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There are just a couple of trading days left in September, a month where we have seen heightened market volatility and weakness.

Month-to-date, the S&P/TSX Composite Index has declined 2 per cent with 10 of the 11 sectors in the red with losses ranging from half a per cent to nearly 9 per cent. The energy sector is the outlier with a healthy gain of 7.6 per cent.

However, during periods of market turbulence, stocks have shown remarkable resilience. Buying on the dips has proved to be an effective strategy as market weakness has been relatively short-lived.

Right now, the S&P/TSX Composite Index is just 3 per cent below its record closing high of 20,821 reached on Sept. 3. Year-to-date, the TSX Index is up an impressive 15.7 per cent.

In terms of valuation, the S&P/TSX Composite Index is only trading at a slight premium to its historical average multiple. According to Bloomberg, the S&P/TSX Composite Index is currently trading at a price-to-earnings multiple of 15.4 times the 2022 consensus estimate, which is just slightly above its 10-year historical average multiple of 14.2 times.

In order to keep the positive price momentum going for stocks and avoid a steeper market slide, investors will be looking for strong earnings results and positive guidance from management when companies release their quarterly earnings results in a couple of weeks.

To see what analysts are forecasting ahead of the earnings results, listed below are analysts’ target prices, recommendations, and forecast returns for all 234 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 Sept. 28.

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, or 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.

Security Price BuysHoldsSells Avg. Target Forecast Return
Sept. 28
COMMUNICATION SERVICES
CJR-B-TCORUS ENTERTAINMENT INC $5.76 710 $8.08 40%
QBR-B-TQUEBECOR INC $30.35 1020 $38.59 27%
RCI-B-TROGERS COMMUNICATIONS INC $59.30 1230 $72.00 21%
CCA-TCOGECO COMMUNICATIONS INC $114.25 641 $131.08 15%
SJR-B-TSHAW COMMUNICATIONS INC $36.66 570 $39.77 8%
T-TTELUS CORP $28.08 1250 $30.12 7%
BCE-TBCE INC $63.49 791 $64.49 2%
CONSUMER DISCRETIONARY
MRE-TMARTINREA INTERNATIONAL INC $11.47 620 $18.25 59%
LNR-TLINAMAR CORP $67.32 500 $97.60 45%
MG-TMAGNA INTERNATIONAL INC $97.03 1340 $130.35 34%
TOY-TSPIN MASTER CORP $41.62 741 $52.37 26%
QSR-TRESTAURANT BRANDS INTERNATIONAL INC $78.03 2091 $95.68 23%
CTC-A-TCANADIAN TIRE CORP $186.32 741 $223.83 20%
GOOS-TCANADA GOOSE HOLDINGS INC $47.44 943 $56.35 19%
DOO-TBRP INC $120.19 1510 $140.53 17%
ZZZ-TSLEEP COUNTRY CANADA HOLDINGS INC $35.54 520 $40.00 13%
DOL-TDOLLARAMA INC $55.58 950 $62.43 12%
GIL-TGILDAN ACTIVEWEAR INC $47.24 1202 $51.26 9%
MTY-TMTY FOOD GROUP INC $64.64 440 $69.14 7%
ATZ-TARITZIA INC $42.27 900 $42.50 1%
CONSUMER STAPLES
VFF-TVILLAGE FARMS INTERNATIONAL INC $10.57 710 $22.82 116%
SOY-TSUNOPTA INC $11.17 600 $23.85 114%
MFI-TMAPLE LEAF FOODS INC $25.97 610 $36.00 39%
PRMW-TPRIMO WATER CORP $20.11 1020 $25.22 25%
SAP-TSAPUTO INC $31.67 612 $38.67 22%
EMP-A-TEMPIRE CO LTD $37.84 820 $45.40 20%
ATD-B-TALIMENTATION COUCHE-TARD INC $48.31 1330 $56.94 18%
JWEL-TJAMIESON WELLNESS INC $35.86 730 $42.08 17%
NWC-TNORTH WEST CO INC $33.66 140 $38.80 15%
MRU-TMETRO INC $59.52 381 $64.83 9%
WN-TWESTON (GEORGE) LTD $128.38 520 $139.29 8%
L-TLOBLAW COMPANIES LTD $83.88 750 $90.33 8%
PBH-TPREMIUM BRANDS HOLDINGS CORP $131.08 821 $140.54 7%
ENERGY
DML-TDENISON MINES CORP $1.77 620 $2.79 57%
PXT-TPAREX RESOURCES INC $22.75 1100 $32.93 45%
NXE-TNEXGEN ENERGY LTD $5.90 910 $8.41 43%
PKI-TPARKLAND CORP $35.49 1500 $50.14 41%
CPG-TCRESCENT POINT ENERGY CORP $5.74 1131 $7.92 38%
SU-TSUNCOR ENERGY INC $26.51 1560 $36.03 36%
ARX-TARC RESOURCES LTD $11.43 1800 $14.81 30%
MEG-TMEG ENERGY CORP $9.71 770 $12.54 29%
WCP-TWHITECAP RESOURCES INC $6.95 1510 $8.97 29%
CVE-TCENOVUS ENERGY INC $12.56 1910 $16.07 28%
PSK-TPRAIRIESKY ROYALTY LTD $13.71 870 $16.88 23%
ERF-TENERPLUS CORP $10.00 1310 $12.19 22%
TOU-TTOURMALINE OIL CORP $43.74 1500 $53.15 22%
CNQ-TCANADIAN NATURAL RESOURCES LTD $45.60 1830 $55.35 21%
CCO-TCAMECO CORP $26.61 670 $31.47 18%
TRP-TTC ENERGY CORP $61.41 1490 $68.65 12%
ENB-TENBRIDGE INC $50.54 1950 $55.54 10%
GEI-TGIBSON ENERGY INC $23.07 862 $25.25 9%
BIR-TBIRCHCLIFF ENERGY LTD $6.65 1610 $7.23 9%
KEY-TKEYERA CORP $32.06 1150 $34.84 9%
IMO-TIMPERIAL OIL LTD $39.15 2141 $42.41 8%
VET-TVERMILION ENERGY INC $11.61 592 $12.31 6%
PPL-TPEMBINA PIPELINE CORP $40.17 1080 $42.51 6%
FINANCIALS
FFH-TFAIRFAX FINANCIAL HLDGS LTD $508.95 420 $713.20 40%
CF-TCANACCORD GENUITY GROUP INC $13.84 300 $19.17 38%
EFN-TELEMENT FLEET MANAGEMENT CORP $12.55 810 $17.28 38%
HCG-THOME CAPITAL GROUP INC $37.01 530 $47.63 29%
TSU-TTRISURA GROUP LTD $42.71 800 $53.13 24%
ONEX-TONEX CORPORATION $90.47 500 $109.20 21%
MFC-TMANULIFE FINANCIAL CORP $24.77 980 $29.65 20%
EQB-TEQUITABLE GROUP INC $144.82 620 $171.25 18%
SII-TSPROTT INC $47.05 120 $55.43 18%
IFC-TINTACT FINANCIAL CORP $167.80 1200 $195.25 16%
BAM-A-TBROOKFIELD ASSET MANAGEMENT INC $68.46 1030 $79.52 16%
IAG-TIA FINANCIAL CORP INC $71.79 900 $83.06 16%
CWB-TCANADIAN WESTERN BANK $36.93 1040 $42.18 14%
IGM-TIGM FINANCIAL INC $45.19 451 $51.20 13%
RY-TROYAL BANK OF CANADA $126.57 1141 $143.22 13%
X-TTMX GROUP LTD $137.35 340 $155.29 13%
CM-TCAN IMPERIAL BK OF COMMERCE $142.84 1140 $161.17 13%
LB-TLAURENTIAN BANK OF CANADA $41.41 172 $46.70 13%
BMO-TBANK OF MONTREAL $128.09 851 $143.24 12%
CIX-TCI FINANCIAL CORP $25.80 820 $28.80 12%
BNS-TBANK OF NOVA SCOTIA $78.74 851 $86.67 10%
SLF-TSUN LIFE FINANCIAL INC $65.23 1051 $71.73 10%
POW-TPOWER CORP OF CANADA $41.33 360 $45.22 9%
TD-TTORONTO-DOMINION BANK $84.96 762 $92.85 9%
ECN-TECN CAPITAL CORP $10.41 1000 $11.20 8%
NA-TNATIONAL BANK OF CANADA $96.41 561 $103.54 7%
GSY-TGOEASY LTD $200.36 600 $212.50 6%
GWO-TGREAT-WEST LIFECO INC $38.32 290 $40.00 4%
HEALTH CARE
WELL-TWELL HEALTH TECHNOLOGIES CORP $7.15 1210 $11.81 65%
WEED-TCANOPY GROWTH CORP $18.05 4123 $27.41 52%
TLRY-TTILRAY INC $14.74 5142 $20.69 40%
OGI-TORGANIGRAM HOLDINGS INC $3.04 3110 $3.86 27%
CRON-TCRONOS GROUP INC $7.16 283 $9.02 26%
BHC-TBAUSCH HEALTH COS INC $35.90 851 $44.90 25%
CSH-UN-TCHARTWELL RETIREMENT RESIDENCES $12.10 510 $14.29 18%
SIA-TSIENNA SENIOR LIVING INC $14.67 270 $16.53 13%
ACB-TAURORA CANNABIS INC $8.64 098 $9.03 4%
INDUSTRIALS
WPRT-TWESTPORT FUEL SYSTEMS INC $4.32 420 $14.92 245%
BLDP-TBALLARD POWER SYSTEMS INC $18.25 1182 $26.68 46%
FTT-TFINNING INTERNATIONAL INC $31.41 810 $41.61 32%
ATA-TATS AUTOMATION TOOLING SYSTEMS INC $41.26 600 $52.64 28%
NFI-TNFI GROUP INC $23.98 341 $30.25 26%
AC-TAIR CANADA $23.74 1350 $29.86 26%
MTL-TMULLEN GROUP LTD $13.17 820 $16.45 25%
BBU-UN-TBROOKFIELD BUSINESS PARTNERS LP $57.35 800 $71.04 24%
RUS-TRUSSEL METALS INC $31.24 430 $37.71 21%
CJT-TCARGOJET INC $208.50 1300 $251.67 21%
LWRK-TLIFEWORKS INC $33.51 500 $40.00 19%
ARE-TAECON GROUP INC $20.06 1120 $23.81 19%
CP-TCANADIAN PACIFIC RAILWAY LTD $84.01 1691 $99.26 18%
SNC-TSNC-LAVALIN GROUP INC $35.68 1220 $41.32 16%
TFII-TTFI INTERNATIONAL INC $130.06 1630 $147.77 14%
CAE-TCAE INC $37.82 531 $42.67 13%
EIF-TEXCHANGE INCOME CORP $44.56 920 $49.27 11%
BYD-TBOYD GROUP SERVICES INC $236.11 940 $260.69 10%
WSP-TWSP GLOBAL INC $151.25 1040 $166.92 10%
STN-TSTANTEC INC $60.12 930 $66.21 10%
TIH-TTOROMONT INDUSTRIES LTD $107.05 720 $117.56 10%
BDGI-TBADGER INFRASTRUCTURE SOLUTIONS LTD $35.35 241 $38.07 8%
CNR-TCANADIAN NATL RAILWAY CO $147.12 11171 $157.77 7%
WCN-TWASTE CONNECTIONS INC $160.89 1611 $170.97 6%
RCH-TRICHELIEU HARDWARE LTD $42.82 130 $45.50 6%
WTE-TWESTSHORE TERMINALS INVESTMENT CORP $24.28 140 $25.40 5%
GFL-TGFL ENVIRONMENTAL INC $47.16 1021 $48.23 2%
TRI-TTHOMSON REUTERS CORP $141.43 4103 $143.34 1%
RBA-TRITCHIE BROS AUCTIONEERS INC $77.18 181 $78.13 1%
BBD-B-TBOMBARDIER INC $2.05 863 $1.86 -9%
INFORMATION TECHNOLOGY
DND-TDYE & DURHAM LTD $41.74 310 $57.13 37%
CTS-TCONVERGE TECHNOLOGY SOLUTIONS CORP $10.25 800 $13.78 34%
SHOP-TSHOPIFY INC $1,734.90 26132 $2,176.43 25%
ENGH-TENGHOUSE SYSTEMS LTD $55.78 310 $68.50 23%
DCBO-TDOCEBO INC $93.55 910 $113.44 21%
OTEX-TOPEN TEXT CORP $63.04 910 $73.36 16%
CLS-TCELESTICA INC $11.55 171 $13.38 16%
GIB-A-TCGI INC $109.79 1212 $125.07 14%
KXS-TKINAXIS INC $181.48 1000 $201.50 11%
CSU-TCONSTELLATION SOFTWARE INC $2,095.81 720 $2,266.11 8%
NVEI-TNUVEI CORP $146.88 1020 $158.29 8%
LSPD-TLIGHTSPEED COMMERCE INC $142.76 1412 $152.48 7%
DSG-TDESCARTES SYSTEMS GROUP INC $102.90 851 $109.48 6%
TIXT-TTELUS INTERNATIONAL CDA INC $44.08 920 $46.37 5%
BB-TBLACKBERRY LTD $12.42 027 $10.84 -13%
MATERIALS
NG-TNOVAGOLD RESOURCES INC $8.49 110 $24.22 185%
OSK-TOSISKO MINING INC $2.43 1100 $5.91 143%
TXG-TTOREX GOLD RESOURCES INC $12.54 630 $26.28 110%
BTO-TB2GOLD CORP $4.34 1420 $8.61 98%
SVM-TSILVERCORP METALS INC $4.95 420 $9.36 89%
K-TKINROSS GOLD CORP $6.72 1430 $12.51 86%
KNT-TK92 MINING INC $6.24 1200 $11.43 83%
ELD-TELDORADO GOLD CORP $9.99 651 $17.75 78%
SIL-TSILVERCREST METALS INC $9.08 900 $15.85 75%
SSRM-TSSR MINING INC $18.52 1100 $31.83 72%
HBM-THUDBAY MINERALS INC $7.47 1710 $12.84 72%
NGD-TNEW GOLD INC $1.35 391 $2.32 72%
SSL-TSANDSTORM GOLD LTD $7.44 641 $12.76 71%
YRI-TYAMANA GOLD INC $5.10 1350 $8.67 70%
DPM-TDUNDEE PRECIOUS METALS INC $7.65 900 $12.63 65%
PAAS-TPAN AMERICAN SILVER CORP $30.06 820 $48.79 62%
SEA-TSEABRIDGE GOLD INC $19.82 400 $32.00 61%
EQX-TEQUINOX GOLD CORP $8.48 920 $13.60 60%
AEM-TAGNICO EAGLE MINES LTD $63.03 1380 $100.63 60%
OR-TOSISKO GOLD ROYALTIES LTD $14.36 1410 $22.82 59%
OGC-TOCEANAGOLD CORP $2.18 721 $3.36 54%
STLC-TSTELCO HOLDINGS INC $38.62 910 $59.20 53%
ABX-TBARRICK GOLD CORP $22.93 1960 $34.80 52%
AGI-TALAMOS GOLD INC $9.07 941 $13.65 51%
WPM-TWHEATON PRECIOUS METALS CORP $48.42 1620 $72.86 50%
FVI-TFORTUNA SILVER MINES INC $5.14 250 $7.48 45%
LUN-TLUNDIN MINING CORP $9.30 9141 $13.52 45%
CFP-TCANFOR CORP $28.22 600 $40.67 44%
FM-TFIRST QUANTUM MINERALS LTD $23.16 1760 $33.37 44%
ITP-TINTERTAPE POLYMER GROUP INC $28.27 900 $40.33 43%
MAG-TMAG SILVER CORP $21.10 840 $30.08 43%
IVN-TIVANHOE MINES LTD $8.08 820 $11.50 42%
IFP-TINTERFOR CORP $31.84 600 $44.83 41%
CS-TCAPSTONE MINING CORP $4.99 1000 $7.03 41%
WDO-TWESDOME GOLD MINES LTD $10.25 830 $14.31 40%
FR-TFIRST MAJESTIC SILVER CORP $14.82 340 $20.60 39%
TRQ-TTURQUOISE HILL RESOURCES LTD $18.46 430 $25.43 38%
EDR-TENDEAVOUR SILVER CORP $5.33 460 $7.33 38%
IMG-TIAMGOLD CORP $2.95 391 $4.04 37%
WFG-TWEST FRASER TIMBER CO LTD $104.70 600 $141.88 36%
PVG-TPRETIUM RESOURCES INC $12.21 550 $16.30 34%
KL-TKIRKLAND LAKE GOLD LTD $51.38 1021 $68.21 33%
LIF-TLABRADOR IRON ORE ROYALTY CORP $36.75 250 $48.00 31%
TCL-A-TTRANSCONTINENTAL INC $20.32 520 $26.17 29%
ERO-TERO COPPER CORP $24.19 650 $30.32 25%
SJ-TSTELLA-JONES INC $43.73 620 $54.19 24%
CG-TCENTERRA GOLD INC $8.76 370 $10.81 23%
CCL-B-TCCL INDUSTRIES INC $66.32 910 $81.38 23%
CAS-TCASCADES INC $15.84 700 $19.29 22%
FNV-TFRANCO-NEVADA CORP $165.46 972 $200.66 21%
TECK-B-TTECK RESOURCES LTD $31.50 1470 $36.75 17%
NTR-TNUTRIEN LTD $82.89 1931 $93.77 13%
WPK-TWINPAK LTD $41.55 230 $47.00 13%
LAC-TLITHIUM AMERICAS CORP $26.80 820 $29.84 11%
MX-TMETHANEX CORP $59.68 842 $59.73 0%
REAL ESTATE
REAL-TREAL MATTERS INC $10.10 440 $18.94 88%
AP-UN-TALLIED PROPERTIES REIT $40.69 1020 $50.25 23%
FCR-UN-TFIRST CAPITAL REIT $17.59 510 $21.33 21%
HR-UN-TH&R REIT $15.60 420 $18.88 21%
CUF-UN-TCOMINAR REIT $9.88 060 $11.50 16%
IIP-UN-TINTERRENT REIT $16.75 831 $19.28 15%
CAR-UN-TCAN APARTMENT PROPERTIES REIT $59.00 1021 $67.13 14%
BEI-UN-TBOARDWALK REIT $47.86 830 $53.92 13%
REI-UN-TRIOCAN REIT $21.65 530 $24.38 13%
SMU-UN-TSUMMIT INDUSTRIAL INCOME REIT $20.61 640 $23.13 12%
AIF-TALTUS GROUP LTD $61.34 510 $68.00 11%
CIGI-TCOLLIERS INTERNATIONAL GROUP $163.05 610 $180.71 11%
AX-UN-TARTIS REIT $11.33 260 $12.53 11%
NWH-UN-TNORTHWEST HEALTHCARE PROPERTIES REIT $13.01 230 $14.35 10%
KMP-UN-TKILLAM APARTMENT REIT $21.00 1030 $23.10 10%
GRT-UN-TGRANITE REIT $89.51 1100 $98.27 10%
D-UN-TDREAM OFFICE REIT $23.00 630 $25.11 9%
DIR-UN-TDREAM INDUSTRIAL REIT $16.29 900 $17.72 9%
CHP-UN-TCHOICE PROPERTIES REIT $14.33 170 $15.44 8%
CRR-UN-TCROMBIE REIT $17.72 450 $19.03 7%
SRU-UN-TSMARTCENTRES REAL ESTATE INV $29.91 350 $31.86 7%
CRT-UN-TCT REIT $17.15 340 $18.18 6%
TCN-TTRICON RESIDENTIAL INC $16.60 900 $17.59 6%
FSV-TFIRSTSERVICE CORP $232.34 150 $241.04 4%
WIR-UN-TWPT INDUSTRIAL REIT $27.33 170 $27.68 1%
UTILITIES
BLX-TBORALEX INC $37.62 840 $47.94 27%
INE-TINNERGEX RENEWABLE ENERGY INC $20.16 641 $24.75 23%
NPI-TNORTHLAND POWER INC $40.42 1130 $49.16 22%
BEP-UN-TBROOKFIELD RENEWABLE PARTNERS LP $46.72 6121 $55.40 19%
ACO-X-TATCO LTD $40.50 341 $47.86 18%
ALA-TALTAGAS LTD $25.09 1410 $29.60 18%
SPB-TSUPERIOR PLUS CORP $13.93 390 $16.40 18%
AQN-TALGONQUIN POWER & UTILITIES $18.66 691 $21.67 16%
BIP-UN-TBROOKFIELD INFRASTRUCTURE PARTNERS LP $70.48 1011 $79.19 12%
TA-TTRANSALTA CORP $12.92 1111 $14.50 12%
CU-TCANADIAN UTILITIES LTD $34.06 360 $37.38 10%
H-THYDRO ONE LTD $30.24 6100 $32.77 8%
EMA-TEMERA INC $57.26 791 $61.93 8%
CPX-TCAPITAL POWER CORP $42.67 670 $44.85 5%
FTS-TFORTIS INC $56.03 4121 $58.88 5%
RNW-TTRANSALTA RENEWABLES INC $19.25 0121 $20.21 5%

Source: Bloomberg

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