Inside the Market’s roundup of some of today’s key analyst actions
ahead of an “increasingly likely” strike or lockout is “part of the negotiating and bargaining process, with a slightly more negative tone on reaching a negotiated settlement, which may weigh on near-term demand and yields but should have little long-term impact on share prices.”
Mr. Murray’s estimates a strike would cost Air Canada almost $10-million per day, which he thinks “would essentially seize air travel , likely bringing about a government response given the essential nature of air travel in Canada, both domestically and internationally.” Company indicated that it had offered arbitration as a solution and stated that it would look to the Federal government to intervene should a strike or lockout happen, similar to the recent WestJet and rail cases.”
“TC Energy provides a utility-like cash flow predictability across its portfolio of assets in North America,” he said. “The Company is structurally supportive of the energy transition through its established and growing Natural Gas Pipelines and Power & Energy Solutions segments.
“We have seen tentative signs of the physical market returning to more normal conditions following what feels like a period of de-stocking; however, we are also starting to see a fresh batch of doom and gloom articles about China and it remains a key risk if the economy there continues to struggle,” he said. “A ‘harder’ landing in the US and elsewhere could also send copper lower toward marginal cost, which we see in the $2.75-3.
Analyst: “ stands on the verge of a FCF and production inflection point as it ramps up the Mantoverde mine in Chile which could drive higher production with lower costs.” Analyst: “The Vicuna district has potential to become one of the world’s leading copper districts; however, it remains several years away from production.”
“We increase our gold forecast in 2024 to $2,343/oz and 2025 to $2,655/oz in conjunction with RBC Elements,” the analys said. “RBC Mining Equities’ gold price forecasts are slightly below spot near-term, where we view current rate cut expectations and US election uncertainty as risks. Potential weakness in gold equities is viewed as a buying opportunity ahead of a major 2H24 improvement in financial results.
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