Bombardier flies high while analysts soured on one of the Big Three telecoms
Bombardier Inc. (BBD/B) was flying high this week with the stock reaching its highest level since 2011 on news of a massive deal for the purchase of 50 private jets from the Montreal-based planemaker. Shares closed Wednesday up 21 per cent on news of the US$1.7 billion deal that could morph into a US$4 billion contract if the anonymous buyer exercises an option for 70 more aircraft. BMO Capital Markets analyst Fadi Chamoun raised his price target for the shares to $150 from $130, while Desjardins Securities analyst Benoit Poirier raised his target to $175. 'The business aviation cycle remains on firm footing and the recent significant order for 50 aircraft announced on June 30 further solidifies the outlook,' Chamoun said in a note.
Shares of the planemaker failed to lift off in the early part of the year as tariff worries weighed them down. But, the clouds lifted in early April as tariff concerns eased, Bloomberg Intelligence analysts said. That cleared the runway for a steady climb to Wednesday's gain. Bombardier shares closed Friday at $149.75, up almost 30 per cent for the week.
With a new quarter underway, RBC Capital Markets has updated its Top 30 global ideas for stocks. 'The Top 30 list is built around bottom-up best ideas that we also view as offering attractive positioning in the current environment,' Graeme Pearson and Mark Odendahl, co-heads of global research, said in a note. Among the Canadian additions to the list are Barrick Mining Corp. (ABX) and Brookfield Corp. (BN). In the case of Barrick, RBC said the Toronto-based gold miner is trading at an 'unusually large discount to peers.' The Capital Markets team said share buybacks and continuing strength in gold prices are among the keys to driving returns, while cautioning that some patience might be called for before seeing returns. RBC has a price target of $35.24 for Barrick and $110.27 for Brookfield. Barrick closed Friday at $29.18. Brookfield closed at $87.39.
Meanwhile, a few Toronto-listed companies held on to their spots on the list, including Alimentation Couche-Tard Inc. (ATD), Canadian Pacific Kansas City Ltd. (CP) and Constellation Software Inc. (CSU). RBC has price targets of $94 for retail giant Couche-Tard, $127 for Canadian Pacific and $5,700 for Constellation. RBC likes Montreal-based Couche-Tard for a recovery in consumer spending, improvements in procurement and the opportunity for more acquisitions. It remains hot on Canadian Pacific as it believes the purchase of Kansas City Southern Railway 'significantly improves network reach.' On Constellation: 'We believe that Constellation Software is likely to generate one of the highest returns for shareholders over the long term in our coverage universe,' RBC said. Couche-Tard closed at $69.13, CP at $81.03 and Constellation at $5,005.00.
BMO Capital Markets is making the call that there's reason for some investing optimism where two of Canada's three major wireless providers are concerned. 'The wireless pricing environment appears to be improving (becoming less negative) with operators raising prices in April and largely maintaining those levels through the quarter,' Tim Casey, telecom, media and cable analyst at BMO, said in a note. He raised his price targets for Rogers Communications Inc. (RCI/B) to $57 and Telus Corp. (T) to $24. Rogers completed a $7 billion financing deal to help close the purchase of BCE Inc.'s share of Maple Leaf Sports and Entertainment Ltd., with Casey noting, 'Rogers' sports assets provide significant upside potential.' For Telus, Casey said the Canadian-radio Television and Telecommunications Commission's recent decision on wholesale fibre is a 'tailwind.'
Rogers closed at $44.04 on Friday and Telus closed at $22.03.
BCE Inc. the remaining telco of the Big Three, was noticeably absent from BMO's upgrade note for Telus and Rogers. But it was on CIBC Capital Markets' radar. The company's beleaguered stock, down 10 per cent year to date, took a blow this week, falling as much as 3.2 per cent intraday when CIBC downgraded its rating to neutral from its previous rating last summer of outperform. Rogers is up 1.2 per cent from the start of the year and Telus is up almost 11 per cent. CIBC has a price target of $33. BCE rebounded on Friday to close at 30.84.
Prices for copper have risen on the spectre of U.S. tariffs and now analysts at RBC Capital Markets think that equities have finally caught up with the commodity. 'North American copper equities under coverage are up 14 per cent year to date, significantly outperforming the LME (London Metals Exchange) copper price, up four per cent despite materially underperforming in Q1,' equity analysts Sam Crittenden and Harrison Reynolds said in a note. Preferred names in the copper mining space for the pair include Hudbay Minerals Inc. (HBM), Capstone Copper Corp. (CS) and First Quantum Minerals Ltd. (FM). They have a price target of $17 for Hudbay, $12 for Capstone and $25 for First Quantum. The trio of companies closed at $14.55, $8.58 and $25.07, respectively.
Why BMO thinks Costco shares still have room to run and other calls from the week in stocks
The week in stocks: Empire, Algoma Steel, and why the case for the trade in war 'keeps getting stronger'
• Email: gmvsuhanic@postmedia.com
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