FFH-TFAIRFAX FINANCIAL HLDGS LTD $527.44 420 $679.13 29%
EFN-TELEMENT FLEET MANAGEMENT CORP $14.03 810 $17.33 24%
IAG-TIA FINANCIAL CORP INC $65.91 800 $80.88 23%
MFC-TMANULIFE FINANCIAL CORP $24.02 970 $29.20 22%
SII-TSPROTT INC $46.01 030 $55.16 20%
EQB-TEQUITABLE GROUP INC $138.17 710 $165.25 20%
CWB-TCANADIAN WESTERN BANK $33.66 841 $40.12 19%
HCG-THOME CAPITAL GROUP INC $37.02 530 $43.00 16%
CIX-TCI FINANCIAL CORP $22.68 730 $25.55 13%
TD-TTORONTO-DOMINION BANK $82.41 672 $92.68 12%
X-TTMX GROUP LTD $134.36 340 $150.86 12%
BNS-TBANK OF NOVA SCOTIA $77.38 851 $86.38 12%
ONEX-TONEX CORPORATION $94.00 500 $104.52 11%
SLF-TSUN LIFE FINANCIAL INC $63.95 1041 $71.11 11%
IFC-TINTACT FINANCIAL CORP $170.00 1100 $188.73 11%
LB-TLAURENTIAN BANK OF CANADA $42.00 172 $46.50 11%
IGM-TIGM FINANCIAL INC $44.01 442 $48.40 10%
GSY-TGOEASY LTD $160.97 601 $175.67 9%
BMO-TBANK OF MONTREAL $123.59 842 $133.10 8%
RY-TROYAL BANK OF CANADA $126.11 1240 $135.71 8%
NA-TNATIONAL BANK OF CANADA $93.58 561 $99.75 7%
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC $64.60 930 $68.70 6%
POW-TPOWER CORP OF CANADA $39.15 360 $41.56 6%
ECN-TECN CAPITAL CORP $10.05 1000 $10.65 6%
CM-TCAN IMPERIAL BK OF COMMERCE $142.52 1131 $150.18 5%
TSU-TTRISURA GROUP LTD $45.39 800 $47.50 5%
GWO-TGREAT-WEST LIFECO INC $37.18 190 $38.40 3%
Health Care
TRIL-TTRILLIUM THERAPEUTICS INC $9.27 900 $26.86 190%
AUP-TAURINIA PHARMACEUTICALS INC $14.55 810 $34.77 139%
WEED-TCANOPY GROWTH CORP $24.93 4105 $33.82 36%
BHC-TBAUSCH HEALTH COS INC $35.95 951 $44.62 24%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES $13.18 510 $14.00 6%
CRON-TCRONOS GROUP INC $9.07 283 $9.63 6%
SIA-TSIENNA SENIOR LIVING INC $16.35 360 $16.19 -1%
ACB-TAURORA CANNABIS INC $9.04 089 $8.76 -3%
TLRY-TTILRAY INC $17.43 -100%
OGI-TORGANIGRAM HOLDINGS INC $3.14 3110 $3.93 25%
Industrials
WPRT-TWESTPORT FUEL SYSTEMS INC $5.16 410 $17.79 245%
BLDP-TBALLARD POWER SYSTEMS INC $20.26 1271 $28.07 39%
CJT-TCARGOJET INC $187.83 1200 $257.83 37%
SNC-TSNC-LAVALIN GROUP INC $30.90 1220 $40.21 30%
FTT-TFINNING INTERNATIONAL INC $31.20 810 $40.50 30%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD $34.07 250 $41.50 22%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP $17.08 140 $20.70 21%
ARE-TAECON GROUP INC $18.49 1120 $22.27 20%
NFI-TNFI GROUP INC $28.36 800 $34.00 20%
MTL-TMULLEN GROUP LTD $13.38 820 $15.88 19%
AC-TAIR CANADA $25.06 1250 $29.56 18%
GFL-TGFL ENVIRONMENTAL INC $40.12 941 $46.18 15%
ATA-TATS AUTOMATION TOOLING SYSTEMS INC $36.78 500 $42.10 14%
TCL-A-TTRANSCONTINENTAL INC $23.75 520 $27.00 14%
EIF-TEXCHANGE INCOME CORP $40.49 720 $45.94 13%
LWRK-TLIFEWORKS INC $35.08 500 $39.60 13%
CAE-TCAE INC $38.54 720 $43.13 12%
CNR-TCANADIAN NATL RAILWAY COMPANY $131.77 12131 $146.08 11%
TIH-TTOROMONT INDUSTRIES LTD $103.98 720 $114.56 10%
CP-TCANADIAN PACIFIC RAILWAY LTD $91.47 1791 $100.29 10%
STN-TSTANTEC INC $57.41 930 $61.92 8%
RCH-TRICHELIEU HARDWARE LTD $42.80 030 $45.50 6%
RBA-TRITCHIE BROS AUCTIONEERS INC $76.34 261 $78.88 3%
WCN-TWASTE CONNECTIONS INC $156.03 1611 $161.02 3%
BYD-TBOYD GROUP SERVICES INC $241.76 1120 $248.92 3%
RUS-TRUSSEL METALS INC $34.13 430 $34.75 2%
WSP-TWSP GLOBAL INC $146.76 950 $148.93 1%
TFII-TTFI INTERNATIONAL INC $128.02 1820 $125.47 -2%
TRI-TTHOMSON REUTERS CORP $130.24 782 $122.64 -6%
Information Technology
DND-TDYE & DURHAM LTD $46.36 410 $57.90 25%
CLS-TCELESTICA INC $9.14 171 $11.39 25%
ENGH-TENGHOUSE SYSTEMS LTD $56.19 310 $67.25 20%
KXS-TKINAXIS INC $164.78 1000 $194.50 18%
LSPD-TLIGHTSPEED POS INC $105.23 1320 $117.63 12%
NVEI-TNUVEI CORP $102.10 1220 $112.14 10%
OTEX-TOPEN TEXT CORP $64.05 820 $70.26 10%
CSU-TCONSTELLATION SOFTWARE INC $1,918.09 620 $1,997.50 4%
GIB-A-TCGI INC $114.00 1330 $118.10 4%
SHOP-TSHOPIFY INC $2,003.51 27142 $2,019.07 1%
DSG-TDESCARTES SYSTEMS GROUP INC $89.33 941 $86.99 -3%
BB-TBLACKBERRY LTD $13.05 018 $10.48 -20%
Materials
SEA-TSEABRIDGE GOLD INC $21.84 400 $79.29 263%
NG-TNOVAGOLD RESOURCES INC $9.72 110 $24.31 150%
TXG-TTOREX GOLD RESOURCES INC $13.44 720 $27.08 102%
OSK-TOSISKO MINING INC $3.06 1100 $6.08 99%
EQX-TEQUINOX GOLD CORP $8.07 830 $15.07 87%
IFP-TINTERFOR CORP $25.82 600 $47.08 82%
BTO-TB2GOLD CORP $5.03 1420 $8.88 76%
DPM-TDUNDEE PRECIOUS METALS INC $7.27 900 $12.78 76%
CFP-TCANFOR CORP $24.40 600 $41.83 71%
YRI-TYAMANA GOLD INC $5.13 1260 $8.56 67%
K-TKINROSS GOLD CORP $7.67 1340 $12.67 65%
SSRM-TSSR MINING INC $19.51 1100 $31.78 63%
IMG-TIAMGOLD CORP $3.17 481 $5.13 62%
HBM-THUDBAY MINERALS INC $8.35 1620 $13.44 61%
WFG-TWEST FRASER TIMBER CO LTD $89.73 600 $142.92 59%
SIL-TSILVERCREST METALS INC $9.97 900 $15.87 59%
ELD-TELDORADO GOLD CORP $11.75 651 $18.65 59%
SVM-TSILVERCORP METALS INC $5.99 420 $9.47 58%
PAAS-TPAN AMERICAN SILVER CORP $33.78 820 $52.41 55%
LAC-TLITHIUM AMERICAS CORP $17.16 820 $25.76 50%
FVI-TFORTUNA SILVER MINES INC $5.57 160 $8.27 48%
NGD-TNEW GOLD INC $2.01 472 $2.92 45%
AGI-TALAMOS GOLD INC $9.88 941 $14.33 45%
TRQ-TTURQUOISE HILL RESOURCES LTD $18.19 350 $26.29 45%
FM-TFIRST QUANTUM MINERALS LTD $24.13 1751 $34.60 43%
OGC-TOCEANAGOLD CORP $2.35 631 $3.37 43%
ITP-TINTERTAPE POLYMER GROUP INC $27.07 900 $38.50 42%
SSL-TSANDSTORM GOLD LTD $9.42 741 $13.16 40%
PVG-TPRETIUM RESOURCES INC $11.46 460 $15.94 39%
OR-TOSISKO GOLD ROYALTIES LTD $16.46 1410 $22.86 39%
SJ-TSTELLA-JONES INC $43.04 620 $58.88 37%
ABX-TBARRICK GOLD CORP $26.06 1950 $35.48 36%
LUN-TLUNDIN MINING CORP $11.21 14110 $15.26 36%
STLC-TSTELCO HOLDINGS INC $36.90 1000 $50.00 36%
KL-TKIRKLAND LAKE GOLD LTD $50.10 1021 $67.41 35%
FR-TFIRST MAJESTIC SILVER CORP $16.27 240 $21.84 34%
WPM-TWHEATON PRECIOUS METALS CORP $55.22 1620 $73.55 33%
MX-TMETHANEX CORP $42.01 652 $55.90 33%
AEM-TAGNICO EAGLE MINES LTD $75.88 1451 $100.17 32%
CS-TCAPSTONE MINING CORP $5.19 1000 $6.78 31%
IVN-TIVANHOE MINES LTD $9.07 810 $11.69 29%
TECK-B-TTECK RESOURCES LTD $26.56 1380 $33.80 27%
CAS-TCASCADES INC $15.76 700 $20.00 27%
MAG-TMAG SILVER CORP $23.17 840 $29.26 26%
ERO-TERO COPPER CORP $23.84 650 $29.86 25%
WPK-TWINPAK LTD $38.61 230 $47.75 24%
EDR-TENDEAVOUR SILVER CORP $6.23 450 $7.69 23%
WDO-TWESDOME GOLD MINES LTD $12.23 1010 $14.45 18%
NTR-TNUTRIEN LTD $74.82 2031 $87.36 17%
CCL-B-TCCL INDUSTRIES INC $68.05 910 $79.33 17%
CG-TCENTERRA GOLD INC $9.46 361 $10.82 14%
FNV-TFRANCO-NEVADA CORP $188.04 772 $201.65 7%
LIF-TLABRADOR IRON ORE ROYALTY CORP $47.50 250 $47.43 0%
Real Estate
REAL-TREAL MATTERS INC $15.70 620 $24.75 58%
AIF-TALTUS GROUP LTD $57.67 620 $65.38 13%
D-UN-TDREAM OFFICE REIT $22.28 530 $24.88 12%
FCR-UN-TFIRST CAPITAL REIT $17.84 420 $19.83 11%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT $12.96 230 $14.20 10%
TCN-TTRICON RESIDENTIAL INC $14.78 900 $16.06 9%
CIGI-TCOLLIERS INTERNATIONAL GROUP INC $148.08 510 $159.81 8%
AP-UN-TALLIED PROPERTIES REIT $45.34 1020 $48.65 7%
HR-UN-TH&R REIT $16.57 520 $17.57 6%
KMP-UN-TKILLAM APARTMENT REIT $20.81 1030 $21.98 6%
AX-UN-TARTIS REIT $11.76 260 $12.34 5%
GRT-UN-TGRANITE REIT $86.77 1100 $90.90 5%
CAR-UN-TCANADIAN APARTMENT PROPERTIES REIT $61.18 1021 $64.00 5%
CRT-UN-TCT REIT $16.86 340 $17.46 4%
REI-UN-TRIOCAN REIT $22.23 530 $22.91 3%
BEI-UN-TBOARDWALK REIT $44.15 830 $45.25 2%
DIR-UN-TDREAM INDUSTRIAL REIT $15.97 900 $16.31 2%
SRU-UN-TSMARTCENTRES REIT $30.07 350 $30.63 2%
CHP-UN-TCHOICE PROPERTIES REIT $14.62 170 $14.84 2%
CRR-UN-TCROMBIE REIT $18.14 540 $18.06 0%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT $18.86 640 $18.77 0%
IIP-UN-TINTERRENT REIT $17.76 921 $17.55 -1%
FSV-TFIRSTSERVICE CORP $229.89 150 $225.89 -2%
CUF-UN-TCOMINAR REIT $11.22 060 $10.92 -3%
BPY-UN-TBROOKFIELD PROPERTY PARTNERS LP $23.47 051 $22.51 -4%
WIR-UN-TWPT INDUSTRIAL REIT $23.08 810 $24.03 4%
Utilities
BLX-TBORALEX INC $38.22 840 $48.58 27%
NPI-TNORTHLAND POWER INC $43.49 1220 $49.88 15%
INE-TINNERGEX RENEWABLE ENERGY INC $21.17 551 $24.14 14%
TA-TTRANSALTA CORP $12.52 1020 $13.91 11%
AQN-TALGONQUIN POWER & UTILITIES CORP $19.22 781 $21.32 11%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP $48.23 5131 $53.29 11%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP $68.50 911 $73.28 7%
ACO-X-TATCO LTD $43.65 341 $46.13 6%
ALA-TALTAGAS LTD $26.54 1420 $28.00 6%
EMA-TEMERA INC $57.73 881 $60.72 5%
FTS-TFORTIS INC $55.83 881 $58.46 5%
H-THYDRO ONE LTD $30.30 5101 $31.53 4%
SPB-TSUPERIOR PLUS CORP $15.57 480 $16.19 4%
CPX-TCAPITAL POWER CORP $41.23 760 $42.69 4%
CU-TCANADIAN UTILITIES LTD $34.97 261 $36.19 4%
RNW-TTRANSALTA RENEWABLES INC $21.81 0121 $20.58 -6%

Source: Bloomberg

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