Recent Top Picks | StockChase
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Compiling comments that experts make about stocks while on public TV.

Recent Top Picks

Date Signal Company Expert Opinion Price
2017-01-20 TOP PICK CASH
CASH
Don Vialoux

There is a lot of uncertainty coming our way over the next 2-3 months, because of what is happening in the US. It could have an impact on Canada as well. It is nice to have some cash in the kitty just in case something should happen in the next 2-3 months with the new Trump president.

Price:
$0.010
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Yes
2017-01-20 TOP PICK CVS-Health-Corp
CVS-N
Michael Simpson, CFA

The 2nd largest drugstore in the US, but also a PBM, (Pharmacy Benefit Manager). PBM’s are a little misunderstood in the US. They were set up because corporations didn’t want to deal with managing employees’ drug benefits. PBM’s actually save companies money. Depending on the contract, they can pass through 85%-100% of their money. CVS is going to buy back about 5 billion of shares. Good dividend growth rate and free cash flow. This is trading much lower than the market. Dividend yield of 2.44%. (Analysts’ price target is $88.74.)

Price:
$81.560
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
UNKNOWN
Owned:
Yes
2017-01-20 TOP PICK Gildan-Activewear-Inc.
GIL-T
Michael Simpson, CFA

T-shirts, underwear, socks, sweatshirts. Low cost producers with operations globally. The US does not produce a lot of T-shirts, underwear or socks, and this company has a plant in Georgia that spins the yarn for stocks. Trading at 14X earnings. Debt to cash flow is 1.3X. They have a great history of growing their dividends. There is a lot of negative sentiment in the stock. As a low-cost producer, they will be able to compete efficiently. Recently bought the name of American Apparel, not the manufacturing. Dividend yield of 1.24%. (Analysts’ price target is $42.11.)

Price:
$33.440
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
UNKNOWN
Owned:
Yes
2017-01-20 TOP PICK Information-Services
ISV-T
Michael Simpson, CFA

Located in Saskatchewan with a monopoly for land and property registration for the next 17 years. Trading at about 9.5X EBITDA. There is no debt. Bought a small company about 18 months ago, that provides services for law firms that are involved in real estate transactions in Ontario and Québec. Good management. He expects modest dividend increases over time. Dividend yield of about 4.5%. (Analysts’ price target is $19.67.)

Price:
$17.950
Subject:
NORTH AMERICAN DIVIDENDS
Bias:
UNKNOWN
Owned:
Yes
2017-01-20 TOP PICK ETFS-Physical-Platinum-Shares
PPLT-N
Don Vialoux

Platinum is used for catalytic converters in cars, and we are just about to go into the auto buying season. Also, platinum is a precious metal, and they do very well at this particular time. Historically the best time to own platinum is from the beginning of January right through until probably March. The chart shows that this has already started bottoming out now and is showing an upward trend. There is a pretty good chance you will get a shot at the high of $110.

Price:
$93.720
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
No
2017-01-20 TOP PICK iShares-S-and-P-TSX-Global-Gold
XGD-T
Don Vialoux

Historically, gold stocks do very well from approximately the middle of December right through until the 1st week in March, which is the miners’ PDAC conference. At that time, you take your profits. Technicals on gold are all lined up at the same time that the seasonality is just coming together.

Price:
$13.220
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Yes
2017-01-19 TOP PICK Amazon.com
AMZN-Q
John O'Connell, CFA

The fact that it has made all these vast investments in infrastructure, they have very little debt. They continue to grow like mad. Moving into India and internationally. They may not be making any money because they are reinvesting the money in growth. It is hard to find good management that is fearless. In 2006, they were using an incredible amount of computer power. Decided to overinvest in computers, and rent out computer space, and are now the largest Cloud computer company globally. (Analysts’ price target is $945.03.)

Price:
$809.040
Subject:
NORTH AMERICAN - LARGE
Bias:
BEAR
Owned:
Yes
2017-01-19 TOP PICK Bank-of-America
BAC-N
Ross Healy

Their earnings came out the other day and were block buster.  This happened with only one interest rate bump.  Clearly there is some nice momentum going.  They ought to be creating excitement amongst investors.  He is hoping Trump will take a look at what the banks are allowed to pay out.  There should be room for dividend growth.  (Analysts’ target: $24.72). 

Price:
$22.530
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-01-19 TOP PICK Imperial-Oil
IMO-T
Ross Healy

This is cheap.  If you want diversification then he likes this one.  They have this huge guardian angel in the form of Exxon Mobil.  It has not had the big bounce that some of the oil companies have had.  He thinks only good things can happen with this one.

Price:
$44.290
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-01-19 TOP PICK Kelt-Exploration
KEL-T
John O'Connell, CFA

This has done a fantastic job of growing production. They recently acquired about 700 sections of land in the Montney area. Fantastic management team. A super strong balance sheet. Growing well within its cash flow now. They have one of the largest land bases in Alberta and Northeast British Columbia. (Analysts’ price target is $8.72.)

Price:
$6.800
Subject:
NORTH AMERICAN - LARGE
Bias:
BEAR
Owned:
Yes
2017-01-19 TOP PICK Power-Financial-Corp
PWF-T
Ross Healy

They own an insurance company and a mutual fund company.  Both have good yields. They should benefit from rising interest rates.  All together it is so cheap that you have to tuck it away and enjoy the dividend while you wait for a nice big gain. (Analysts’ target: $35.00).

Price:
$33.490
Subject:
NORTH AMERICAN - LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-01-19 TOP PICK Stanley-Works--The
SWK-N
John O'Connell, CFA

This has done a phenomenal job of integrating and consolidating their hand tool business. Most of their tools are made in the US, which is going to be loved by Donald Trump. About 55% of sales are made in the US. There are 3 major divisions, hand tools, power tools and security systems. A very innovative company. Growing at about 12% per annum. Dividend yield of 1.94%. (Analysts’ price target is $131.)

Price:
$119.660
Subject:
NORTH AMERICAN - LARGE
Bias:
BEAR
Owned:
Yes
2017-01-18 TOP PICK Aecon-Group-Inc
ARE-T
Greg Newman

Stumbled a little, giving you an opportunity. Management believes that municipal and provincial spend are really going to kick in later in 2017. Any weakness in oil and gas is outweighed from an increase in oil and gas distribution and from their nuclear refurbishment. Their mining segment is really poised for recovery. He is modelling 24% EPS growth from 2016 to 2018 with a 57% payout ratio. Trading below its five-year average. Dividend yield of 2.94%. (Analysts’ price target is $18.12.)

Price:
$15.650
Subject:
CANADIAN DIVIDEND
Bias:
BULLISH
Owned:
Yes
2017-01-18 TOP PICK goeasy
GSY-T
Peter Hodson

This helps people finance purchases of furniture and appliances as well as giving short term loans. The short-term loan business is growing really, really quickly, and they get to charge a lot of money to the consumers that have to borrow money. Last year they attempted to make a big acquisition but failed, and they took a $5 million charge to earnings, a very significant hit. However, earnings still grew 41%, and this year will look much, much better, on a stock that is trading at 10X earnings and growing at a very, very rapid rate. Dividend yield of 1.92%. (Analysts’ price target is $32.33.)

Price:
$26.010
Subject:
CANADIAN SMALL & MIDCAPS
Bias:
UNKNOWN
Owned:
No
2017-01-18 TOP PICK High-Arctic-Energy-Services-Inc
HWO-T
Peter Hodson

They have Papua New Guinea operations and Canadian operations. All through the energy downturn, this company kept a clean balance sheet, and most years they had an excess cash position. Last year, they took advantage of it and bought 68 new rigs in Canada. Now the cycle starts to turn. Trading at 8X earnings. Dividend yield of 3.65%. (Analysts’ price target is $6.29.)

Price:
$5.590
Subject:
CANADIAN SMALL & MIDCAPS
Bias:
UNKNOWN
Owned:
No
2017-01-18 TOP PICK Manulife-Financial
MFC-T
Greg Newman

This is really growing well in Asia. He models a 12% EPS. Last quarter was a beat. 9% dividend growth. Still trading below its peers. Trading at 13.1X 2016, which isn’t bad relative to the TSX. Very strong balance sheet. They benefit from really good FX tailwinds to the Cdn$. They’ve taken some recent actuarial charges against their long-term care unit, which should make their quarters quieter going forward. This is an interest rate play, so as interest rates start to go higher, they should benefit. Dividend yield of 3.04%. (Analysts’ price target is $25.83.)

Price:
$24.320
Subject:
CANADIAN DIVIDEND
Bias:
BULLISH
Owned:
Yes
2017-01-18 TOP PICK Shopify-Inc.
SHOP-T
Peter Hodson

As Amazon (AMZN-Q) is destroying the rest of the retail world, this company is going along for the ride. They facilitate online retailers to use Amazon. They sort of transition a company into Amazon, to help with fulfilment, branding, marketing, searching, etc. Revenues have doubled over the past couple of years and will probably double over the next couple of years. Sitting on $400 million in cash. (Analysts’ price target is $68.41.)

Price:
$58.720
Subject:
CANADIAN SMALL & MIDCAPS
Bias:
UNKNOWN
Owned:
No
2017-01-18 TOP PICK Veresen-Inc
VSN-T
Greg Newman

This has a lot more free cash flow of around 10.7 relative to their peers of 7.1. He sees strengthening in natural gas prices. They have 45% of their product in the US, so they get the big tailwinds of FX. They are building out their midstream operations from 14% to about 24% by 2019. Dividend yield of 7.51%. (Analysts’ price target is $14.09.)

Price:
$13.310
Subject:
CANADIAN DIVIDEND
Bias:
BULLISH
Owned:
Yes
2017-01-17 TOP PICK Apogee-Enterprises-Inc.
APOG-Q
Jennifer Radman

Glass that goes onto multi-story buildings.  They are involved with the design aspects with architects.  They have a good line of sight of where the market is going and have a nice pipeline of activity ahead of them.  They are running the business quite well.  They grew their margins without really getting any benefit from their end market.  (Analysts’ target: 54.50).

Price:
$55.560
Subject:
US LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-01-17 TOP PICK Cardinal-Health-Inc
CAH-N
Jennifer Radman

The healthcare space has been really beaten up since the election started.  They have exposure to drug inflation and the pricing side of things. They are really only one of three distributors of pharma in the US.  They have 8-9% of free cash flow.  (Analysts target: $81.88).

Price:
$75.180
Subject:
US LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-01-17 TOP PICK Tricon-Capital-Group
TCN-T
Jennifer Radman

A Canadian company with a lot of exposure to the US.  They have rental, development and individual homes.  She had avoided this space, but there are a lot of avenues across they space for them to grow.  It is a great price compared to their net asset value.  She has owned it for a while and is flat on the position.  They bring in a lot of experts to work with and she thinks that is key.  (Analysts Target:  $12.56).

Price:
$9.730
Subject:
US LARGE
Bias:
SELECTIVE
Owned:
Yes
2017-01-17 TOP PICK Teva-Pharmaceutical
TEVA-N
David Dietze

This was close to $70 a share, and currently is at about $34 a share. It could earn $4-$5 in the next 12 months, a very attractive valuation. 60% of their business is generics, and they are the market leader. About half their revenue is coming from emerging markets, and that has to be a growth area. Just acquired about a $30 billion portfolio of generics from Allergan. Dividend yield of 4.02%. (Analysts’ price target is $45.50.)

Price:
$33.750
Subject:
US EQUITIES
Bias:
CAUTIOUS
Owned:
Yes
2017-01-17 TOP PICK Unilever-PLC
UL-N
David Dietze

He likes this because it is the 3rd largest globally with 57% personal products and 43% consumer food items. If there is any weakening in the dollar, you are going to see this company improve their performance. 50% of revenue is coming from emerging markets, so this is a growth area. Dividend yield of 3.42%. (Analysts’ price target is $36.72.)

Price:
$41.610
Subject:
US EQUITIES
Bias:
CAUTIOUS
Owned:
Yes
2017-01-17 TOP PICK Exxon-Mobil
XOM-N
David Dietze

The ultimate Trump stock. When the president of the company is nominated to become Secretary of State, that can only benefit the company. If energy goes up, the company wins. If energy goes down, this company is going to perform because they are so diversified across the industry and geographically. Dividend yield of 3.45%. (Analysts’ price target is $89.92.)

Price:
$87.360
Subject:
US EQUITIES
Bias:
CAUTIOUS
Owned:
Yes
2017-01-16 TOP PICK Air-Canada--B-
AC-T
Jason Mann

It is time to recommend this one.  It has great price momentum and the valuation is cheap – 4 times PE.  It beat on a decent quarter.  The challenge has been their debt load, but it seems they can now leverage their balance sheet.  Discipline has come back into the trade.

Price:
$13.810
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 TOP PICK AutoCanada-Inc.
ACQ-T
Paul Harris, CFA

This fell apart over several years, simply because they were in BC and Alberta during the hard time. Secondly it is supposed to be a growth by acquisition story and they were buying 2-3 dealerships a year, but 1 year they did 15 dealerships, way too many. Also, they didn’t really integrate their back-office effectively. New management came in and are committed to making only 2-3 acquisitions a year. A good story at these levels, and it should continue to do well. Dividend yield of 1.55%. (Analysts’ price target is $24.25.)

Price:
$25.750
Subject:
GLOBAL LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 TOP PICK Blackstone-Group-LP
BX-N
Paul Harris, CFA

The largest private equity firm globally. Trading at 10X earnings. The stock really didn’t move when all the other financials did. They have about $100 billion that they can spend to buy things if things go bad. They were really good buyers of assets all the way from 2008-2009. Have some great assets which have matured and is now time to sell, but they need a strong equity market. When they get this in the next couple of years, they will harvest a lot from the purchases they made. Not expensive. Dividend yield of 5.45%. (Analysts’ price target is $33.83.)

Price:
$30.090
Subject:
GLOBAL LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 TOP PICK Gilead-Sciences-Inc.
GILD-Q
Paul Harris, CFA

This has 2 big drugs; Hepatitis C and HIV. The HIV drug is doing very well and continues to grow. The problem with the Hep C drug is that it cures, so revenue is coming down and the market is implying that the decline in revenue is going to be a lot faster. Secondly, the market is giving them no value for their existing HIV drug which continues to do well. They are also not getting any value from the fact that there are still a lot of people with hepatitis C, and they’ll need to use the drug. Zero value is being given to the pipeline even though they have some good products. A fantastic balance sheet with no debt. They have a lot of cash overseas, and if they are allowed to bring this back, there will be benefits. Trading at 7X earnings. Yield of 2.57%. (Analysts’ price target is $94.89.)

Price:
$73.070
Subject:
GLOBAL LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 TOP PICK General-Motors-Corporation
GM-N
Jason Mann

It is a play on job growth.  It is extremely cheap and poised to benefit in the cyclical growth environment.  Longer term the valuation is compelling.

Price:
$37.340
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Yes
2017-01-16 TOP PICK Industrial-Alliance-Life-Ins
IAG-T
Jason Mann

He believes we are in a rising interest rate environment and you want to own financials in this environment.  It qualifies in valuation, price momentum and volatility.  He likes MFC-T and it did well as a Top Pick.  He likes all three.

Price:
$55.030
Subject:
NORTH AMERICAN
Bias:
UNKNOWN
Owned:
Yes
2017-01-13 TOP PICK Metlife
MET-N
Stan Wong

He likes the financials in the US. Life insurers are going to benefit the most from rising interest rates and a steepening yield curve. This is the largest US life insurer, and one of the largest financial services companies in the US. A pretty strong global brand, very solid financial balance sheet and a very large distribution network. There is also an easing of the regulatory environment. About 3 months ago, they announced a shareholder friendly $3 billion buyback program. Trading pretty cheap at 10X PE. Dividend yield of 2.95%. (Analysts’ price target is $60.03.)

Price:
$54.310
Subject:
NORTH AMERICAN & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-13 TOP PICK Purpose-High-Interest-Savings
PSA-T (No Listi
Daniel Straus

If you showed a graph, you would almost see a flat line. It doesn’t mean that the patient is dead. It is basically an ETF that holds Cash. Pays about 1%. If you are very tax sensitive and you don’t like premium bonds, but want a cash like exposure in an ETF form, this is a way to do it.

Price:
$0.000
Subject:
ETF's
Bias:
UNKNOWN
Owned:
No
2017-01-13 TOP PICK United-Technologies
UTX-N
Stan Wong

He likes the industrial and the defence spending space, and this company really benefits from both areas as their product includes aircraft, engines, elevators, escalators, climate control, etc. They’re going to benefit, not only from the recovery economy, but also that Trump is going to be putting money back into infrastructure and defence spending. Dividend yield of 2.4%. (Analysts’ price target is $116.50.)

Price:
$110.220
Subject:
NORTH AMERICAN & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-13 TOP PICK Vanguard-Global-Value-Factor-ETF
VVL-T
Stan Wong

Feels the value will continue to outperform growth going forward. It seriously outperformed growth in 2016 and he thinks that will continue. An actively managed ETF using a rules-based or quantitative type strategy that aims to select global equities with value characteristics. Right now, this carries a very large weighting in the US financial sector. In the last 6 months, it has outperformed against the world Index by over 10%.

Price:
$31.000
Subject:
NORTH AMERICAN & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-13 TOP PICK iShares-FactorSelect-MSCI-USA-Index-ETF--CAD-Hgd-
XFA-T
Daniel Straus

An example of a kind of satellite position for US equities. For your core, you want to have a low cost, passive Index ETF that gives you a lot of exposure, but if you want to experiment with a new breed of products, Strategic Beta, Factor Investing or Smart Beta, this is a great example. It tracks an index from MSCI which tries to give exposure to 4 market factors, which historically have given evidence of a possibility for outperformance. They are value, quality company stocks that are moving in an up-trending direction. This is currency hedged.

Price:
$23.270
Subject:
ETF's
Bias:
UNKNOWN
Owned:
No
2017-01-13 TOP PICK BMO-MSCI-EAFE-Hedged-TO-CAD
ZDM-T
Daniel Straus

An example of a core holding for an international equity. It is currency hedged, so it is hedged against the fall of other global currencies relative to CAD, mostly euro and Asian currencies. If you believe that international equities are going to perform well over the future, but it is going to be export driven companies that do well, you may wish to bias towards large caps.

Price:
$19.580
Subject:
ETF's
Bias:
UNKNOWN
Owned:
No
2017-01-12 TOP PICK Bank-of-America
BAC-N
Mohsin Bashir

He sees more upside.  There are several reasons to like it.  The chart is scary.  He is recommending it here.  It stands to benefit after being handcuffed for nearly 10 years.  They have gone the extra mile to streamline their product line up and reduce costs.  They are going to benefit from being a more streamlined operator.  They will get the tail wind of higher interest rates.  (Analysts’ Target: $23.81).

Price:
$22.920
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-01-12 TOP PICK Horizon-North-Logistics
HNL-T
James Telfser

Believes that this has bottomed. There is a lot of competition in this space, both from private companies and from public guys like Black Diamond, etc. Thinks that is coming to an end and there will be a little bit of consolidation. Players that have the best balance sheet will be the ones that consolidate the most and do well in that environment. This company should benefit somewhat from an increase in activity. Dividend yield of 4.04%. (Analysts’ price target is $2.32.)

Price:
$1.980
Subject:
CANADIAN
Bias:
BULLISH
Owned:
Yes
2017-01-12 TOP PICK MTY-Food-Group
MTY-T
James Telfser

A quick serve restaurant company. Made a great acquisition for about $310 million US which gives them a new platform to try some of their concepts in the US. It further diversifies the business, and allows them to continue to grow earnings. For the last decade, they’ve added new brands and new acquisitions every year, and have done a really good job of it. Trading at about 12X EBITDA. Dividend yield of 0.96%. (Analysts’ price target is $49.75.)

Price:
$47.670
Subject:
CANADIAN
Bias:
BULLISH
Owned:
Yes
2017-01-12 TOP PICK Rocky-Mountain-Dealerships
RME-T
James Telfser

This has really come off nicely from the lows of a few years ago. This coincides with the cyclicality of the oil price, and it is based in Alberta, but it is an agriculture company, so a lot of their sales decline and inventory problems that they’ve had over the last few years have come from a huge cycle of buying and inventory buildup that happened in the 2012-2014 period. We are starting to see signs of that rolling off. Last year was a very long harvest, so equipment might need to be replaced. Trading at about 8.5X earnings, 5X EBITDA. They do very accretive acquisitions, and the balance sheet is in reasonable shape. Dividend yield of 4.57%. (Analysts’ price target is $10.82.)

Price:
$10.070
Subject:
CANADIAN
Bias:
BULLISH
Owned:
Yes
2017-01-12 TOP PICK Tricon-Capital-Group
TCN-T
Mohsin Bashir

They are a junior version of a BAM.A-T.  They have a hot opportunity in the form of single family properties in the US sun belt.  There are secular growth trail winds in single family rental homes.  (Analysts’ Target: $12.56).

Price:
$9.840
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-01-12 TOP PICK Whitecap-Resources
WCP-T
Mohsin Bashir

Exploration and production light oil production.  They plan to increase from 45k to 55k barrels per day production by the end of this year.  He likes that the balance sheet has room on it and they carry less debt than peers.  They stand to benefit from a rising commodity.  (Analysts’ Target; $14.80).

Price:
$11.250
Subject:
NORTH AMERICAN - LARGE
Bias:
BULLISH
Owned:
Yes
2017-01-11 TOP PICK Alimentation-Couche-Tard--B-
ATD.B-T
Brian Madden

This has been a tremendous value creator in the Canadian consumer space. The leading convenience store operators in North America. From Québec, they have expanded into the US, Scandinavia and the Baltics, and are poised to make their largest acquisition yet, which should be about 15% accretive to earnings. The founder has aspirations to double the company in size again in the next decade. The industry is still fragmented, and some big chunky assets should still come up on the block in the next couple of years. Dividend yield of 0.6%. (Analysts’ price target is $78.36.)

Price:
$60.100
Subject:
CANADIAN & FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 TOP PICK CGI-Group--A-
GIB.A-T
Christine Poole

Half their business is outsourcing and the other half is consulting. The outsourcing part is long-term contracts with a nice recurring revenue stream. Their last acquisition was Logitech a few years ago, so their exposure to Europe is quite high. They are in a position to make another acquisition to grow a vertical market or geographically, and she thinks their preference is in the US. They are quite stringent on guidelines as to how much they are going to pay. Meanwhile they are actually seen some nice organic growth in the financial vertical. That industry is experiencing new competition in terms of new FinTech start-up companies, which is stirring the incumbents to increase productivity, cut costs and outsource, which all benefits CGI. On the whole digital arena, they provide fibre safe security. (Analysts’ price target is $70.55.)

Price:
$65.270
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 TOP PICK Manulife-Financial
MFC-T
Brian Madden

The 35-year run in the bond market is drawing to a close. All insurers are very heavily exposed on their balance sheets and through their general funds to fixed income securities. Whether mortgages, publicly traded bonds, private loans, etc. They’ve managed to claw and scratch and make money in a very repressive interest rate environment for many years. With rates backing up, it should be a tremendous boon to profitability. Trading at 1.25X BV so it is not expensive. Dividend yield of 2.97%. (Analysts’ price target is $24.92.)

Price:
$24.880
Subject:
CANADIAN & FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 TOP PICK Shopify-Inc.
SHOP-T
Brian Madden

This is the most dynamic tech story in Canada, bar none. It was one of the hottest IPOs in 2015. A dominant platform player, and their solution is e-tailing in a box. Their core market is the small-medium-sized businesses, and the solutions they offer are web development, payment processing, order fulfilment, inventory management, sales promotion, management, shipping and even things like receivables and financing. Revenue grew at 89% in the latest quarter. While not profitable yet, they are making all the right strategic decisions, very reminiscent of what Amazon did in its early days. (Analysts’ price target is $68.42.)

Price:
$58.720
Subject:
CANADIAN & FIXED INCOME
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 TOP PICK Visa-Inc.
V-N
Christine Poole

Operates the largest global payment network, and will continue to benefit from online retail commerce, the whole transition into digital online payments. Cash still represents 85% of total payments globally, so there is still a lot of growth going forward. Recently acquired Visa Europe, and as they integrate that, that is going to contribute to earnings this year. Dividend yield of 0.81%. (Analysts’ price target is $94.28.)

Price:
$81.800
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-11 TOP PICK Xylem-Inc.
XYL-N
Christine Poole

This was a spin out from ITT Corp in 2011. They make water equipment and sources to the water industry. Their products encompass anywhere from water transportation (pumps, valves, controls), treatment and testing. Their end markets include municipalities, utilities, industrial clients, building services, commercial clients, and even the agricultural industry. 70% of the globe is made up of water, but only 1% is actually drinkable or potable. There is the issue of emerging markets, where they are still building out their water infrastructure. In the developed markets, there is the problem of aging infrastructure which needs replacement. Dividend yield of 1.26%. (Analysts’ price target is $53.58.)

Price:
$0.000
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-10 TOP PICK CitiGroup
C-N
Bruce Tatters

This has done well and is still cheap. One of the more international players. Dividend yield of 1.06%. (Analysts’ price target is $63.96.)

Price:
$60.230
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-10 TOP PICK Sphere-FTSE-Emerging-Sustainable-Yield-ETF
SHZ-T
John DeGoey

This is a new product, about 2 months old. It is basically a value tilt. Value stocks historically outperform the market.

Price:
$9.700
Subject:
PERSONAL FINANCE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-10 TOP PICK United-Continental-Holdings
UAL-N
Bruce Tatters

About 15-20 years ago, the top 10 airline carriers in North America only accounted for about 15% of the air volume, and now the top 4 account for 80% of all traffic. This has turned itself into a really, really good oligopoly, so they have pricing power. The interesting thing is that the airline group still trades at about 4.5X EBITDA, because people still have long memories of when they were horrible. (Analysts’ price target is $81.09.)

Price:
$73.530
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-10 TOP PICK Vanguard-FTSE-Emerg.-Mkts.-All-Cap-ETF
VEE-T
John DeGoey

Emerging markets are a very important part of the world. Their growth is strong. A really good way to get stocks and still be diversified.

Price:
$29.400
Subject:
PERSONAL FINANCE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-10 TOP PICK Valero-Energy-Corp
VLO-N
Bruce Tatters

Refining doesn’t have anything to do with the price of oil, it has to do with crack spreads and refining margins. One of the things that has been absolutely killing refiners in the last 3-4 years is the RIN legislation of the Obama administration, requiring them to pay for renewable credit every time they produced gasoline and diesel fuel. The new administration is likely to change all that, and dramatically improve profitability. Dividend yield of 3.55%. (Analysts’ price target is $72.29.)

Price:
$66.530
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-10 TOP PICK iShare-Core-MSCI-World-of-Canada
XAW-T
John DeGoey

This is a large cap product, and is basically 1st world economies. It is one of the top 8-10 countries outside of Canada, but you are getting exposure to 85%-90% of 1st world stock market capitalization. A great way to get stocks around the world.

Price:
$21.950
Subject:
PERSONAL FINANCE & ETFs
Bias:
UNKNOWN
Owned:
Yes
2017-01-09 TOP PICK Baytex-Energy-Corp
BTE-T
Daniel Lloyd

*Long* A pairs trade with CNQ-T.  Over the next 6 months you could see oil prices drift up.  Their balance sheet is possibly underestimated because their debt is all termed out.  They are 80% down from their all time high.  (Analysts’ Target: $7.97).

Price:
$6.200
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-01-09 TOP PICK CI-Financial-Corp
CIX-T
Daniel Lloyd

*Short*, stay short.  The industry is in secular decline. (Analysts’ Target: $28.83).

Price:
$28.390
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-01-09 TOP PICK Canadian-Natural-Rsrcs
CNQ-T
Daniel Lloyd

*Short* A pairs trade with BTE-T.  Any good news you could possibly get is already priced in.  (Analysts’ Target: $49.64).

Price:
$41.820
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-01-09 TOP PICK Gran-Tierra-Energy-Inc.
GTE-T
Josef Schachter

He has a $6 target.  They have lots of exploration and development opportunities.  A good balance sheet.  Buy it under $3.50.

Price:
$3.780
Subject:
OIL & GAS
Bias:
BEAR on OIL
Owned:
No
2017-01-09 TOP PICK Northland-Power-Inc
NPI-T
Daniel Lloyd

It is an event driven situation for him.  They put themselves up for sale.  He thinks they want to get a deal done.  The market is under estimating what the pricing should be.  (Analysts’ Target:  $25.60).

Price:
$23.430
Subject:
CANADIAN
Bias:
CAUTIOUS
Owned:
Yes
2017-01-09 TOP PICK Pengrowth-Energy
PGF-T
Josef Schachter

They had to find a way to survive after the government changed the rules for royalty trusts.  They did a good job of focusing on getting long term assets.  They aim to sell their non-core assets.  When you get to the fourth quarter their balance sheet will be repaired and they could be a $3 stock in 2018.  It will be a table pounding buy very shortly.  (Analysts’ Target Price: $2.01).

Price:
$1.860
Subject:
OIL & GAS
Bias:
BEAR on OIL
Owned:
No
2017-01-09 TOP PICK Sea-Dragon-Energy-Inc.
SDX-X
Josef Schachter

He likes Egypt and he likes the management team.  They have very good assets which will double production this year.  (Analysts’ Target: $1.01).

Price:
$0.700
Subject:
OIL & GAS
Bias:
BEAR on OIL
Owned:
Yes
2017-01-06 TOP PICK Celestica-Inc
CLS-T
Robert McWhirter

Contract manufacturers. They were manufacturing phones, and consumer products, which are now less than 3% of their total manufacturing. They do a lot of business in servers and other stuff, as well as branching out into medical and aerospace. Produced $215 million of free cash flow in the last 4 months, an 11% free cash flow yield. Has about $600 million of cash. 14.8% trailing ROE. Earnings per share grew by 50% on a 22% increase in sales. They also have the ability to free up some cash on some Toronto real estate. (Analysts’ price target is $16.33.)

Price:
$16.170
Subject:
CANADIAN DIVIDEND & GROWTH
Bias:
BULLISH
Owned:
No
2017-01-06 TOP PICK Capstone-Mining-Corp.
CS-T
Robert McWhirter

This has just become free cash flow positive. Cash flow grew by $.21 on a year-over-year basis and is now basically breakeven. They have $158 million in cash on hand, 32% of their market cap, so their ability to service their debt from free cash flow looks pretty good. Trading at 6.7X enterprise value to EBITDA, 4th quarter trailing. (Analysts’ price target is $1.36.)

Price:
$1.330
Subject:
CANADIAN DIVIDEND & GROWTH
Bias:
BULLISH
Owned:
No
2017-01-06 TOP PICK Chevron-Texaco
CVX-N
Matt Kacur

Rates this as a low to medium risk stock. This is a lot like Suncor (SU-T), only a US version. Very consistent return on invested capital, fully integrated. It looks undervalued. 3.7% dividend yield. (Analysts’ price target is $124.13.)

Price:
$116.840
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
Yes
2017-01-06 TOP PICK Ensign-Resource-Service-Group
ESI-T
Matt Kacur

He considers this a medium risk company. He finds any of the service companies riskier, and have lagged, versus the producers. When you are in the services game, you are the last in line when things are good, and 1st in line when things get bad. They are just starting to get an upswing after the energy prices improved. This is at its all-time low in terms of return on invested capital, but they have a tremendous track record. It is also undervalued. Dividend yield of 5.03%. (Analysts’ price target is $9.81.)

Price:
$9.540
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
No
2017-01-06 TOP PICK Linamar-Corp
LNR-T
Matt Kacur

This is considered as a medium risk company. An auto parts company, and has gotten beaten up just from peak auto speculation. Undervalued and a great opportunity. Dividend yield of 0.66%. (Analysts’ price target is $62.94.)

Price:
$60.500
Subject:
NORTH AMERICAN
Bias:
BULLISH
Owned:
No
2017-01-06 TOP PICK Magna-Int-l.--A-
MG-T
Robert McWhirter

This is an outsourcer, producing $1.4 billion of free cash flow. Has a 6% free cash flow yield, and can end up paying off their debt easily. Has about a 21% ROE on a trailing basis. Earnings are up 33% on a 22% increase in sales. 5.3X enterprise value to EBITDA on a trailing basis. Their cash flow is forecast to grow at 11% in 2017. Dividend yield of 2.6%. (Analysts’ price target is $65.33.)

Price:
$59.620
Subject:
CANADIAN DIVIDEND & GROWTH
Bias:
BULLISH
Owned:
Yes
2017-01-05 TOP PICK American-International-Group
AIG-N
Brian Acker, CA

It has come out of the blue.  His model price is $76.31, or a 16% upside.  A lot of insurance models don’t work with negative interest rates.  Financial repression is being done away with.  (Analysts’ Target: $70.19%).

Price:
$65.600
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL
Owned:
Yes
2017-01-05 TOP PICK CitiGroup
C-N
Brian Acker, CA

US banks have not done anything for three years or more.  2009 was a low, but long term they have been trading sideways.  Since election night a lot of these stocks have literally come alive. His model price is $66.61, or an 8.5% upside, but he would ignore that.  The dividend has been severely repressed.  He sees them substantially increasing them.  (Analysts’ Target: $63.07).

Price:
$60.340
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL
Owned:
Yes
2017-01-05 TOP PICK Northland-Power-Inc
NPI-T
Douglas Kee

An independent power producer, producing 1400 MW. The attraction is the growth in offshore wind in Europe where they have 2 projects currently coming on. One is coming on right now, and the other will be coming on in 2017-2018, which will bump their cash flow by 50%-60%. There is potential for pretty big increases in dividends over the next couple of years. In July, they announced that they were doing a strategic review. One family owns 30% of the company, and the question is, do they want out. There is a potential that the assets could be sold. He likes the company long term, because he thinks the dividends are going up. Dividend yield of 4.59%. (Analysts’ price target is $25.60.)

Price:
$23.510
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Yes
2017-01-05 TOP PICK Rogers-Communcations--B-
RCI.B-T
Douglas Kee

This is down about 13% from its 2016 highs. This is because of self-inflicted stuff. They wrote off the Shomi business they had with Shaw. Hired a new CEO, which he thinks is a good acquisition for them. Also, wrote off the IPTV business, preferring to go with Comcast in the US, so the drain on capital goes away and in the future, they just pay per user. They’ll probably increase their dividend this year, which is the 1st time in a couple of years. Dividend yield of 3.65%. (Analysts’ price target is $57.38.)

Price:
$52.670
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Yes
2017-01-05 TOP PICK Toronto-Dominion
TD-T
Douglas Kee

He picked this because it has the biggest leverage to the US. They have expanded substantially into the US retail. They have more retail branches in the US than they do in Canada. Have built their brand, merging the 2 banks that they bought. They are deposit heavy, so have more deposits than they have loans. As the economy improves in the US, they can make more loans, which is good. If interest rates go up and they can expand their margins, that is even better. Dividend yield of 3.24%. (Analysts’ price target is $66.84.)

Price:
$67.810
Subject:
CANADIAN DIVIDEND
Bias:
OPTIMISTIC
Owned:
Yes
2017-01-05 TOP PICK Exxon-Mobil
XOM-N
Brian Acker, CA

Trades a little above the model price, but he looks at the price relative to its balance sheet.  You have to go back to 1995 to get it at the same valuation as today.  This one is one of the best companies in America.  (Analysts Target: $89.38).

Price:
$88.550
Subject:
NORTH AMERICAN - LARGE
Bias:
BULL
Owned:
Yes
2017-01-04 TOP PICK American-International-Group
AIG-N
David Baskin

Insurers benefit particularly when interest rates go up. Companies like this get billions of dollars in premiums, and they have to do something with those premiums until they have to make payouts. What they’ve typically done is buy bonds. If you are buying bonds at 2%, you are not making a lot of money. If those bonds go up to 3%, you are making 50% more. You can buy this one right now at 80% of BV. He also thinks the dividend is going to rise very sharply. Dividend yield of 1.94%. (Analysts’ price target is $69.18.)

Price:
$65.970
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-04 TOP PICK Moody-s-Corp.
MCO-N
David Baskin

This is part of a triumvirate in the bond/insurance business, along with S&P and Fitch. These 3 companies absolutely dominate the bond rating business. If you are going to issue bonds, you have to be rated, and you have to go to this company and get a rating, a guaranteed source of income. They are under a bit of a cloud because they are being investigated on their ratings of credit secured obligations prior to 2008, and that is probably baked into the stock. Dividend yield of 1.57%. (Analysts’ price target is $108.40.)

Price:
$97.090
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-04 TOP PICK Vail-Resorts-Inc
MTN-N
David Baskin

Made an acquisition of Whistler, which was important, because previously they were entirely subjected to the weather conditions of Colorado. By moving north to an entirely different weather system, it basically doubles its capabilities. The weak Cdn$ is very attractive for both American and European skiers. Vail is basically becoming a 4-season resort operator. Millennials spend a lot of money buying experiences rather than hard goods. He expects the earnings to go up strongly once they consolidate Whistler. Dividend yield of 2%. (Analysts’ price target is $183.71.)

Price:
$161.840
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-04 TOP PICK Torc-Oil--and--Gas-Ltd
TOG-T
Craig Porter

Light oil in Saskatchewan and Alberta. Good management team, which tends to under promise but over delivers. The largest shareholder is the Canada Pension Board, so in the past when they have gone to make acquisitions, the Board has usually stood behind them. Dividend yield of 2.88%. (Analysts’ price target is $10.41.)

Price:
$8.400
Subject:
RESOURCE
Bias:
UNKNOWN
Owned:
Yes
2017-01-04 TOP PICK Tourmaline-Oil-Corp
TOU-T
Craig Porter

Management has brought the costs down and are buying things cheaply. No one finds energy like this company does. The go-to gas name in Canada.

Price:
$34.850
Subject:
RESOURCE
Bias:
UNKNOWN
Owned:
Yes
2017-01-04 TOP PICK Whitecap-Resources
WCP-T
Craig Porter

A midsized light oil player and a dividend player. Management’s idea is if it can give investors 10% production share growth, each year, and pay a modest dividend, maintain existing production, it is a viable way to build a business. During the downturn, management was able to buy assets on the cheap. They bought a number of land packages that really increased the size of the company. Dividend yield of 2.28%. (Analysts’ price target is $14.33.)

Price:
$12.450
Subject:
RESOURCE
Bias:
UNKNOWN
Owned:
Yes
2017-01-03 TOP PICK Advantage-Oil--and--Gas-Ltd
AAV-T
Bruce Campbell (1)

One of the very low cost gas producers. Gas is very swingy, and is down a fair bit today, and the stock is down which is a really good opportunity. Trading at 8X Cash Flow and has a really good balance sheet with less than 1X debt to cash flow. Under $9 is a great entry point. (Analysts’ price target is $11.86.)

Price:
$8.740
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-03 TOP PICK Alimentation-Couche-Tard--B-
ATD.B-T
Bruce Campbell (1)

This is off its highs. The group is a bit out of favour. It is growth by acquisition, and they are really, really good at it. If you calendarize their earnings, you get a 15.5 multiple, which is the cheapest it has been in almost a decade. It still has good growth coming from its European and US acquisitions. You don’t buy this for yield, it is a growth story. Thinks it will get into the low $70s, which will still give you 15%-20%. Dividend yield of 0.59%. (Analysts’ price target is $78.36.)

Price:
$60.750
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-03 TOP PICK MGM-Mirage
MGM-N
Elliot Fishman

He loves the sector. He usually talks about the bigger companies, and this is the one that always looks like it died on the operating table. However, for the 1st time in a long time, it has actually made a move of its own without crazy volume. Barring some kind of hiccup, this stock is on its way to $40, which he thinks is attainable. It is acting quite well. (Analysts’ price target is $33.91.)

Price:
$29.480
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
No
2017-01-03 TOP PICK Nike-Inc
NKE-N
Elliot Fishman

He is looking for value. This had all kinds of problems getting through $60. It paid the price and sold off big time. This is definitely worth $50 and he would be a buyer right now. With any kind of good news at all, it could reach $60 again very quickly. (Analysts’ price target is $62.04.)

Price:
$51.980
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
No
2017-01-03 TOP PICK Toronto-Dominion
TD-T
Bruce Campbell (1)

This is at the bottom of the group, and it is a bit of an anomaly in that it is 50% US retail banking. In theory, if Bank of America is up 30%, shouldn’t this one be up 15% since the election? It is not. Thinks they are going to have better margins on the US side this year. They are going to be a big beneficiary of higher rates. Dividend yield of 3.3%. (Analysts’ price target is $66.84.)

Price:
$66.910
Subject:
CANADIAN LARGE
Bias:
UNKNOWN
Owned:
Yes
2017-01-03 TOP PICK Target-Corp
TGT-N
Elliot Fishman

This was trying to get through $80, and this sector had some disappointing earnings. It has come back again to levels it has held before at times when it wasn’t working out that well. $70 seems to be that target. This stock has been oversold. (Analysts’ price target is $78.07.)

Price:
$72.750
Subject:
TECHNICAL ANALYSIS
Bias:
CAUTIOUS
Owned:
No
2016-12-30 TOP PICK AutoCanada-Inc.
ACQ-T
Paul Harris, CFA

This has sales, servicing as well as financing, and is a very good business in the long run. Old management made too many acquisitions and didn’t integrate them properly. Because of this, the stock collapsed. New management came in and are committed to making acquisitions, but only 2 or 3 a year. They are also trying to diversify out of BC and Alberta. Throws up about $50 million a year in free cash, and thinks they will be able to use that for acquisitions. Dividend yield of 1.72%. (Analysts’ price target is $24.25.)

Price:
$23.120
Subject:
NORTH AMERICAN/GLOBAL
Bias:
UNKNOWN
Owned:
Yes
2016-12-30 TOP PICK Canadian-Pacific-Rail
CP-T
Keith Richards

He likes the transports in general. This was in a downtrend, but seems to have broken out, and there is a bit of a base in the breakout. If you buy it at somewhere around $191, in the spring it will be a good time to own it. (Analysts’ price target is $223.21.)

Price:
$191.560
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Yes
2016-12-30 TOP PICK Gilead-Sciences-Inc.
GILD-Q
Paul Harris, CFA

Trading at 6.5X earnings, so it is not expensive. Has a free cash flow yield of 13%. They have 2 main products. HIV which continues to grow and a Hepatitis C franchise. The revenue from the Hep C business is declining. He feels the stock is saying the Hep C is not going to generate any revenue for them, but there is still lots of revenue coming in. Also has some very interesting products in their pipeline which has not been taking into consideration. They have billions of dollars overseas, and can do lots of acquisitions. Dividend yield of 2.62%. (Analysts’ price target is $94.79.)

Price:
$71.610
Subject:
NORTH AMERICAN/GLOBAL
Bias:
UNKNOWN
Owned:
Yes
2016-12-30 TOP PICK Johnson-Controls
JCI-N
Keith Richards

This does fire safety products, but is also kind of into the automotive industry. It is driven by industrial seasonality. This has had a bit of consolidation since July, and is now testing that. Ideally you would like to see it bounce off of that, but he is taking his chances on it because fundamentally it is a sound company. (Analysts’ price target is $49.31.)

Price:
$41.190
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Yes
2016-12-30 TOP PICK Nike-Inc
NKE-N
Paul Harris, CFA

This has a great mobile franchise, and are growing their online brand globally. Great products. For a great brand name like this, you are only paying 25X earnings. Thinks earnings are going to accelerate into next year. Dividend yield of 1.42%. (Analysts’ price target is $61.97.)

Price:
$50.830
Subject:
NORTH AMERICAN/GLOBAL
Bias:
UNKNOWN
Owned:
Yes
2016-12-30 TOP PICK Rio-Tinto
RIO-N
Keith Richards

He likes the metals. This company has a pretty big chunk of copper, which is seasonally positive. The trend has been up and this is currently forming a base at around $38, and should do okay into the spring. (Analysts’ price target is $42.74.)

Price:
$38.460
Subject:
TECHNICAL ANALYSIS
Bias:
BULLISH
Owned:
Yes
2016-12-29 TOP PICK BioAmber-Inc
BIOA-N
Jerome Hass

Produces succinic acid, a standard building block that is used in things like plastic and polymers, for a variety of industries such as auto parts, plastic plants, and even pharmaceuticals. Has the world’s largest succinic acid plant in Sarnia Ontario. Instead of the traditional route, making the product from petrochemicals, they make it from industrial sugars. They can use any of the cheapest sugars, and currently use fructose made from corn. They can do it cheaper than it can be done from a petrochemical. About to launch a 2nd plant which will be in either Louisiana or Sarnia. Going to ramp up production mid-2017, producing $25 million in EBITDA. A name that nobody knows about in Canada. It is going to have a TSX listing. Last week it got a big boost when one of the top 3 Canadian pension funds and one of the top 10 global pension funds made investments in the stock. (Analysts’ price target is $8.73.)

Price:
$4.930
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2016-12-29 TOP PICK Callidus-Capital-Corp
CBL-T
Jerome Hass

The CEO said 4 things to improve the share price. 1.) Initiated a dividend, 2) bought back shares, (bought back shares himself) 3) launched a substantial issuer bid, and 4) taking the company private. He has hired Goldman Sachs (GS-N) to do so. Thinks it gets taken out by at least $24, a 30% upside from here. You get a 6.5% of it in yield while waiting. Dividend yield of 6.67%. (Analysts’ price target is $19.69.)

Price:
$18.060
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2016-12-29 TOP PICK Currency-Exchange-Intl.
CXI-T
Jerome Hass

Now that they have their bank license, it is really going to help in terms of  marketing. One of their biggest clients was TD Bank (TD-T). TD said they will deal bank to bank as a lot of the banks want to do, partly from compliance purposes, but the other from capital provisioning. In the next 6 months, he expects they are going to land a lot of the Canadian banks. On top of that, they landed one of the top 3 US banks last summer, and that will start trickling into their earnings which are coming early January. Using the existing customer base, he calculates they are going to be growing revenue at 22% next year, and earnings are going to be up 44%. If you compare that to any of the 8 Canadian listed banks, he would rather have this one. (Analysts’ price target is $38.50.)

Price:
$27.500
Subject:
CANADIAN MID-CAPS & LONG/SHORT STRATEGIES
Bias:
UNKNOWN
Owned:
Yes
2016-12-29 TOP PICK Secure-Energy-Services
SES-T
Steve Belisle

He likes the water treatment business.  It is hard to replicate.  The revenues are quite stable.  As you get a recovery in drilling that business will ramp up also.  They are almost the only game in town.  It is possible they will increase the dividend at the end of the year.  (Analysts’ Target: $12.06).

Price:
$11.610
Subject:
NORTH AMERICAN - LARGE - DIVIDEND
Bias:
BULLISH on FINANCIALS
Owned:
Yes
2016-12-29 TOP PICK Wells-Fargo
WFC-N
Steve Belisle

This stock has lagged its peers.  It is lower than where it started the year.  It lost the premium that it always had to its peers.  (Analysts’ Target: $55.90).

Price:
$54.840
Subject:
NORTH AMERICAN - LARGE - DIVIDEND
Bias:
BULLISH on FINANCIALS
Owned:
Yes
2016-12-29 TOP PICK Sleep-Country-Canada-Holdings
ZZZ-T
Steve Belisle

High single digit same store sales growth which is unknown by retailers in Canada.  Growth in Accessories is close to 20% on a same store sales basis.  (Analysts’ Target: $34.50).

Price:
$28.460
Subject:
NORTH AMERICAN - LARGE - DIVIDEND
Bias:
BULLISH on FINANCIALS
Owned:
Yes
2016-12-28 TOP PICK Agnico-Eagle-Mines
AEM-T
Hap (Robert) Sneddon FCSI

This is the best of the senior producers. It has a fantastic balance sheet, and really good assets. Has held up well compared to other names. Overall, the sector is in a longer-term bottoming process. $50 became an interesting place for buyers. His one year target is around $68. January and February are very supportive of gold prices, and in February you want to take some off the table as it gets weak from March onwards. Believes that bullion overall is making a significant longer-term low here, and producers always reflect the bullish/bearish moves before the underlying commodity, and we are seeing that now. Risk/reward here is really good. Dividend yield of 0.99%. (Analysts’ price target is $71.25.)

Price:
$54.900
Subject:
TECHNICAL ANALYSIS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-28 TOP PICK Arc-Resources-Ltd
ARX-T
Norman Levine

He likes natural gas better than oil, and this one is largely natural gas. It recently sold its Saskatchewan oil properties, so it is now about 72% natural gas. He likes that most of their natural gases are in BC in the Montney, which is a great area to be in. Low cost producers. Really good management. Dividend yield of 2.6%. (Analysts’ price target is $27.30.)

Price:
$23.110
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-28 TOP PICK Fairfax-Financial
FFH-T
Hap (Robert) Sneddon FCSI

A stock that sort of has a love/hate relationship on the street, because they are not a pure play in anything they do. The insurance part lags their peer group. Its recent acquisition of Allied World may create some broader appeal. Prem Watsa’s track record is really good. Dividend yield of 2.23%. (Analysts’ price target is $762.23.)

Price:
$647.470
Subject:
TECHNICAL ANALYSIS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-28 TOP PICK Pfizer-Inc
PFE-N
Norman Levine

This had a patent cliff with Wyatt a couple of years ago, which had a lot of promising new drugs. They have a huge amount of assets overseas in cash, which they would love to bring back, but taxation rates to bring that back are very, very high. Under the Trump administration, it is expected that that is going to change and the tax rate is going to plummet, making a lot of sense for US drug companies to bring money back in, which they can use for share buybacks, acquisitions or pumping up R&D. Dividend yield of 3.96%. (Analysts’ price target is $37.42.)

Price:
$32.350
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-28 TOP PICK SNC-Lavalin-Group-Inc.
SNC-T
Hap (Robert) Sneddon FCSI

Construction/engineering is really good for the next 5-7 years. Chart shows it is trying to break out at around $57. The longer-term pattern is a “cup and handle” formation. A break out at this point is pretty significant. He has a target north of $80. Dividend yield of 1.70%. (Analysts’ price target is $63.36.)

Price:
$58.230
Subject:
TECHNICAL ANALYSIS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-28 TOP PICK Teva-Pharmaceutical
TEVA-N
Norman Levine

Has just got back into the stock after being away for several years. It is the largest generic company globally. He likes buying pharmaceutical stocks when they are out of favour. This has a drug called COPAXON for multiple sclerosis, which is just coming off patent. Acquired Allergan’s generic business, and the integration has had a few rocky times. Looking forward, the valuation is as cheap as it has been in a very long time. Dividend yield of 3.79%. (Analysts’ price target is $52.48.)

Price:
$35.930
Subject:
NORTH AMERICAN - LARGE
Bias:
UNKNOWN
Owned:
Yes
2016-12-23 TOP PICK Apple
AAPL-Q
Lorne Zeiler

He sees catalysts in this. They have what is called a “refresh” or “repurchase” program with the iPhone. The iPhone 8 is going to be hitting right at that point and grabbing market share, and you are going to have people switching devices. That will bring a new revenue source for them. People have been concerned about declining iPhone sales, and he thinks they will increase in 2017. Repatriation would be massive for this company. They have over $150 billion sitting offshore. The expectation is that if it actually does happen, they are probably going to bring about $100 billion back, which could go into special dividends, dividend increases and share buybacks. Also, they have been significantly increasing the revenue for services. Dividend yield of 1.97%. (Analysts’ price target is $131.65.)

Price:
$116.520
Subject:
NORTH AMERICAN DIVIDEND STOCKS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-23 TOP PICK AbbVie-Inc.
ABBV-N
Lorne Zeiler

Thinks healthcare has been an un-forgotten asset class. As a result, there are a lot of companies with compelling valuations. This is trading at about 13.5X earnings. The majority of that comes from the auto immune therapy product, Humira, that really changes people’s lives. This will contribute about $17 billion to total earnings next year. They are seeing huge growth for emerging markets. It has come off patent, but this is an infusion medication with numerous patents around it. They’ve got a good pipeline, because they have made a number of acquisitions. They are expecting earnings growth of about 30% over the next 4 years. Dividend yield of 4.11%. (Analysts’ price target is $71.94.)

Price:
$62.340
Subject:
NORTH AMERICAN DIVIDEND STOCKS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-23 TOP PICK Detour-Gold
DGC-T
John Zechner

This came under additional pressure, because the West Detour looks like there was some delays and costs coming a little higher than initially expected. This is still going to come on, just a little later than expected. The drawdown on the stock is more than offset. The balance sheet is in good shape. Good cash flow generation. Long lifeline. This will make a great take out candidate for one of the larger players at some point. (Analysts’ price target is $28.76.)

Price:
$16.000
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-23 TOP PICK Facebook
FB-Q
John Zechner

This has done a phenomenal job. Believes it will be the largest market capitalization stock in the US in the next couple of years. There are 1.8 billion monthly active users. When they went public, they had zero mobile advertising revenue. It was 84% of their $7 billion in revenue last quarter. They keep beating expectations. Margins are rising. The apps they don’t have, they keep buying. You are basically getting this at around 21X 2017 and about 18X the forward year. Even if you gap-adjust that it is still in the mid-20s. (Analysts’ price target is $154.71.)

Price:
$117.270
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-23 TOP PICK Hudson-Bay-Co.
HBC-T
John Zechner

If you take a normal REIT value for department store REITs, and apply it to their real estate operations, you’ll probably get a value north of $20, maybe $25 a share. You are paying less than nothing for the retail operation. He likes what they have done with the Bay since 2007. They bought Saks, turning it around. Thinks Galeria Kaufhof is going to be a stronger operation. Even moving Bay stores into a place like Belgian was a smart idea. Trading at a huge, huge discount to its NAV. Dividend yield of 1.5%. (Analysts’ price target is $20.75.)

Price:
$13.190
Subject:
NORTH AMERICAN - LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-23 TOP PICK Trans-Canada-Corp
TRP-T
Lorne Zeiler

Great management team. Reasonable valuation to the peer group. There is going to be a lot of pipeline that he is expecting to come online in the next number of years. There is about $25 billion of infrastructure that has been spent, and will be coming online, probably within the next 2 years. There is another $45 billion that is likely coming on in the next 5 years from there. A huge amount of growth in that space. The company has said that they are likely to increase dividends at a 10% clip over the next 5 years. We are also likely going to see Keystone approved. Dividend yield of 3.64%. (Analysts’ price target is $68.31.)

Price:
$62.130
Subject:
NORTH AMERICAN DIVIDEND STOCKS & MACRO STRATEGY
Bias:
UNKNOWN
Owned:
Yes
2016-12-22 TOP PICK Aegon-N.V.
AEG-N
Benj Gallander

They do insurance, pensions, and asset management.  Their stock has been hurt badly but they pay a dividend.  They sold their Ukrainian operations to move more into Brazil.  It has a lot of potential.  During the recession they were bailed out by the Dutch government and thinks they would do it again if necessary, protecting investors.

Price:
$5.540
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
Yes
2016-12-22 TOP PICK BlackBerry
BB-T
Benj Gallander

They released numbers this week.  The revenue was weak.  The turnaround portion is done and now they will look at growth.  He has confidence in management.  Once you turn around a big company the analysts are all over it and the stock price can move up quickly.  It is Canadian.  (Analysts’ Target: $10.25).

Price:
$9.680
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
Yes
2016-12-22 TOP PICK Innodata-Isogen-Inc.
INOD-Q
Benj Gallander

Digital technology for eBooks and so on.  It has a very spiky chart.  All of a sudden news comes out on it and it jumps.  They moved into insurance.  It will jump at some point.

Price:
$2.150
Subject:
CONTRARIAN INVESTING
Bias:
CONTRARIAN
Owned:
Yes
2016-12-22 TOP PICK Greenspace-Brands-Inc
JTR-X
James Hodgins

Everyone can see how the shelf space in the big Canadian grocery chains has been growing significantly for organic. This company is a distributor for organic brands, both into those grocery stores, and also into Starbucks (SBUX-Q). Thinks there is significant, significant upside, and has this pegged at something like 140% revenue growth next year. (Analysts’ price target is $2.08.)

Price:
$1.190
Subject:
SMALL & MID-CAP NEUTRAL INVESTING
Bias:
UNKNOWN
Owned:
Yes
2016-12-22 TOP PICK Merus-Labs-International
MSL-T
James Hodgins

This has been a Top Pick in the past, and he has been wrong, but with the end of tax loss selling there should be a change. They are getting the benefit of a technology transfer for manufacturing of one of their main drugs, Sintrom, from the US in US$ costs into Europe in Euro costs. That is going to take place over the next 2-3 quarters and will save them about $8 million a year. They can reinvest those savings. Their next targeted acquisitions are for drugs with an organic growth profile, something they have lacked in the past. Trading at 3X cash flow, and their closest competitor trades at 10X cash flow. There has been recent insider buying by both the CEO and a couple of board members. (Analysts’ price target is $1.84.)

Price:
$1.080
Subject:
SMALL & MID-CAP NEUTRAL INVESTING
Bias:
UNKNOWN
Owned:
Yes
2016-12-22 TOP PICK TheScore-Inc.
SCR-X
James Hodgins

The CEO, who owns a significant amount of stock, has been purchasing even more recently. The end of tax loss selling plus insider buying and a cheap stock. You can’t find fast-growing app or software stocks that are trading at 1.5X sales. There is a significant amount of long term upside in this company. (Analysts’ price target is $0.55.)

Price:
$0.215
Subject:
SMALL & MID-CAP NEUTRAL INVESTING
Bias:
UNKNOWN
Owned:
Yes
2016-12-21 TOP PICK Alaris-Royalty
AD-T
Michael Sprung

Had recommended this very early this year, and it ran into problems. It is an alternative finance company, primarily for private companies that have a long-term track record of being profitable, where management is looking for a way to finance without giving up control. The company primarily advances preferred stock, which participates with the growth of the company. When Alaris makes an investment, they are sort of looking towards earning a 15% rate of return, and has a policy of paying out a 6% dividend. Dividend yield of 6.84%. (Analysts’ price target is $24.46.)

Price:
$23.580
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 TOP PICK AGT-Food--and--Ingredients
AGT-T
Michael Sprung

Has owned this for quite a while, and has a fairly low cost base on it. Lately it has started to come off into the mid-$30. At these price levels, it is something people can look at in safely buying. They are one of the largest processors of pulses globally. They’ve also expanded rapidly into food ingredients. Dividend yield of 1.69%. (Analysts’ price target is $44.)

Price:
$35.500
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 TOP PICK Arc-Resources-Ltd
ARX-T
Michael Sprung

He always looks for companies that have strong financial backing. They recently sold some assets in south east Saskatchewan, which even further enhances their balance sheet, and allows them to have more choices in how they deploy capital going forward. Management has always been extremely good in deploying capital. He looks at this as being not only one of the survivors, but one of the benefactors of all the turmoil that has happened in the energy patch. He wouldn’t be surprised to see dividends start to increase again. Dividend yield of 2.62%. (Analysts’ price target is $27.30.)

Price:
$22.910
Subject:
CANADIAN LARGE
Bias:
CAUTIOUS
Owned:
Yes
2016-12-21 TOP PICK Cardinal-Energy-Ltd
CJ-T
Rick Stuchberry

This has a reasonable yield, and he was looking for situation that had enough yield but with enough growth to give something extra. It has a very low decline rate, which means they don’t have to pump a lot of capital in the ground to keep their decline rate going. They are very good operators. It has an immaculate balance sheet, with very low debt. If the price of crude goes up even $5-$10, they will be big beneficiaries. Also the market cap is under $1 billion. When it gets to $1 billion, a lot of funds will buy it, giving it an extra kick. Dividend yield of 4.11%. (Analysts’ price target is $11.83.)

Price:
$9.140
Subject:
CANADIAN LARGE & iNTERNATIONAL ADR's
Bias:
UNKNOWN
Owned:
Yes
2016-12-21 TOP PICK ING-Groep-NV
ING-N
Rick Stuchberry

This keeps looking better and better. It is at the front end of technology in the European banking system. They got caught in the rigmarole of 2008, and had to borrow money from the Dutch government. They quickly liquidated in Canada and the US and paid the Dutch government back, and excelled on their new technology platform and are able to deliver costs much cheaper than the other European banks. Thinks it will be the leader in Europe. Dividend yield of 4.77%. (Analysts’ price target is $13.89.)

Price:
$14.290
Subject:
CANADIAN LARGE & iNTERNATIONAL ADR's
Bias:
UNKNOWN
Owned:
Yes
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