Our list this week shines a light on international stocks. We sorted our database for large-cap international stocks valued above $50 billion and with a High or Medium-High Argus rating for Financial Strength. We then sorted further, looking for stocks in the group that are furthest from their 52-week high, suggesting value. Timing matters, of course, and stocks have been on a tear lately. We ran the same list a month ago and note some shifting today. Roche Holding was on our initial list, but we have since downgraded it to a HOLD. Novo Nordisk has had tremendous attention from investors, but was not on our previous list as it was hitting new highs -- and has fallen from those highs in the past few weeks. Here is our current list of Argus large-cap BUY-rated international stocks that seem to offer value.

Canadian Pacific Kansas City is a Class-1 railroad operating on track that spans across most of Canada and into parts of the Midwestern and Northeastern United States. Following the April 2023 Kansas City Southern merger, CP operates new single-line-haul services from Canada and the Upper Midwest down through Texas, the Gulf of Mexico, and into Mexico. It also hauls cross border and intra Mexico freight via operating concessions on roughly 3,300 miles of rail in Mexico. CP hauls shipments of grain, intermodal containers, energy products (like crude and frac sand), chemicals, plastics, coal, fertilizer and potash, automotive products, and a diverse mix of other merchandise.

In early March, the Bank of Canada maintained its target overnight interest rate at 5.00% after similar moves in September and December, with the central bank noting that it "remains resolute in its commitment to restoring price stability for Canadians." Consumer price inflation in Canada decelerated to 2.9% in January, but has stayed above the central bank's 2% target -- with the shelter component remaining elevated (due to a housing shortage and higher interest rates) and the biggest contributor to the overall figure. The central bank now sees price inflation staying near 3% until mid-2024, before gradually easing. Meanwhile, Canada's GDP grew by a sluggish 1% in 4Q (after contracting by 0.5% in 3Q), which the central bank described as "below potential." A majority of Canadian economists had been forecasting that the central bank would start cutting interest rates in June, but that has now shifted to July. We believe that select companies in our Canadian coverage continue to offer investment opportunities.

Canadian Pacific operates a transcontinental railway in Canada and in the Northeast and Midwest U.S. It recently acquired Kansas City Southern. The combined company transports products ranging from bulk commodities to merchandise freight across a 20,000-mile rail network and has nearly 20,000 employees.