BMO analyst sees inflection point for bank stocks, provides top picks

“The Q2/24 earnings season kicks off May 23 with TD. Across the “Big 5″ , cash earnings are expected to be down ~4% y/y, with positive pre-tax pre-provision earnings growth more than offset by still elevated credit provisions . Our estimates contemplate slow loan growth but stable margins, some firming in Capital Markets/Wealth revenue, and sticky expenses not yet showing full benefits from last year’s restructuring charges.

“OpenAI demo shows the true power of virtual assistants that developers can tap into creating a plethora of apps … We expect AAPL to be a net beneficiary of AI at the edge . Maintain Buy … the demo highlighted how devices at the edge can benefit from AI. By combining voice, text and images seamlessly, the demo captured how AI can drive incredible amounts of productivity … Demo highlights the disruptive nature of AI.

“New tariffs on clean tech imports could have a detrimental impact on near-term growth, and thus climate benefits, but should serve as a demand accelerant for domestic-made products … We see the most acute risk for the US battery storage market. As it stands today, the majority of the battery storage supply chain is linked to China.

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