From Retail to Aerospace: Michael Hakes’ Top Stocks for November 2024

Michael Hakes’ insights on Aritzia, Airbus, and AstraZeneca reveal key investment opportunities in an uncertain market landscape.

Editorial Team (ET)October 5, 2026

Michael Hakes, a senior portfolio manager at Murray Wealth, has shared his top investment picks for November 2024, with a focus on U.S. and global stocks. His outlook reflects the optimistic yet cautious mood in today’s markets, weighing possibilities for a "soft landing" or “no landing” scenario for the U.S. economy. Hakes’ top picks, Aritzia, Airbus, and AstraZeneca, each present unique growth opportunities despite broader market challenges. Here’s a look into his analysis and why these stocks may be worth considering for your portfolio.

Market Outlook: Soft Landing or No Landing?

The U.S. economy has shown resilience, with recent economic data offering hope for a soft landing—a scenario where economic growth slows enough to curb inflation without tipping into a recession. However, there’s an alternative theory of a “no landing” scenario, where the economy keeps its current momentum with minimal downturn.

With job openings slightly lower than expected and lower-than-anticipated jobless claims, there’s evidence the labor market remains solid. Federal Reserve policies on maintaining employment and price stability appear to be working. Additionally, inflation seems contained, with the Consumer Price Index (CPI) meeting expectations at 2.1% year-over-year. Despite a minor GDP dip, the broader picture suggests stability.

The S&P 500 Index's projected earnings per share (EPS) growth in 2025, estimated at around 10%, signals a strong foundation for the market. Current valuations, however, are high at 23 times earnings, especially if interest rates remain elevated. Therefore, choosing investments wisely remains crucial, especially in high-growth sectors like generative AI, where Hakes sees potential for long-term gains.

Top Picks: Aritzia, Airbus, and AstraZeneca

Aritzia (ATZ TSX)

Aritzia, a Canadian-based retailer known for its luxury fashion, has been expanding aggressively into the U.S. market. With 68 stores in Canada and 54 in the U.S., Aritzia has set a long-term target of 150 stores in the U.S., adding about 8 to 10 stores annually.

Aritzia’s recent financials show a strong top-line growth rate of 10-15%, with room for margin expansion. This growth trajectory indicates that its earnings per share (EPS) could grow by 20-25% over the next couple of years, potentially reaching over $3. If Aritzia’s stock continues on this path, it could revisit pre-COVID highs of $60.

Airbus (EADSY U.S.)

Airbus, one of the world’s leading aircraft manufacturers, operates in a duopoly with Boeing. This advantage offers Airbus a unique market position with strong demand prospects for years to come, especially as the middle class expands globally.

Despite supply chain issues, Airbus has maintained an impressive order backlog of 8,600 aircraft, taking orders for deliveries as far as 2030. The company recently posted robust quarterly earnings and reaffirmed its target of delivering 770 units annually, demonstrating resilience in a challenging environment. Hakes sees Airbus as well-positioned to benefit from the ongoing upgrade cycle in aviation, driven by demand for fuel-efficient, cost-effective planes.

AstraZeneca (AZN NASD)

AstraZeneca, known for its extensive portfolio of drugs, recently faced challenges with a cancer drug’s revised revenue projections and an investigation involving its head of China operations. However, Hakes views this as a temporary setback for a company with a diverse pipeline and strong revenue growth potential.

Trading at a modest 16 times projected 2025 earnings, AstraZeneca offers value for long-term investors. The company is expected to achieve top-line growth of around 8%, with EPS growth in the 12% range over the next three years. This makes it an appealing choice for investors seeking both stability and growth in the healthcare sector.

Breaking Down the Market Dynamics

The Federal Reserve has a dual mandate: achieving maximum employment and stabilizing prices. Recent data suggests that both objectives are on track. Lower-than-expected job openings and lower-than-anticipated initial jobless claims indicate a robust labor market.

The Consumer Price Index, a critical inflation metric, has stabilized at 2.1% year-over-year, aligning with market expectations. Gross Domestic Product (GDP) growth came in slightly below projections at 2.8%, hinting at a cooling but not contracting economy.

Hakes believes generative AI will be transformative, affecting everything from tech giants like Alphabet and Amazon to the healthcare sector. The Murray Wealth Group Global Growth fund has aligned its portfolio to capitalize on AI advancements, viewing it as an emerging pillar of economic growth.

Deep Dive into Aritzia’s Growth Strategy

Aritzia’s U.S. expansion has been pivotal to its growth. With its store count expected to reach 150, the company is capitalizing on America’s demand for high-quality fashion retail.

Aritzia’s focus on strategic store openings in key U.S. markets has translated into impressive financial gains. Each new store has shown strong returns, with a payback period that beats initial forecasts, underscoring its long-term profitability.

Airbus’ Dominance in Aircraft Manufacturing

As travel demand continues to climb, Airbus stands to benefit from the aviation industry’s upgrade cycle. With new aircraft being fuel-efficient, the company’s backlog of 8,600 planes positions it well to meet future demand.

Despite facing supply chain disruptions, Airbus has managed to stay on course, fulfilling its delivery targets and maintaining solid relationships with global airlines.

AstraZeneca: Resilience Amidst Challenges

AstraZeneca’s stock dip due to concerns over a cancer drug’s revenue outlook and regulatory issues in China has created a potential entry point for investors. Hakes is confident in AstraZeneca’s strong pipeline of drugs, especially in oncology, cardiology, and respiratory therapy.

With its current valuation at 16 times 2025 earnings and a projected EPS growth rate of 12% over the next three years, AstraZeneca presents an attractive option for investors seeking steady returns in the pharmaceutical sector.

Investment Strategy: Balancing Growth and Stability

Michael Hakes’ top picks reflect a balance between growth potential and stability. While Aritzia and Airbus offer growth through strategic expansions and robust demand, AstraZeneca provides a stable foundation with consistent earnings.

As the world edges closer to a generative AI-driven future, industries across the board stand to benefit. Hakes remains optimistic about AI’s potential to drive economic growth, highlighting the technology’s long-term impact on healthcare, retail, and aviation.

Conclusion

Michael Hakes’ picks—Aritzia, Airbus, and AstraZeneca—present diverse opportunities for investors navigating a complex market environment. With each company poised for growth in its respective sector, these stocks offer a mix of stability and long-term potential, aligning with Hakes’ balanced investment strategy. For those looking to capitalize on growth in retail, aerospace, and healthcare, these top picks from Hakes may be worth a closer look.

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