-- The dramatic rally in US stocks is showing signs of faltering while strategists say Canadian equities are ready to pull ahead.The Canadian stocks benchmark touched a record high in July, climbing roughly 8% this year, but it has struggled to keep pace with the high-flying S&P 500 Index’s close to 15% gain. Mega-cap tech stocks drove the rally in the US, while Canada’s run has been more wide-ranging.
“It’s exactly the wrong time to be negative on Canada,” Belski said in an interview, adding that stocks in the country have been outperforming despite concerns about the economy. Even stocks in the retail sector, like Aritzia Inc. and Dollarama Inc., “are killing it at a time when the Bank of Canada is worried about the economy slowing down.”Belski’s year-end target for the S&P/TSX of 24,500 implies a more than 8% gain for the rest of the year. Consensus is even higher at around 25,224.
While for the S&P 500, estimates suggest earnings for the Magnificent 7 peaked in the first quarter and “are poised to decelerate in the following quarters, giving the TSX ample opportunity to catch up,” Wolff and Adams said.
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