Bruce Murray’s Market Outlook and Stock Picks for July 2024

Exploring Bruce Murray's Top Stock Picks and Market Insights for July 2024

Editorial Team (ET)May 9, 2025

Bruce Murray, the CEO and CIO of Murray Wealth Group, has made quite a name for himself in the world of finance. With a sharp focus on North American growth stocks, Bruce Murray's insights are always highly anticipated. This article dives into his top picks for July 8, 2024, and provides an in-depth analysis of his market outlook and the reasoning behind his selections.

Market Outlook

The S&P 500 Index delivered an impressive total return of 15.3 percent in the first half of the year. This strong performance has set a positive tone for the rest of the year, and Bruce Murray believes the bull market will continue to thrive.

Murray highlights that the current economic slowdown and moderating inflation are key factors that will allow for lower interest rates. The Federal Reserve is expected to start cutting rates in the fall, which will stimulate the economy and improve market valuation. Dividend payers are expected to benefit from better valuations and overall profitability.

Approximately 28 percent of Murray's portfolio is exposed to companies with AI potential, including Alphabet, Meta, Microsoft, and Amazon. He believes in the potential of AI but prefers to invest in strong businesses poised to benefit from this technology.

Murray's portfolio has just over 25 percent exposure to Europe, focusing on global leaders like LVMH and AstraZeneca. AstraZeneca, in particular, is enjoying great success with its cancer treatments and is considered a top pick.

Around 25 percent of the portfolio is invested in Canada, with a focus on well-positioned companies and maintaining financial weight largely in Canada. Murray believes lower interest rates will boost confidence and performance in many businesses. Murray also sees early signs of a mining exploration pickup. After a decade of limited exploration, there is a growing need for more mines, particularly copper, to meet future demand. Bruce Murray's Top Picks

Airbus SE (EADSY ADR)

Airbus SE is a global leader in the aerospace industry. Despite some recent challenges, Murray believes Airbus is well-positioned for growth.

Challenges and Opportunities

Boeing's Issues: Airbus's main competitor, Boeing, is dealing with management changes, potential lawsuits, and ongoing issues with the FAA. This situation presents an opportunity for Airbus.
Supply Chain Shortages: Although Airbus has faced parts supply shortages, it recently acquired factories in Northern Ireland and the USA as part of Boeing’s reacquisition of its former airframe manufacturing business.
Earnings Outlook: While earnings are expected to be down about 10 percent this year, growth of 10-15 percent per year is anticipated for the rest of the decade.

Air Canada (AC TSX)

Air Canada is another top pick for Bruce Murray. Despite past challenges, the company is poised for substantial growth. Growth Factors

Underpriced Stock: Air Canada is currently selling well under four times trailing earnings per share (EPS).
Debt Reduction: The debt that ballooned during the pandemic has largely been repaid.
Travel Demand: With a growing population and increased international traffic, Air Canada is set to benefit from rising travel demand.

Evertz Technologies (ET TSX)

Evertz Technologies is a small but highly profitable company in the niche market of broadcasting and video distribution. Key Strengths

Revenue Growth: The company generates about $500 million in revenue, growing at about 5 percent per year.
Profitability: With net margins of 15 percent, Evertz Technologies is highly profitable.
Dividends and Cash Accumulation: The company pays an $0.80 dividend (6.4 percent yield) and continues to accumulate cash. If acquisition opportunities do not arise, an extra dividend of $1.00 per share could be expected.

Conclusion

Bruce Murray's top picks for July 8, 2024, reflect his confidence in the continued growth of the market. With a keen eye on North American growth stocks and strategic investments in AI potential, European leaders, and well-positioned Canadian companies, Murray's portfolio is well-diversified and poised for success. His belief in the resurgence of mining exploration further underscores his forward-thinking investment strategy.

Bloomberg

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