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Highlights
- Brookfield Renewable Partners is well-positioned to benefit from the increasing demand for clean energy as cloud computing companies expand their data centers.
- CIBC shows resilience in the banking sector, supported by solid earnings growth, reduced credit losses, and strong capital management.
- Celestica is expected to thrive as cloud computing companies invest in infrastructure to support artificial intelligence development.
As the Canadian stock market continues to navigate a complex economic environment, TD Securities has highlighted three key companies that are expected to perform well in 2024. These include Brookfield Renewable Partners L.P., Canadian Imperial Bank of Commerce , and Celestica Inc. Each of these companies is poised to benefit from long-term trends across the energy, banking, and technology stocks within Value sector.
Brookfield Renewable (TSX:BEPC)
Brookfield Renewable Partners, a leader in the renewable energy sector, is well-positioned to capitalize on growing global demand for clean energy. The company is expected to benefit significantly as cloud computing providers ramp up the development of data centers, which require vast amounts of electricity. With many companies prioritizing sustainability, Brookfield Renewable’s clean energy solutions align well with this shift. The company's agreement to provide renewable power for data centers further exemplifies its role in the future of energy.
Canadian Imperial Bank of Commerce (TSX:CM)
In the financial sector, the Canadian Imperial Bank of Commerce (CIBC) remains a standout. Despite challenges faced by the banking industry, CIBC has demonstrated better-than-average growth in pre-tax earnings and has seen a decline in credit losses. The bank’s strong capital position has also enabled it to initiate share buybacks, signaling confidence in its long-term financial stability. With a robust presence in the Canadian mortgage market, CIBC has managed to navigate potential credit risks effectively.
Celestica (TSX:CLS)
Celestica, a major player in the technology sector, is positioned to benefit from the ongoing investment in artificial intelligence infrastructure by cloud computing companies. As these companies invest heavily in the networking services and computing power needed for AI development, Celestica’s role as a supplier is expected to grow. This makes the company an attractive option for those looking at stocks with exposure to the rapidly evolving technology landscape.
