2023 was a big year for stock analysis. With mergers, acquisitions, labor troubles, supply chain issues, and the constant ghost of the macroeconomic picture lurking in the background, trying to project the next few steps out into the void of the market’s future has never been so challenging. And some, of course, fared better than others. Using the TipRanks Experts Center tool, we could get a handle on who came out ahead in 2023. We took a look at the five leading analysts in the Canadian financial market, using all the recommendations for Canadian analysts in the year that was 2023.
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The ranking reflects the analysts’ proficiency in generating returns from their recommendations and price targets. TipRanks’ algorithms computed the average return, the statistical significance of each rating, and the analysts’ overall success rate. Further, each rating was measured over three months.
#1 — Richard Tse, National Bank
Richard Tse came in first on the list of 2023’s best Canadian analysts. He boasted a success rate of 79.17% in 2023, with an average return of 16.2%. His best rating was a Buy on Nuvei Corp. (TSE:NVEI), a payments processor. That Buy call from October 26, 2023, to the present generated a 79% profit.
#2 — Luke Davis, RBC Capital
Luke Davis is our second-place analyst. With a success rate of 66.67% in 2023, he produced an average return of 5.8%. His best call was Parex Resources (TSE:PXT), which focuses on producing oil and natural gas in Colombia. The Buy call on PXT from January 3, 2023, to January 4, 2023, ultimately yielded 39.3%.
#3 — Graham Ryding, TD Securities
Graham Ryding occupies the middle spot, with a success rate of 60.71% in 2023. His average return for the year was 8.1%. As for his best call, that honor goes to 01 Communique Laboratory Inc. (TSE:ONE). His Buy call on ONE ran from May 16, 2023, to August 16, 2023, and ultimately produced 38.5% in profit.
#4 — Michael Harvey, RBC Capital
Coming in at number four is Michael Harvey. Michael Harvey brought in a success rate of 62% for 2023, with his best call being Kelt Exploration (TSE:KEL). Kelt Exploration focuses on developing and producing crude oil and natural gas in Western Canada, and Harvey’s Buy call from May 4, 2023, to August 4, 2023, yielded a 48.1% profit.
#5 — Ryan Thompson, BMO Capital
Rounding out the top five, we have Ryan Thompson. Thompson boasted an average return of 17.4% in 2023, and his best call was for Aya Gold & Silver (TSE:AYA), which does pretty much what the name suggests, though focuses more on silver mining, particularly in Morocco. His Buy rating for Aya Gold & Silver ran from February 9, 2023, to May 9, 2023, and ultimately produced a 44.3% return.
Ending Thoughts
There was no doubt that this was a tumultuous year for stock analysis. Dozens of wild events came in from every angle. Prices on everything fluctuated to nearly untrackable levels. Inflation reached levels not seen in decades prior. This year’s top analysts managed to beat the multiple trends working against them, and by following the top analysts using the TipRanks platform, you, too, can give yourself a better chance of coming out ahead in uncertain times.
