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With the first-quarter earnings season upon us, it’s a good time to review analysts’ expectations for stocks as target prices may materially change after earnings results are announced.

Earnings growth is expected to decelerate but remain positive.

According to report issued by Refinitiv last week, first-quarter earnings for the S&P/TSX composite index are projected to rise 2.3 per cent year-over-year. Sectors with the highest expected earnings growth include healthcare, industrials, energy, and consumer non-cyclicals with double-digit growth anticipated. Lagging sectors include materials, consumer cyclicals, and utilities with double-digit earnings contractions forecast.

Last quarter, earnings grew by 5.9 per cent year-over-year for stocks in the S&P/TSX composite index with strength in the industrials, utilities, energy, and consumer non-cyclicals sectors. Fifty-two per cent of companies reported better-than-expected fourth quarter financial results, 8 per cent reported results in-line with expectations, and 39 per cent of companies reported earnings misses, according Refinitiv.

As we enter this earnings season, the S&P/TSX composite index is on solid footing with a gain of 6.5 per cent in 2023. Ten of the 11 sectors have positive returns. If companies can deliver earnings growth as forecast, earning momentum may fuel further market momentum.

This report includes a link to a list of analysts’ target prices, recommendations, forecast returns, and 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 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. For the yield provided, Bloomberg calculates this figure by annualizing the most recent announced dividend or distribution value.

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 report.

SecurityBuyHoldSellApril 17 priceAvg. targetForecast return Yield (%)
COMMUNICATIONS SERVICES
CCA-TCOGECO COMMUNICATIONS INC362 $64.76 $84.75 31%4.8
RCI-B-TROGERS COMMUNICATIONS INC1241 $65.35 $73.98 13%3.1
T-TTELUS CORP1530 $28.34 $31.62 12%5.0
QBR-B-TQUEBECOR INC 940 $34.14 $37.00 8%3.5
BCE-TBCE INC5140 $64.08 $65.96 3%6.0
CONSUMER DISCRETIONARY
ATZ-TARITZIA INC710 $41.58 $62.00 49%
TOY-TSPIN MASTER CORP820 $34.56 $48.10 39%0.7
DOO-TBRP INC1920 $103.00 $140.42 36%0.7
LNR-TLINAMAR CORP500 $65.35 $86.00 32%1.3
PET-TPET VALU HOLDINGS LTD710 $36.18 $46.14 28%1.1
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC420 $23.46 $29.83 27%3.7
PLC-TPARK LAWN CORP810 $28.03 $34.89 24%1.6
MTY-TMTY FOOD GROUP INC250 $60.08 $71.07 18%1.7
GOOS-TCANADA GOOSE HOLDINGS INC552 $24.78 $29.23 18%
GIL-TGILDAN ACTIVEWEAR INC1030 $42.53 $49.93 17%2.4
MG-TMAGNA INTERNATIONAL INC1082 $72.85 $82.66 13%3.4
CTC-A-TCANADIAN TIRE CORP1011 $181.17 $197.91 9%3.8
DOL-TDOLLARAMA INC950 $83.27 $90.58 9%0.3
QSR-TRESTAURANT BRANDS INTERNATIONAL INC17131 $91.20 $97.14 7%3.3
UNS-TUNI-SELECT INC210 $46.56 $49.00 5%
CONSUMER STAPLES
JWEL-TJAMIESON WELLNESS INC820 $32.18 $43.17 34%2.1
PRMW-TPRIMO WATER CORP730 $20.43 $26.77 31%2.2
MFI-TMAPLE LEAF FOODS INC510 $27.52 $31.67 15%3.1
SAP-TSAPUTO INC631 $35.40 $40.72 15%2.0
EMP-A-TEMPIRE CO LTD 521 $36.33 $40.63 12%1.8
PBH-TPREMIUM BRANDS HOLDINGS CORP720 $101.46 $113.11 11%3.0
L-TLOBLAW COMPANIES LTD641 $124.14 $137.05 10%1.3
WN-TWESTON (GEORGE) LTD440 $178.05 $193.13 8%1.5
ATD-TALIMENTATION COUCHE-TARD INC1530 $66.76 $71.88 8%0.8
MRU-TMETRO INC/CN181 $75.15 $76.44 2%1.6
NWC-TNORTH WEST CO INC040 $39.16 $39.75 2%3.9
ENERGY
PD-TPRECISION DRILLING CORP1120 $67.30 $138.30 106%
DML-TDENISON MINES CORP610 $1.38 $2.80 103%
NXE-TNEXGEN ENERGY LTD1100 $4.90 $9.75 99%
EFR-TENERGY FUELS INC900 $7.06 $13.41 90%
TVE-TTAMARACK VALLEY ENERGY LTD1220 $4.05 $6.66 64%3.7
AAV-TADVANTAGE ENERGY LTD1220 $7.77 $12.44 60%
VET-TVERMILION ENERGY INC860 $18.18 $28.11 55%2.2
PSI-TPASON SYSTEMS INC321 $12.01 $17.83 48%4.0
HWX-THEADWATER EXPLORATION INC810 $6.41 $9.17 43%6.2
TPZ-TTOPAZ ENERGY CORP1500 $19.12 $27.17 42%6.3
BTE-TBAYTEX ENERGY CORP460 $5.36 $7.47 39%
NVA-TNUVISTA ENERGY LTD850 $11.85 $16.23 37%
CCO-TCAMECO CORP1010 $34.85 $47.65 37%
IPCO-TINTERNATIONAL PETROLEUM CORP920 $14.09 $19.26 37%
TOU-TTOURMALINE OIL CORP1400 $61.10 $82.57 35%1.6
ARX-TARC RESOURCES LTD1600 $16.51 $22.28 35%3.6
CPG-TCRESCENT POINT ENERGY CORP1210 $10.36 $13.90 34%3.9
CVE-TCENOVUS ENERGY INC1630 $23.70 $31.78 34%1.8
ERF-TENERPLUS CORP1130 $20.37 $27.30 34%1.5
AOI-TAFRICA OIL CORP510 $2.79 $3.73 34%2.5
BIR-TBIRCHCLIFF ENERGY LTD870 $8.20 $10.93 33%9.8
FRU-TFREEHOLD ROYALTIES LTD1330 $15.27 $20.00 31%7.1
SES-TSECURE ENERGY SERVICES INC830 $6.89 $9.00 31%5.8
WCP-TWHITECAP RESOURCES INC1420 $11.01 $14.25 29%5.3
PEY-TPEYTO EXPLORATION & DEV CORP560 $12.95 $16.48 27%10.2
SDE-TSPARTAN DELTA CORP1210 $14.59 $18.36 26%
PXT-TPAREX RESOURCES INC1110 $27.29 $34.14 25%5.5
PKI-TPARKLAND CORP1410 $31.77 $39.43 24%4.3
SU-TSUNCOR ENERGY INC1290 $43.32 $52.43 21%4.8
POU-TPARAMOUNT RESOURCES LTD 730 $32.96 $39.00 18%4.6
PSK-TPRAIRIESKY ROYALTY LTD870 $21.65 $25.40 17%4.4
PPL-TPEMBINA PIPELINE CORP1170 $44.88 $51.75 15%5.8
ATH-TATHABASCA OIL CORP330 $3.39 $3.83 13%
GEI-TGIBSON ENERGY INC3102 $22.61 $25.50 13%6.9
MEG-TMEG ENERGY CORP670 $23.01 $25.61 11%
CNQ-TCANADIAN NATURAL RESOURCES LTD1580 $82.23 $91.13 11%4.4
ENB-TENBRIDGE INC13100 $53.64 $58.78 10%6.6
KEY-TKEYERA CORP1050 $32.03 $34.64 8%6.0
TRP-TTC ENERGY CORP1273 $56.68 $60.68 7%6.6
IMO-TIMPERIAL OIL LTD5113 $74.36 $78.00 5%2.4
FINANCIALS
TSU-TTRISURA GROUP LTD700 $31.79 $54.00 70%
GSY-TGOEASY LTD910 $95.89 $161.80 69%4.0
BN-TBROOKFIELD CORP1101 $43.86 $65.02 48%0.9
CIX-TCI FINANCIAL CORP550 $12.94 $19.11 48%5.6
ONEX-TONEX CORPORATION320 $63.92 $93.20 46%0.6
EQB-TEQB INC700 $59.61 $84.71 42%2.3
EFN-TELEMENT FLEET MANAGEMENT CORP810 $17.50 $23.33 33%2.3
NVEI-TNUVEI CORP1410 $56.66 $73.38 30%
LB-TLAURENTIAN BANK OF CANADA282 $31.83 $40.82 28%5.8
CWB-TCANADIAN WESTERN BANK850 $24.32 $30.92 27%5.3
FFH-TFAIRFAX FINANCIAL HLDGS LTD701 $875.00 $1,096.44 25%1.5
TD-TTORONTO-DOMINION BANK1241 $81.60 $99.50 22%4.7
BAM-TBROOKFIELD ASSET MANAGEMENT LTD531 $44.35 $52.21 18%3.9
DFY-TDEFINITY FINANCIAL CORP740 $36.63 $42.96 17%1.5
BMO-TBANK OF MONTREAL1341 $122.90 $142.76 16%4.7
SLF-TSUN LIFE FINANCIAL INC881 $64.54 $73.21 13%4.5
MFC-TMANULIFE FINANCIAL CORP892 $25.82 $29.28 13%5.7
CM-TCAN IMPERIAL BK OF COMMERCE4132 $57.96 $65.27 13%5.9
POW-TPOWER CORP OF CANADA090 $35.33 $39.67 12%5.9
IGM-TIGM FINANCIAL INC541 $40.91 $45.89 12%5.5
IFC-TINTACT FINANCIAL CORP1211 $197.57 $220.00 11%2.2
IAG-TIA FINANCIAL CORP INC900 $87.33 $96.94 11%3.1
SII-TSPROTT INC120 $49.29 $54.33 10%2.8
X-TTMX GROUP LTD160 $137.50 $150.57 10%2.5
RY-TROYAL BANK OF CANADA1260 $133.09 $144.49 9%4.0
NA-TNATIONAL BANK OF CANADA841 $98.11 $106.39 8%4.0
BNS-TBANK OF NOVA SCOTIA3132 $68.61 $73.52 7%6.0
HCG-THOME CAPITAL GROUP INC030 $43.05 $44.00 2%1.4
GWO-TGREAT-WEST LIFECO INC191 $37.26 $37.18 0%5.6
HEALTH CARE
BLU-TBELLUS HEALTH INC810 $9.71 $25.74 165%
WEED-TCANOPY GROWTH CORP288 $1.98 $3.54 79%
BHC-TBAUSCH HEALTH COS INC161 $10.24 $17.90 75%
TLRY-TTILRAY BRANDS INC4122 $3.34 $4.94 48%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES410 $8.63 $11.30 31%7.1
SIA-TSIENNA SENIOR LIVING INC430 $10.92 $13.64 25%8.6
INDUSTRIALS
CJT-TCARGOJET INC840 $109.87 $165.33 50%1.0
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP411 $24.46 $36.50 49%1.4
AC-TAIR CANADA1330 $18.96 $26.91 42%
BLDP-TBALLARD POWER SYSTEMS INC4183 $6.73 $9.38 39%
TIXT-TTELUS INTERNATIONAL CDA INC1150 $27.49 $35.64 30%
RCH-TRICHELIEU HARDWARE LTD200 $37.62 $47.50 26%1.6
ATS-TATS CORP800 $52.72 $65.00 23%
FTT-TFINNING INTERNATIONAL INC720 $35.00 $43.00 23%2.7
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD341 $29.85 $36.59 23%2.3
RUS-TRUSSEL METALS INC330 $32.94 $39.00 18%4.6
SNC-TSNC-LAVALIN GROUP INC1020 $31.77 $37.18 17%0.3
TIH-TTOROMONT INDUSTRIES LTD720 $107.62 $125.13 16%1.6
EIF-TEXCHANGE INCOME CORP1100 $54.49 $63.27 16%4.6
BYD-TBOYD GROUP SERVICES INC940 $213.62 $243.69 14%0.3
BBD-B-TBOMBARDIER INC852 $68.78 $78.36 14%
CAE-TCAE INC1120 $32.05 $36.42 14%
RBA-TRITCHIE BROS AUCTIONEERS540 $78.76 $89.17 13%1.8
CP-TCANADIAN PACIFIC RAILWAY LTD22102 $105.29 $119.05 13%0.7
TFII-TTFI INTERNATIONAL INC1840 $156.21 $172.26 10%1.2
GFL-TGFL ENVIRONMENTAL INC1201 $46.33 $51.06 10%0.2
STN-TSTANTEC INC1000 $79.88 $87.30 9%1.0
WSP-TWSP GLOBAL INC1211 $176.03 $192.00 9%0.9
MTL-TMULLEN GROUP LTD550 $14.89 $16.20 9%4.8
WCN-TWASTE CONNECTIONS INC1602 $192.93 $207.76 8%0.7
CNR-TCANADIAN NATL RAILWAY CO11233 $163.90 $175.13 7%1.9
WTE-TWESTSHORE TERMINALS INVESTMENT CORP140 $28.42 $27.50 -3%4.9
TRI-TTHOMSON REUTERS CORP783 $174.02 $166.85 -4%1.5
INFORMATION TECHNOLOGY
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP1210 $3.90 $7.52 93%
LSPD-TLIGHTSPEED COMMERCE INC1371 $19.08 $31.63 66%
DND-TDYE & DURHAM LTD501 $16.15 $24.42 51%0.5
CLS-TCELESTICA INC340 $16.81 $20.15 20%
KXS-TKINAXIS INC1100 $182.88 $218.64 20%
OTEX-TOPEN TEXT CORP830 $52.21 $59.14 13%2.5
BB-TBLACKBERRY LTD062 $5.99 $6.32 5%
ENGH-TENGHOUSE SYSTEMS LTD220 $39.51 $40.88 3%2.2
GIB-A-TCGI INC1221 $133.43 $135.92 2%
SHOP-TSHOPIFY INC 21264 $64.98 $66.17 2%
CSU-TCONSTELLATION SOFTWARE INC710 $2,622.45 $2,635.83 1%0.2
DSG-TDESCARTES SYSTEMS GROUP INC751 $109.03 $106.98 -2%
MATERIALS
SEA-TSEABRIDGE GOLD INC400 $17.92 $82.10 358%
LAC-TLITHIUM AMERICAS CORP1510 $27.47 $48.49 77%
KNT-TK92 MINING INC1210 $7.22 $11.45 59%
NG-TNOVAGOLD RESOURCES INC210 $7.87 $11.38 45%
IFP-TINTERFOR CORP600 $23.91 $34.33 44%
SIL-TSILVERCREST METALS INC700 $9.10 $12.92 42%
SSL-TSANDSTORM GOLD LTD1100 $7.87 $11.16 42%1.0
MAG-TMAG SILVER CORP910 $17.70 $25.03 41%
CFP-TCANFOR CORP700 $21.77 $30.57 40%
HBM-THUDBAY MINERALS INC1230 $6.96 $9.73 40%0.3
SSRM-TSSR MINING INC910 $20.66 $28.00 36%1.8
WFG-TWEST FRASER TIMBER CO LTD800 $103.75 $139.44 34%1.6
PAAS-TPAN AMERICAN SILVER CORP801 $23.86 $31.61 32%2.2
TCL-A-TTRANSCONTINENTAL INC320 $14.37 $19.00 32%6.3
ASTL-TALGOMA STEEL GROUP INC320 $10.57 $13.80 31%2.6
OSK-TOSISKO MINING INC1200 $4.13 $5.33 29%
FIL-TFILO MINING CORP1300 $24.39 $31.42 29%
BTO-TB2GOLD CORP1220 $5.64 $7.13 26%3.9
IVN-TIVANHOE MINES LTD1000 $12.52 $15.75 26%
WPK-TWINPAK LTD210 $41.57 $51.17 23%0.3
MX-TMETHANEX CORP641 $62.11 $75.45 21%1.5
NTR-TNUTRIEN LTD1581 $100.30 $121.33 21%2.9
FR-TFIRST MAJESTIC SILVER CORP230 $9.79 $11.80 21%0.3
DPM-TDUNDEE PRECIOUS METALS INC810 $10.24 $12.28 20%2.1
EDR-TENDEAVOUR SILVER CORP430 $5.58 $6.64 19%
SJ-TSTELLA-JONES INC610 $52.73 $62.43 18%1.7
OGC-TOCEANAGOLD CORP810 $3.22 $3.78 17%0.4
CCL-B-TCCL INDUSTRIES INC 910 $65.57 $75.00 14%1.6
FVI-TFORTUNA SILVER MINES INC140 $5.15 $5.89 14%
LIF-TLABRADOR IRON ORE ROYALTY CORP070 $32.11 $36.29 13%6.2
ABX-TBARRICK GOLD CORP1682 $25.92 $29.16 12%2.1
AEM-TAGNICO EAGLE MINES LTD1910 $77.00 $86.05 12%2.8
CS-TCAPSTONE COPPER CORP1000 $6.78 $7.57 12%
K-TKINROSS GOLD CORP1060 $6.92 $7.66 11%2.4
WDO-TWESDOME GOLD MINES LTD550 $8.15 $9.02 11%
STLC-TSTELCO HOLDINGS INC341 $49.65 $54.71 10%3.4
OR-TOSISKO GOLD ROYALTIES LTD1210 $21.56 $23.64 10%1.0
LUG-TLUNDIN GOLD INC820 $16.90 $18.05 7%3.2
TXG-TTOREX GOLD RESOURCES INC240 $22.07 $23.50 6%
WPM-TWHEATON PRECIOUS METALS CORP1420 $66.60 $70.79 6%1.2
CG-TCENTERRA GOLD INC441 $9.75 $10.25 5%2.9
ERO-TERO COPPER CORP740 $25.29 $26.48 5%
FNV-TFRANCO-NEVADA CORP972 $207.52 $216.02 4%0.9
ELD-TELDORADO GOLD CORP552 $14.98 $15.45 3%
TECK-B-TTECK RESOURCES LTD1720 $65.15 $66.27 2%0.8
AGI-TALAMOS GOLD INC650 $17.56 $17.64 0%0.8
IMG-TIAMGOLD CORP362 $4.07 $4.03 -1%
EQX-TEQUINOX GOLD CORP342 $7.13 $7.02 -2%
LUN-TLUNDIN MINING CORP7130 $10.72 $10.26 -4%3.4
FM-TFIRST QUANTUM MINERALS LTD9102 $34.85 $32.12 -8%0.7
REAL ESTATE
AP-UN-TALLIED PROPERTIES REIT910 $23.23 $35.15 51%7.7
CIGI-TCOLLIERS INTL710 $138.31 $190.04 37%0.3
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT430 $8.34 $10.86 30%9.6
HR-UN-TH&R REIT420 $12.44 $15.75 27%4.8
SVI-TSTORAGEVAULT CANADA INC700 $6.06 $7.57 25%0.2
TCN-TTRICON RESIDENTIAL INC1130 $10.79 $13.44 25%2.9
PMZ-UN-TPRIMARIS REIT600 $13.86 $17.25 24%5.9
AIF-TALTUS GROUP LTD720 $57.94 $72.00 24%1.0
KMP-UN-TKILLAM APARTMENT REIT1130 $17.04 $21.14 24%4.1
FCR-UN-TFIRST CAPITAL REIT531 $16.07 $19.28 20%5.4
IIP-UN-TINTERRENT REIT831 $13.09 $15.52 19%2.8
CAR-UN-TCAN APARTMENT PROPERTIES REIT1211 $47.89 $56.14 17%3.0
REI-UN-TRIOCAN REIT1000 $21.66 $25.00 15%5.0
GRT-UN-TGRANITE REIT1100 $83.66 $96.36 15%3.8
CRR-UN-TCROMBIE REIT520 $15.69 $18.04 15%5.7
SRU-UN-TSMARTCENTRES REIT251 $26.85 $30.44 13%6.9
DIR-UN-TDREAM INDUSTRIAL REIT1100 $14.96 $16.89 13%4.7
BEI-UN-TBOARDWALK REIT820 $58.79 $66.20 13%2.0
CHP-UN-TCHOICE PROPERTIES REIT440 $14.78 $15.81 7%5.1
CRT-UN-TCT REIT240 $16.27 $17.33 7%5.3
FSV-TFIRSTSERVICE CORP230 $195.49 $207.82 6%0.6
UTILITIES
ALA-TALTAGAS LTD1510 $22.75 $31.06 37%4.9
TA-TTRANSALTA CORP1020 $12.16 $16.00 32%1.8
NPI-TNORTHLAND POWER INC1420 $33.94 $44.38 31%3.5
INE-TINNERGEX RENEWABLE ENERGY741 $14.83 $19.13 29%4.9
SPB-TSUPERIOR PLUS CORP740 $10.57 $12.85 22%6.8
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP931 $47.80 $57.54 20%4.3
CPX-TCAPITAL POWER CORP580 $43.51 $51.25 18%5.3
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP1240 $41.74 $48.17 15%4.4
BLX-TBORALEX INC 950 $41.55 $46.29 11%1.6
ACO-X-TATCO LTD 530 $44.68 $49.50 11%4.3
RNW-TTRANSALTA RENEWABLES INC291 $12.61 $13.48 7%7.5
AQN-TALGONQUIN POWER & UTILITIES CORP491 $11.37 $11.97 5%5.2
CU-TCANADIAN UTILITIES LTD180 $38.57 $39.33 2%4.7
EMA-TEMERA INC981 $57.84 $58.47 1%4.8
FTS-TFORTIS INC4113 $59.46 $58.01 -2%3.8
H-THYDRO ONE LTD591 $39.82 $37.96 -5%2.8

Source: Bloomberg

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