Daily roundup of research and analysis from The Globe and Mail’s market strategist Scott Barlow
RBC Capital Markets head of U.S. equity strategy Lori Calvasina strongly suggests that large-cap U.S. growth stock leadership is close to an end,
“While Nvidia’s widely anticipated earnings were generally viewed as strong, it didn’t change the fact that the Large Cap Growth trade has tactical problems that need to be resolved. Growth valuations have only corrected modestly relative to Value and remain well above their long-term average. The weekly CFTC data for asset manager positioning in Nasdaq 100 futures continues to suggest that the Large Cap Growth trade is overowned.
“The transition to Clean Energy is not dead. Build outs are in place and penetration in many areas, like power generation, are still low. Demand is still there for products such as electric vehicles. The issue for many investors is timing … Many of the stocks in this selection of Clean Energy names are burning cash/generating negative free cash flow.
Mr. Pettit screened for global companies with renewable energy exposure that are currently trading at reasonable valuation levels. Stocks that might be of interest to Canadian investors include Renault SA, Toyota Industries Corp., Rcokwell Automation, Cummins Inc., AECOM, SolarEdge Technologies Inc. and Shoals Technologies Group Inc.
“The federal government continues to make life difficult for the Bank of Canada. Ottawa’s immigration policy is keeping housing inflation high as rental vacancy rates have fallen to historic lows on the back of a surging population . This is happening at the same time the country is reporting weak business investment and a decline in its private non-residential capital stock.
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