October RBC Analyst Survey Results, Strategy Sector Recommendation Updates
By Lori Calvasina
Published October 20, 2022 | 8 min listen
In this edition of the podcast, we update our latest views on sectors and key takeaways from our October RBC analyst outlook survey. Three big things you need to know: First, in our latest survey, taken in early October 2022, our analysts had a slightly positive tilt in their outlooks for performance over the next 6-12 months, with a modestly positive view on valuations and a slightly positive tilt on the state of demand. The most constructive performance outlooks were found in Energy and Health Care, followed by REITs, then Financials, Tech, and Utilities which offset more pessimistic outlooks for Consumer Staples and Consumer Discretionary. There were some interesting shifts in some of these rankings. Second, our analysts don’t seem particularly focused on the mid-term elections, with most seeing the possibility of a split or Republican-led Congress as a neutral event for their industries. To the extent they see it as a relevant event, a good showing for Republicans is seen as the better outcome for their industries. Third, our analysts’ latest sector views support our own, ongoing US Equity Strategy overweights on Energy, Financials, Health Care, and Technology and our underweight on Consumer Staples. Our analysts’ views also support our decision – which we implemented on Monday – to upgrade Communication Services from underweight to market weight and to downgrade Consumer Discretionary from market weight to underweight.
Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
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