How David Rosenberg is reducing stock market risk, which sector's shares could take a hit from rate hikes and more from The Week in Stocks. How David Rosenberg is reducing stock market risk, which sector's shares could take a hit from rate hikes and more from The Week in Stocks.closed out the week among the top 10 gainers on the S&P/TSX composite index, rising 5.2 per cent. CIBC Capital Markets analyst Todd Coupland said in a note on Sept. 10 that he expects the company to report a"clean" quarter when it reports earnings on Sept. 24. Coupland is also calling for the company to upgrade its guidance on QNX software division and Secure Communications services division. Coupland has a price target on the shares of $17.96. Shares closed Friday at $11.16. How David Rosenberg is reducing stock market risk, which sector's shares could take a hit from rate hikes and more from The Week in Stocks.closed out the week among the top 10 gainers on the S&P/TSX composite index, rising 5.2 per cent. CIBC Capital Markets analyst Todd Coupland said in a note on Sept. 10 that he expects the company to report a"clean" quarter when it reports earnings on Sept. 24. Coupland is also calling for the company to upgrade its guidance on QNX software division and Secure Communications services division. Coupland has a price target on the shares of $17.96. Shares closed Friday at $11.16."Expectations remain achievable, the catalyst pipeline is strengthening and continued execution should drive a QNX-led re-rating. We would own BB" into the release of earnings, Coupland said. BlackBerry has a 12-month price target of $14.00 based the calls of seven analysts, according to Bloomberg. Looking at the Bank of Canada, markets are calling for two hikes this year and several more in 2027."We have not fully embraced the same view as the rate market in terms of the magnitude of further rate hikes and hence are not hitting a panic button for the banks," Holden said in the note. However, the CIBC team is recommending cutting risk just to be "prudent."The federal government announced during the Canada Investment Summit this week that a tax write-off program - the productivity mega deduction (PMD) - would be extended to capital investments in oil and gas pipelines, mining property, fibre-optic cable, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges and roads. The program allows for the deduction of 100 per cent of the depreciation of capital assets in the first year of operation on a greater percentage of assets.Analysts at TD Cowen think the tax program can benefit several sectors and companies."We believe the broad nature of the PMD should support commercial and wholesale loan growth among banks," analysts led by Mario Mendonca said in the note on Sept. 15. In another TD Cowen note on Sept. 17, energy analysts said the PMD expansion could help push projects such as LNG Canada phase 2, Ksi Lisims LNG, TMX optimization and the West Coast oil pipeline across the finish line.The Immediate expensing component allowed by the tax write-off could boost the economics of gas-fired power projects for Capital Power Corp. (CPX:TSX) and TransAlta Corp. (TA:TSX), Brookfield Renewable Partners (BEP:NYSE) and Northland Power Inc. (NPI:TSX), TD analysts said. Other companies that could benefit from the new tax policy include Finning International Inc. (FTT:TSX) and Toromont Industries Ltd. (TIH:TSX) - both Caterpillar dealers in Canada - and Wajax Inc. (WJX:TSX), which distributes Hitachi equipment, though analyst noted much of the upside from the "build Canada" push is already baked into the shares.It's time to reduce stock market risk and build a "cash buffer," said, president of Rosenberg Research & Associates Inc., in a note on Sept. 14."The macro and policy backdrop is becoming less supportive for risk assets," Rosenberg said, citing several challenges including signals from the bond market that are flashing overinvestment in artificial intelligence. Tightening financial conditions and rising oil prices are also standing in the way of "real growth prospects." Further, "U.S. fiscal supports are increasingly in the rear-view mirror," and the Nov. 3 U.S. midterm election is likely to result in "fiscal gridlock," he said. Given all this, Rosenberg said he is dropping gold miners via the VanEck Gold Miners ETF (GDX) - a source of volatility - but hanging onto in the form of bullion. He is also exiting the Global X Uranium ETF (URA)."This year's performance has been more volatile, while some of the return-generating trends that supported the theme last year have faded," he said. Lastly, he is dropping the iShares MSCI India ETF because of geopolitical risks and rising. Rosenberg said he still likes Asia for investments but focused away from artificial intelligence and Japan. He still likes two-year and 10-year Treasuries."Bonds have been beaten up badly via ever-rising risk premia and inflation uncertainty, but the yield cushion is appealing at this point, especially relative to the S&P 500 equity and dividend yields," he said. In the last seven cycles of interest rate hikes, the shares of have been losers, CIBC Capital Markets analysts led by Paul Holden, said in a note on Sept. 16, citing an average decline of 23 per cent.The U.S. Federal Reserve hiked the interest rate 25 basis points on Wednesday with one more increase expected this year. Looking at the Bank of Canada, markets are calling for two hikes this year and several more in 2027."We have not fully embraced the same view as the rate market in terms of the magnitude of further rate hikes and hence are not hitting a panic button for the banks," Holden said in the note. However, the CIBC team is recommending cutting risk just to be "prudent."TD Cowen analyst Vince Valentini hiked his price target for shares of BCE Inc. (BCE:TSX) to $40 from $37 after the telco announced it was expanding data centre capacity at its Saskatchewan campus. Shares closed Friday at $30.90