Inside the Market’s roundup of some of today’s key analyst actions
) was the only company in his coverage universe to finish with a positive total return on a trailing 12-month basis, rising 13 per cent. The remainder of the companies all underperformed the 3-percent total return for the S&P/TSX Composite.
“We attribute the widespread pullback mainly to the emergence of an advertising recession in Canada beginning in H2/22 driven by supply chain disruption and inflation, recession concerns and the impact of higher interest rates on valuations,” said Mr. McReynolds. “With few places to hide in this environment, Thomson Reuters, WildBrain , Transcontinental and Stingray have proven the most resilient on a relative basis within our coverage.
With RBC forecasting a “mild” recession in 2023, Mc. McReynolds’s investment strategy skews toward “defensive and/ or oversold under most macro/interest rate scenarios.” ‘While there are few places to hide in an economic slowdown or outright recession, we do see some interesting opportunities at current levels where we either expect earnings to prove more resilient versus what is currently being priced into the stock, or where we believe the stock has over-shot to the downside under most economic scenarios and therefore looks mispriced,” he said.
“We believe earnings visibility for Cineplex is steadily improving following a 2-year period of major industry disruption,” he said.
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