On Wednesday, Canaccord Genuity reported its top 23 fundamental Canadian stock picks for the third quarter.

While the report focuses on Canadian stocks, Martin Roberge, the firm's North American portfolio strategist, suggests that investors may want to consider looking beyond the Canadian border to international stocks for investment opportunities. "The optimal mix for a Canadian-based investor is 30 per cent Canadian and 70 per cent foreign equities," he says. "North American equities are going through a classic tug-of-war between rising policy rates and accelerating earnings growth. For now, our tactical market-timing indicators are flashing red due to slowing economic momentum, high-yield bonds' underperformance and eroding market breadth."

That being said, for investors seeking Canadian investment ideas, listed below are 23 stocks that made Canaccord Genuity's Focus List, broken down by sector exposure.

Consumer discretionary sector

Analyst Derek Dley remains bullish on Gildan Activewear Inc. (GIL-T) despite the 21 per cent move higher in the share price during the first half of 2017. Key drivers which he believes may support further price appreciation include: cotton pricing, new retail partners, greater manufacturing capacity, higher selling prices and potential acquisition announcements. Mr. Dley has a price target of $32 (U.S.).

Energy sector

While all six stocks recommended have realized double-digit losses during the first six months of 2017, analysts are forecasting spectacular future returns.

The energy stock with highest expected return on the list is Painted Pony Energy Ltd. (PONY-T). In the first half of the year, the share price tumbled 49 per cent. Analyst Anthony Petrucci has a $12 target price, implying the share price will more than double in value, fuelled higher due to its "attractive growth profile, the quality of its asset base and the well-planned execution of its Montney development." The analyst is forecasting the company's total production will increase to 47,778 barrels of oil equivalent per day (boe/d) in 2017, up from 23,204 boe/d in 2016 and climb to 84,569 boe/d in 2018.

Mr. Petrucci also recommending TORC Oil & Gas Ltd. (TOG-T) anticipating the share price will double in value with a price target of $10. "TORC remains our top pick among oil-weighted midcap E&Ps (exploration and production) due to its best-in-class combination of netbacks, decline rates and capital efficiencies." The dividend yield is currently 5 per cent.

Analyst Dennis Fong is bullish on Suncor Energy Inc. (SU-T), which offers investors a combination of income and potential price appreciation. He argues, "Suncor will show the highest organic production growth profile of its integrated peers at a compound annual growth rate of 7 per cent over the next five years." The company offers investors a dividend yield of 3.4 per cent and his price target is $52.

Mr. Fong remains positive on Vermillion Energy Inc. (VET-T) with a price target of $65. He maintains, "The company is well positioned to capitalize on the volatile commodity price environment while showing growth through 2017 and into 2018. In addition to its strong balance sheet, the company boasts high netbacks and a diverse portfolio of international assets in Europe and Australia."

Gran Tierra Energy Inc. (GTE-T) is a top international play with a price target of $5. Analyst Jenny Xenos believes the stock is attractive on a valuation basis, trading at a discount to its Colombian and Canadian peers. The analyst believes exploration results may help the share price rebound with up to 10 exploration wells being drilled in the second half of the year.

In the energy services space, analyst John Bereznicki is recommending Secure Energy Services Inc. (SES-T) despite trading at a higher valuation relative to the Consensus Oilfield Universe average. He believes the company is well positioned to benefit from higher activity and has a price target of $13.25. The stock offers investors a 2.9 per cent dividend yield.

Financials sector

The share price of independent asset management firm Fiera Capital Corp. (FSZ-T) delivered a respectable 7.6 per cent price return in the first half of the year. Analyst Scott Chan believes the stock price may climbed a further 17 per cent with his target price set at $16.50, citing seven positive company attributes: "1) expected higher AUM (assets under management) growth 2) continued strong Fund performance 3) positive net sales outlook 4) expected margin expansion 5) history of strong dividend growth 6) better relative valuation and 7) low/no exposure to potential regulatory change."

Healthcare sector

For investors wanting exposure to the cannabis market, a new addition to Canaccord Genuity's focus list is a microcap stock, iAnthus Capital Holdings Inc. (IAN-CN). Analyst Matt Bottomley has a price target of $4.50. The analyst is expecting the company will become profitable in 2018. Mr. Bottomley believes the company's relationship with The Green Solution (TGS) may lead to "blockbuster" success for the company. TGS, a strategic partner, "could be the key to unlocking a potential vast pipeline of investment opportunities. As the market leader in Colorado, we believe TGS could also be a potential blockbuster target, if the company is able to leverage its relationship into an equity stake down the road."

Analyst Neil Maruoka has a 'buy' recommendation and $5.25 target price on TSO3 Inc. (TOS-T). TSO3 develops low-temperature sterilization systems designed to eliminate microbial contaminants from medical devices. He states that the company has the "potential to be the dominant low-temperature sterilizer on the market. As a larger proportion of medical devices need to be sterilized, we believe TSO3 is best positioned to ultimately replace legacy technologies such as steam sterilization." He views TSO3 as a potential acquisition target.

Industrials sector

Analyst Yuri Lynk believes a recovery is on the way for shares of Stuart Olson Inc. (SOX-T). He has a price target of $7.50, and in addition to the company's 9 per cent dividend yield, this suggests an potential total return of over 50 per cent. He suggests the company's industrial segment is "well positioned to benefit from increasing levels of maintenance, repair, and operating (MRO) spending in the oil sands"¦With backlog in this segment 67 per cent higher compared to the end of 2015, we expect good growth in 2017 and especially in 2018 when MRO work on the Fort Hills oil sands mines and North West Redwater refinery begins."

Materials sector

Atlantic Gold Corp. (AGB-X) is the analyst's top pick in the Canadian gold developer space as the company builds up to full production later this year. Headquartered in Vancouver, the company's gold project is located in Nova Scotia. Analyst Eric Zaunscherb believes there is room for the stock's valuation to expand given its "inherently low financial, technical, and sovereign risks and the substantial potential for low-cost expansion" and has a price target of $2.

Analyst Rahul Paul has identified B2Gold Corp. (BTO-T) as a top pick with his price target of $5.25. He anticipates "continued share price outperformance following a number of positive catalysts including the startup of the flagship Fekola project (ahead of schedule and within budget for an October 1, 2017 startup) and continued strong exploration news flow through the year."

Analyst Dalton Baretto favours Hudbay Minerals Inc. (HBM-T) with a price target of $11.50 and highlights five key points in his investment thesis: "Significant leverage to both zinc and copper prices; Catalysts on the horizon: (1) The Rosemont project could receive its Section 404 permit later this year (2) HBM will publish a technical report on the Lalor Gold Zone in Q3 (the third quarter); Balance sheet and liquidity continue to improve; Low geopolitical risk profile; Inexpensive relative to peers."

Finally, in the sector, Yamana Gold Inc. (YRI-T) is analyst Tony Lesiak's top pick. He suggests, "Yamana is one of the best positioned senior producers to take advantage of a rising gold price environment. A 10 per cent increase in the price of gold (relative to our current forward curve-based price deck) increased our NAV by 28 per cent." He has a price target of $6.

Real estate sector

Pure Industrial Real Estate Trust (AAR.UN-T) delivered a strong 26 per cent total return in the first half of the year. The Trust's largest tenant is FedEx. Analyst Mark Rothschild anticipates "NAV and cash flow to continue to increase over the long term as the REIT completes accretive acquisitions and development projects." The Trust offers unitholders a yield of 4.6 per cent and the analyst notes, "the payout ratio is quite healthy at 74 per cent of our 2018 AFFO (adjusted funds from operations) estimate." He has a price target of $7, which is near the current unit price.

Pure Multi-Family REIT LP (RUF.U-X) is a top pick by analyst Jenny Ma. She sees Pure Multi-Family's geographical exposure to Texas as positive. "Fundamentals in the REIT's core markets of Dallas-Fort Worth and San Antonio are strong, and we expect robust internal growth over the next few years." In addition, she believes Pure Multi-Family is trading at an attractive valuation, at a discount to its NAV. She has a price target of $7.75 (U.S.) and the distribution yield is 5.6 per cent.

Technology, media and telecom sectors

While analyst Kevin Wright acknowledges that the share price for Amaya Inc. (AYA-T) can be volatile, he highlighted that "2017 has started out on the right foot with encouraging updates on poker and new business lines that are showing strength to kick off the year. We are looking for 6.6 per cent YoY (year-over-year) growth in revenue despite -2.1 per cent erosion in the poker segment. Continued evidence of FCF (free cash flow) generation and a deleveraging timeline would likely benefit the stock." He has a price target of $31.

Analyst Aravinda Galappatthige has a price target of $80 for shares of Cogeco Communications Inc. (CCA-T), which is close to its current share price. However, he notes that his "target price could be positively impacted if: (a) there is an increase in our target multiple for U.S. Cable, reflecting increased confidence in Cogeco's U.S. cable M&A (merger and acquisition) strategy, (b) there are signs of a positive cash flow inflection point in the Enterprise division, (c) fund flows into CCA in the event of heightened competition and increased perceived risk in Canadian wireless, (d) there is increased speculation of a take-out bid for the company over the long term."

Kinaxis Inc. (KXS-T) is a top pick by analyst Robert Young, with his price target of $100. He believes this company "can sustain predictable 25 per cent top-line growth for several years with mid-20 per cent EBITDA (earnings before interest, taxes, depreciation and amortization) margins." He is forecasting sales of $144-million (U.S.) in 2017, up from $116-million (U.S.) in 2016, with revenue forecast to reach $182-million (U.S.) in 2018.

While the share price of Quarterhill Inc. (QTRH-T) fell 14.6 per cent in the first half of 2017, analyst Doug Taylor anticipates a recovery will transpire, with his target price set at $3. He notes the stock is trading at an attractive valuation, the company has a strong balance sheet to support future acquisition growth and Quarterhill offers shareholders a 2.7 per cent dividend yield.

Utilities Sector

Analyst David Galison is recommending two stocks, Enbridge Inc. (ENB-T) and Keyera Corp. (KEY-T).

With respect to Enbridge, he notes management is targeting annual dividend growth of between 10 per cent and 12 per cent through to the year 2024. The stock is currently yielding 4.8 per cent. He acknowledges the share price is highly correlated to the price of oil but anticipates this correlation will "break down and revert closer to historical levels as the price of oil recovers." His price target is $63.

Finally, Keyera is the analyst's top pick in the Canadian midstream segment. He sees the "share price pullback and significant valuation discount to peers is unwarranted, providing a good opportunity to gain a position in a high quality name." His target price is $46.