Canadian Market Outlook: Stephen Takacsy’s Stock Picks You Need to Know

Stephen Takacsy’s Market Outlook: Top Picks and Strategies for Canadian Stocks in 2024

Editorial Team (ET)October 2, 2026

Stephen Takacsy, president, CEO, and chief investment officer of Lester Asset Management, shares a confident and optimistic outlook for Canadian markets. With inflation reaching the Bank of Canada’s 2% target and interest rate cuts underway, Takacsy describes the current economic environment as a “goldilocks” scenario—a balanced combination of disinflation and sustained economic growth. This backdrop, he argues, is fueling strong performances in both the stock and bond markets.

Canada’s Resilient Economy Amid Global Uncertainty

Despite aggressive rate hikes in recent years, the Canadian economy has demonstrated remarkable resilience. While the job market has slowed due to lagging effects, Takacsy notes that the so-called “soft landing” many economists predicted has materialized, providing a stable platform for investors.

In fixed income, shorter-term corporate bonds and preferred shares have seen substantial gains, exemplified by Lester Asset Management’s Canadian Fixed Income Fund, which is up over 11% this year.

Stock Market: Selectivity is Key

Takacsy emphasizes the importance of being selective in the current equity market. Broad-based rallies have created opportunities, but slowing global growth and potential U.S. tariffs under Donald Trump’s administration warrant caution. Takacsy reassures that his firm’s Canadian Equity Fund has minimal exposure to sectors vulnerable to tariffs, focusing instead on resilient domestic companies.

Top Picks for December 2024

Stephen Takacsy highlights three standout Canadian stocks, each offering distinct opportunities for growth and stability in today’s market.

Savaria (SIS – TSX): Long-Term Growth Potential

Savaria is a global leader in home accessibility and patient-handling products, benefiting from aging demographics and the increasing desire for independent living. Its operational improvements under the Savaria One program aim for 20% EBITDA margins by next year, alongside $1 billion in sales through cross-selling opportunities.

Despite recent concerns over potential U.S. tariffs, Savaria’s stock remains undervalued, trading at under 10 times forward EBITDA. Takacsy sees this as a buying opportunity, with a target price of $30 by the end of 2025 if the company stays on track.

Jamieson Wellness (JWEL – TSX): Expanding Internationally

Jamieson Wellness, Canada’s leading vitamin and mineral supplements brand, is aggressively expanding globally. With strong growth in Canada and the U.S., and an 80% surge in sales from China, the company is targeting $750 million in sales and $140 million in EBITDA this year.

The stock trades at a favorable valuation of under 11 times forward EBITDA, presenting a solid entry point. Takacsy predicts a bright future for Jamieson, citing potential acquisition interest from global players within the next few years.

Stella Jones (SJ – TSX): A Defensive Growth Play

Stella Jones, a leading producer of railway ties and utility poles, represents defensive growth at a reasonable price. The company benefits from recurring sales in the railway tie industry and double-digit growth in utility poles driven by electric grid expansions and fire-resistant pole technologies.

With a robust balance sheet and consistent share buybacks, Stella Jones is well-positioned to weather market volatility. A recent 25% dip in the stock due to a slowdown in utility pole sales provides an attractive entry point for long-term investors.

Conclusion: Optimism for Canadian Investors

Stephen Takacsy’s insights paint a promising picture for Canadian stocks and bonds. With a resilient economy, strategic selectivity in equities, and strong picks like Savaria, Jamieson Wellness, and Stella Jones, the opportunities for growth and stability in 2024 are compelling.

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