RBC Capital Markets analyst Robert Kwan sees ‘multiple tailwinds’ in the yield-heavy energy infrastructure sector,
“we note a positive relative setup for Canadian Midstream given the elevated Western Canadian rig count versus the U.S.
Mr. Kwan has “outperform” ratings on TC Energy , Pembina Pipeline , Enbridge , Altagas , Keyera , Brookfield Infrastructure and Gibson Energy .“We highlight the current 8% P/NAVPS multiples for our combined Cu producer coverage … We note that the large and mid-cap coppers are currently trading at relatively similar average P/NAVPS of 1.42x, with the large caps trading at a slightly higher average of 1.48x.
BofA Securities investment strategist Michael Hartnett is concerned about U.S. government spending, among other things, “If you spent $100 every second of every day it would take you 1966 years to equal the $6.2 trillion the US government has spent the past 12 months; fiscal excess=no landing=inflation=secular bear in bonds=ABB “Anything But Bonds” bull… stocks & crypto ripped Q4, commodities & crypto ripped Q1, in Q2 turn of US$ to rip as investors hedge Fed hike risk & US govt needs US$ strength to counter inflation … short bonds until yields hit 2sd “oversold” levels… 5.2% on 2-year, 5.