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Risk appetite has returned to the stock market after a rather volatile and negative September.

Last month, the S&P/TSX Composite Index declined 2.5 per cent. However, these losses have now been recovered. On Wednesday, the S&P/TSX Composite Index closed at a record high.

The fourth quarter is off to a strong start for stocks. Month-to-date, the S&P/TSX Composite Index has rallied 5.6 per cent and it’s been a relatively broad-based rally – it’s not just energy stocks that are charging higher.

In fact, 10 of the 11 sectors are in the green, the only outlier being the Consumer Staples sector, which is relatively unchanged, down just 0.1 per cent.

There are six sectors in the S&P/TSX Composite Index that have delivered gains of more than 5 per cent: Energy, Materials, Information Technology, Industrials, Real Estate, and Financials. On an individual stock basis, 20 per cent of stocks have realized double-digit gains so far this month.

Stocks are rallying into the current earnings season. By the end of the month, almost 20 per cent of companies in the S&P/TSX Composite Index will have reported their quarterly earnings results.

However, while the S&P/TSX Composite Index is rising to an all-time high, earnings expectations for 2022 are also climbing. As a result, the valuation of the S&P/TSX Composite Index is holding steady.

Over the past month, 2022 earnings expectations for the S&P/TSX Composite Index have increased 4 per cent. According to Bloomberg, the S&P/TSX Composite Index is currently trading at a price-to-earnings multiple of 15.6 times the 2022 consensus estimate, which is just above its 10-year historical average P/E multiple of 14.3 times.

In order to keep the positive price momentum going for stocks, investors will be looking for strong earnings results and positive guidance from management when companies release their quarterly earnings results in the weeks ahead.

To see what analysts are forecasting ahead of the earnings results, this report includes a list of analysts’ target prices, recommendations, forecast returns, and dividend yields 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 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. All data is as of Oct. 20.

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.

Click here to download an Excel version of the guide.

Oct. 20 priceBuysHoldsSellsAvg. Target PriceForecast Price ReturnDividend Yield (%)
Communication Services
CJR-B-TCORUS ENTERTAINMENT INC $5.89 7108.2941%4.1
QBR-B-TQUEBECOR INC $31.25 102038.5023%3.5
CCA-TCOGECO COMMUNICATIONS INC $108.40 641131.4321%2.4
RCI-B-TROGERS COMMUNICATIONS INC $61.26 132071.7917%3.3
SJR-B-TSHAW COMMUNICATIONS INC $35.89 57040.5013%3.3
T-TTELUS CORP $27.80 125030.128%4.5
BCE-TBCE INC $63.18 79164.552%5.5
Consumer Discretionary
MRE-TMARTINREA INTERNATIONAL INC $11.59 72017.7853%1.7
LNR-TLINAMAR CORP $69.03 50096.0039%0.9
QSR-TRESTAURANT BRANDS INTERNATIONAL INC $75.15 209194.3326%3.6
TOY-TSPIN MASTER CORP $41.91 74152.1224%n.a.
MG-TMAGNA INTERNATIONAL INC $104.19 1440128.0923%2.1
DOO-TBRP INC $114.94 1510141.0523%0.5
CTC-A-TCANADIAN TIRE CORP $184.90 741223.8321%2.5
MTY-TMTY FOOD GROUP INC $62.99 34172.6915%1.2
GOOS-TCANADA GOOSE HOLDINGS INC $49.00 94356.1415%n.a.
GIL-TGILDAN ACTIVEWEAR INC $45.27 120251.3413%1.7
DOL-TDOLLARAMA INC $56.84 95062.4310%0.4
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC $36.49 52040.0010%2.1
ATZ-TARITZIA INC $49.50 81049.00-1%n.a.
Consumer Staples
SOY-TSUNOPTA INC $9.87 60023.74140%n.a.
VFF-TVILLAGE FARMS INTERNATIONAL INC $9.79 71022.84133%n.a.
MFI-TMAPLE LEAF FOODS INC $27.67 61036.0030%2.6
PRMW-TPRIMO WATER CORP $19.78 102025.2428%1.5
SAP-TSAPUTO INC $31.40 61238.6723%2.3
EMP-A-TEMPIRE CO LTD $37.05 82045.4023%1.6
ATD-B-TALIMENTATION COUCHE-TARD $47.70 133056.9419%0.7
NWC-TNORTH WEST CO INC $33.61 14038.8015%4.4
JWEL-TJAMIESON WELLNESS INC $38.69 73042.089%1.6
PBH-TPREMIUM BRANDS HOLDINGS CORP $134.20 821141.185%1.9
MRU-TMETRO INC $61.80 38164.835%1.6
WN-TWESTON (GEORGE) LTD $136.48 620141.884%1.8
L-TLOBLAW COMPANIES LTD $91.59 74190.67-1%1.6
Energy
ARX-TARC RESOURCES LTD $11.64 180017.1347%2.3
CPG-TCRESCENT POINT ENERGY CORP $6.27 11318.8241%1.9
BIR-TBIRCHCLIFF ENERGY LTD $6.59 15109.0437%0.3
TOU-TTOURMALINE OIL CORP $44.05 150060.2837%1.5
WCP-TWHITECAP RESOURCES INC $7.66 151010.3635%3.5
PKI-TPARKLAND CORP $37.39 150050.0034%3.3
PXT-TPAREX RESOURCES INC $25.39 110033.6633%2.0
SU-TSUNCOR ENERGY INC $28.53 166037.0830%2.9
CVE-TCENOVUS ENERGY INC $14.36 201018.0025%0.5
ERF-TENERPLUS CORP $11.63 131014.4524%1.3
MEG-TMEG ENERGY CORP $11.38 86013.5019%n.a.
DML-TDENISON MINES CORP $2.41 6202.7916%n.a.
PSK-TPRAIRIESKY ROYALTY LTD $15.71 87017.8714%2.3
CNQ-TCANADIAN NATURAL RESOURCES LTD $52.77 184059.6013%3.6
NXE-TNEXGEN ENERGY LTD $7.80 10108.519%n.a.
VET-TVERMILION ENERGY INC $13.55 59214.698%n.a.
KEY-TKEYERA CORP $32.45 115034.887%5.9
IMO-TIMPERIAL OIL LTD $42.97 215145.726%2.5
ENB-TENBRIDGE INC $53.26 195055.324%6.3
GEI-TGIBSON ENERGY INC $24.38 86225.193%5.7
PPL-TPEMBINA PIPELINE CORP $42.33 107142.921%6.0
TRP-TTC ENERGY CORP $67.97 1310068.591%5.1
CCO-TCAMECO CORP $33.10 76032.38-2%0.2
Financials
FFH-TFAIRFAX FINANCIAL HLDGS LTD $510.04 420710.1639%2.5
CF-TCANACCORD GENUITY GROUP INC $14.14 30019.1736%2.1
EFN-TELEMENT FLEET MANAGEMENT CORP $13.81 81017.2825%1.9
TSU-TTRISURA GROUP LTD $43.40 80053.1322%n.a.
HCG-THOME CAPITAL GROUP INC $39.77 53047.6320%n.a.
MFC-TMANULIFE FINANCIAL CORP $25.05 98029.7819%4.5
IFC-TINTACT FINANCIAL CORP $167.87 1300197.3118%2.0
X-TTMX GROUP LTD $133.03 340154.2916%2.3
LB-TLAURENTIAN BANK OF CANADA $40.59 17346.3614%3.9
SII-TSPROTT INC $48.36 12055.1014%2.6
IAG-TIA FINANCIAL CORP INC $73.74 90083.1713%2.6
ONEX-TONEX CORPORATION $97.58 500109.2012%0.4
EQB-TEQUITABLE GROUP INC $153.26 620171.2512%1.0
GSY-TGOEASY LTD $192.00 600214.5012%1.4
CM-TCAN IMPERIAL BK OF COMMERCE $148.68 1140161.178%3.9
RY-TROYAL BANK OF CANADA $132.14 1141143.228%3.3
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC $73.58 103079.448%0.9
IGM-TIGM FINANCIAL INC $47.89 45151.508%4.7
CWB-TCANADIAN WESTERN BANK $39.28 104042.187%3.0
POW-TPOWER CORP OF CANADA $42.27 36045.227%4.2
GWO-TGREAT-WEST LIFECO INC $37.39 19140.007%4.7
BMO-TBANK OF MONTREAL $134.71 851143.246%3.1
BNS-TBANK OF NOVA SCOTIA $81.85 85186.676%4.4
SLF-TSUN LIFE FINANCIAL INC $69.75 114073.575%3.2
TD-TTORONTO-DOMINION BANK $89.10 85293.145%3.5
CIX-TCI FINANCIAL CORP $27.90 82029.004%2.6
ECN-TECN CAPITAL CORP $10.91 100011.172%1.1
NA-TNATIONAL BANK OF CANADA $102.23 561103.541%2.8
Health Care
WELL-TWELL HEALTH TECHNOLOGIES CORP $6.92 121011.9272%n.a.
WEED-TCANOPY GROWTH CORP $17.42 312325.6647%n.a.
OGI-TORGANIGRAM HOLDINGS INC $2.94 31103.9233%n.a.
CRON-TCRONOS GROUP INC $7.17 3739.0126%n.a.
BHC-TBAUSCH HEALTH COS INC $35.40 85142.8821%n.a.
TLRY-TTILRAY INC $14.29 5142U.S. $14.0621%n.a.
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES $12.29 51014.2116%5.0
SIA-TSIENNA SENIOR LIVING INC $14.39 27016.4714%6.5
ACB-TAURORA CANNABIS INC $9.44 01077.78-18%n.a.
Industrials
WPRT-TWESTPORT FUEL SYSTEMS INC $4.15 52014.15241%n.a.
BLDP-TBALLARD POWER SYSTEMS INC $20.46 119226.5830%n.a.
AC-TAIR CANADA $22.97 117029.5629%n.a.
CJT-TCARGOJET INC $196.71 1210249.7527%0.5
NFI-TNFI GROUP INC $23.95 34130.2526%3.5
LWRK-TLIFEWORKS INC $32.16 50040.0024%2.4
SNC-TSNC-LAVALIN GROUP INC $34.47 122042.2923%0.2
ATA-TATS AUTOMATION TOOLING SYSTEMS INC $43.36 60052.6421%n.a.
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP $59.20 80071.0420%0.5
MTL-TMULLEN GROUP LTD $13.99 82016.7520%3.4
ARE-TAECON GROUP INC $20.37 112023.8117%3.4
CAE-TCAE INC $37.46 53142.6714%n.a.
FTT-TFINNING INTERNATIONAL INC $36.65 81041.6714%2.5
RCH-TRICHELIEU HARDWARE LTD $43.53 13048.6712%0.6
EIF-TEXCHANGE INCOME CORP $44.11 92049.2712%5.2
RUS-TRUSSEL METALS INC $33.68 43037.4311%4.5
CP-TCANADIAN PACIFIC RAILWAY LTD $92.05 1691100.529%0.8
STN-TSTANTEC INC $61.95 93067.218%1.1
TIH-TTOROMONT INDUSTRIES LTD $109.46 720117.677%1.3
WCN-TWASTE CONNECTIONS INC $161.41 1611172.077%0.6
TFII-TTFI INTERNATIONAL INC $139.84 1630148.416%0.8
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD $36.62 24137.964%1.7
GFL-TGFL ENVIRONMENTAL INC $49.82 102150.992%0.1
WSP-TWSP GLOBAL INC $169.09 1040169.920%0.9
BYD-TBOYD GROUP SERVICES INC $260.24 940260.690%0.2
WTE-TWESTSHORE TERMINALS INVESTMENT CORP $26.77 14026.700%3.7
BBD-B-TBOMBARDIER INC $2.05 8632.060%n.a.
TRI-TTHOMSON REUTERS CORP $145.48 593143.34-1%1.4
CNR-TCANADIAN NATL RAILWAY CO $161.53 11171156.74-3%1.5
RBA-TRITCHIE BROS AUCTIONEERS INC $82.97 18177.80-6%1.5
Information Technology
DND-TDYE & DURHAM LTD $37.89 41053.0040%0.2
LSPD-TLIGHTSPEED COMMERCE INC $118.47 1412152.2328%n.a.
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP $11.03 90013.8125%n.a.
ENGH-TENGHOUSE SYSTEMS LTD $55.57 31068.5023%1.2
OTEX-TOPEN TEXT CORP $62.10 81075.0721%1.8
CLS-TCELESTICA INC $11.37 17113.3517%n.a.
DCBO-TDOCEBO INC $98.54 910113.4415%n.a.
SHOP-TSHOPIFY INC $1,834.05 281522095.5114%n.a.
GIB-A-TCGI INC $114.50 1221125.169%n.a.
DSG-TDESCARTES SYSTEMS GROUP INC $101.84 851110.529%n.a.
KXS-TKINAXIS INC $191.54 1000201.505%n.a.
NVEI-TNUVEI CORP $155.80 1110163.555%n.a.
CSU-TCONSTELLATION SOFTWARE INC $2,212.62 7202266.112%0.2
TIXT-TTELUS INTERNATIONAL CDA INC $46.86 113047.121%n.a.
BB-TBLACKBERRY LTD $14.04 02610.84-23%n.a.
Materials
NG-TNOVAGOLD RESOURCES INC $9.43 11024.24157%n.a.
OSK-TOSISKO MINING INC $2.58 11005.91129%n.a.
TXG-TTOREX GOLD RESOURCES INC $14.46 64025.4676%n.a.
SVM-TSILVERCORP METALS INC $5.17 4208.8772%0.6
BTO-TB2GOLD CORP $5.23 14208.5363%3.9
K-TKINROSS GOLD CORP $7.74 142012.5262%2.0
YRI-TYAMANA GOLD INC $5.33 13508.5661%2.9
KNT-TK92 MINING $7.11 110011.4060%n.a.
SSRM-TSSR MINING INC $19.82 110031.7360%1.3
SIL-TSILVERCREST METALS INC $9.72 90015.4459%n.a.
SSL-TSANDSTORM GOLD LTD $8.09 64112.5555%n.a.
DPM-TDUNDEE PRECIOUS METALS INC $8.29 90012.5652%1.8
OR-TOSISKO GOLD ROYALTIES LTD $15.18 141022.9151%1.4
ELD-TELDORADO GOLD CORP $11.75 65117.4348%n.a.
EQX-TEQUINOX GOLD CORP $9.65 92014.2348%n.a.
OGC-TOCEANAGOLD CORP $2.29 7213.3647%n.a.
PAAS-TPAN AMERICAN SILVER CORP $31.91 82046.4546%1.6
ITP-TINTERTAPE POLYMER GROUP INC $28.17 90040.3343%3.1
WPM-TWHEATON PRECIOUS METALS CORP $50.73 162071.7942%1.5
ABX-TBARRICK GOLD CORP $23.92 187033.7941%1.9
HBM-THUDBAY MINERALS INC $9.16 171012.8740%0.2
CFP-TCANFOR CORP $28.39 60039.8340%n.a.
AEM-TAGNICO EAGLE MINES LTD $70.62 136098.4939%2.5
STLC-TSTELCO HOLDINGS INC $42.95 81058.8937%1.9
AGI-TALAMOS GOLD INC $9.94 94113.6137%1.3
IFP-TINTERFOR CORP $31.87 60043.3336%n.a.
TCL-A-TTRANSCONTINENTAL INC $19.72 52026.1733%4.6
WDO-TWESDOME GOLD MINES LTD $11.04 82014.5932%n.a.
WFG-TWEST FRASER TIMBER CO LTD $108.90 600140.3029%0.9
FR-TFIRST MAJESTIC SILVER CORP $15.81 34020.3429%0.2
NGD-TNEW GOLD INC $1.71 3912.2029%n.a.
MAG-TMAG SILVER CORP $23.14 84029.4227%n.a.
CAS-TCASCADES INC $15.45 70019.6127%3.1
SJ-TSTELLA-JONES INC $42.65 62053.6926%1.7
CCL-B-TCCL INDUSTRIES INC $66.50 91081.3822%1.3
LUN-TLUNDIN MINING CORP $10.60 914112.9622%3.4
PVG-TPRETIUM RESOURCES INC $13.61 55016.3020%n.a.
ERO-TERO COPPER CORP $25.30 65030.1419%n.a.
CS-TCAPSTONE MINING CORP $5.90 10007.0319%n.a.
EDR-TENDEAVOUR SILVER CORP $6.05 4607.1819%n.a.
LIF-TLABRADOR IRON ORE ROYALTY CORP $36.80 25043.5718%22.8
WPK-TWINPAK LTD $39.87 23047.0018%0.3
FVI-TFORTUNA SILVER MINES INC $5.93 2506.9718%n.a.
IVN-TIVANHOE MINES LTD $9.92 82011.5616%n.a.
FNV-TFRANCO-NEVADA CORP $173.19 972199.2515%0.9
TRQ-TTURQUOISE HILL RESOURCES LTD $16.78 13319.2115%n.a.
KL-TKIRKLAND LAKE GOLD LTD $56.15 71163.1312%1.7
MX-TMETHANEX CORP $58.81 84265.9412%1.1
IMG-TIAMGOLD CORP $3.56 3913.9611%n.a.
CG-TCENTERRA GOLD INC $9.72 37010.7511%2.9
NTR-TNUTRIEN LTD $88.48 193197.0910%2.6
TECK-B-TTECK RESOURCES LTD $35.25 165138.539%0.6
FM-TFIRST QUANTUM MINERALS LTD $30.71 176033.168%0.0
LAC-TLITHIUM AMERICAS CORP $32.22 93030.90-4%n.a.
SEA-TSEABRIDGE GOLD INC $22.17 400-100%n.a.
Real Estate
REAL-TREAL MATTERS INC $9.55 44017.6985%n.a.
AP-UN-TALLIED PROPERTIES REIT $42.51 102050.2518%4.0
FCR-UN-TFIRST CAPITAL REIT $18.26 51021.1716%2.4
HR-UN-TH&R REIT $16.71 52018.8913%4.1
CAR-UN-TCAN APARTMENT PROPERTIES REIT $61.95 112067.429%2.3
CUF-UN-TCOMINAR REIT $10.52 06011.429%3.4
DIR-UN-TDREAM INDUSTRIAL REIT $16.73 70018.008%4.2
CIGI-TCOLLIERS INTERNATIONAL GROUP $176.10 610189.167%0.1
TCN-TTRICON RESIDENTIAL INC $17.26 90018.507%1.6
REI-UN-TRIOCAN REIT $22.75 53024.387%4.2
IIP-UN-TINTERRENT REIT $17.98 83119.227%1.8
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT $13.45 23014.357%5.9
D-UN-TDREAM OFFICE REIT $23.90 63025.115%4.2
AX-UN-TARTIS REIT $11.93 26012.535%5.0
AIF-TALTUS GROUP LTD $65.45 62068.384%0.9
BEI-UN-TBOARDWALK REIT $51.83 73154.024%1.9
CRT-UN-TCT REIT $17.65 34018.183%4.8
CRR-UN-TCROMBIE REIT $18.53 45019.083%4.8
CHP-UN-TCHOICE PROPERTIES REIT $15.04 17015.443%4.9
GRT-UN-TGRANITE REIT $97.33 110099.823%3.1
SRU-UN-TSMARTCENTRES REIT $31.44 35031.861%5.9
KMP-UN-TKILLAM APARTMENT REIT $23.00 103023.291%3.0
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT $23.30 64023.230%2.4
FSV-TFIRSTSERVICE CORP $246.15 150241.04-2%0.4
Utilities
BLX-TBORALEX INC $38.28 84047.9425%1.7
NPI-TNORTHLAND POWER INC $40.41 113049.1622%3.0
ACO/X-TATCO LTD $40.67 34147.8618%4.4
SPB-TSUPERIOR PLUS CORP $13.94 48016.3517%5.2
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP $47.03 612155.1117%3.3
INE-TINNERGEX RENEWABLE ENERGY $21.31 64124.7516%3.4
AQN-TALGONQUIN POWER & UTILITIES $18.69 69121.5215%4.6
ALA-TALTAGAS LTD $26.17 141029.6013%3.8
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP $71.75 101178.9110%3.6
H-THYDRO ONE LTD $30.08 610032.709%3.5
CU-TCANADIAN UTILITIES LTD $34.85 36037.257%5.0
RNW-TTRANSALTA RENEWABLES INC $19.22 012120.356%4.9
FTS-TFORTIS INC $55.45 411258.646%3.9
EMA-TEMERA INC $58.44 79161.756%4.5
TA-TTRANSALTA CORP $14.20 111114.925%1.4
CPX-TCAPITAL POWER CORP $43.54 67045.003%5.0

Source: Bloomberg

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