Skip to main content

Inside the Market’s roundup of some of today’s key analyst actions

Seeing an improved outlook following better-than-expected first-quarter results and a raise to its 2021 guidance, ATB Capital Markets analyst Patrick O’Rourke raised his rating for Baytex Energy Corp. (BTE-T) to “sector perform” from “underperform.”

After the bell on Thursday, the Calgary-based company reported production for the quarter of 78,8000 barrels of oil equivalent per day, up 11.8 per cent from the fourth quarter of 2020 and topping both the analyst’s projection (77,300 boe/d) and the consensus estimate on Street (75,200 boe/d). Cash flow per share of 28 cents represented a 90.5-per-cent jump quarter-over-quarter and also exceeded forecasts (23 cents and 24 per cent, respectively.

Concurrently, Baytex raised its 2021 capital program budget to a range of $285-million to $315-million from $225-$275-million, versus Mr. O’Rourke’s $272-million estimate and the Street’s expectation of $275-million. Production rose to 77-79,000 boe/d, also ahead of projections (74,200 boe/d and 76,100 boe/d).

“With key financial and operating metrics in terms of production (up 4.6 per cent), cash flow (up 16.8 per cent) and capex all beating consensus expectations for the quarter; the CF beat wax predominantly driven by U.S. realized gas pricing as the Company took advantage of volatility and strong pricing in the Eagle Ford as a result of the recent Texas winter storm,” said Mr. O’Rourke. “Notably, the Company came out with three key material incremental pieces of information, in our view: first, BTE raised both capital spend and production guidance for 2021, lending confidence to current operations; second, the Company provided a very reasonable five-year plan, generating a projected $1-billion in FCF, and finally the Company publicly provided intriguing IP30 results from its recent Clearwater analog well of 175 bbls/d out of two laterals (with incremental capital spend be directed to six further wells in H2/21.”

After updating his financial model to account for the release, the analyst raised his target to $1.75 from $1.60. The average on the Street is $1.63.

“We are very intrigued by a high-quality asset set and generally very strong execution, with higher than peer average leverage driving our current recommendation,” said Mr. O’Rourke. “A sustained, improved commodity price environment would see the rate of positive change in the BTE business model surpass many of the other business models currently under our coverage.”

Elsewhere, these analysts made target adjustments:

* National Bank’s Dan Payne to $2 from $1.75 with a “sector perform” rating

* Scotia Capital’s Jason Bouvier to $1.75 from $1.60 with a “sector underperform” rating,

* TD Securities’ Menno Hulshof to $1.65 from $1.50 with a “hold” rating.


BCE Inc. (BCE-T) enjoyed “a solid start to the year,” according to RBC Dominion Securities’ Drew McReynolds, pointing to a “notable uptick” in wireline momentum as a “positive surprise.”

Before the bell on Thursday, BCE reported first-quarter financial results that exceeded the equity analyst’s expectations, highlighted by a 4.7-per-cent year-over-year rise in wireline data revenue and “strong” 3.9-per-cent increase in wireline data service revenue. Overall, EBITDA and revenue rose 1.2 per cent and 0.5 per cent, respectively, to $5.706-billion and $2.429-billion, topping Mr. McReynolds’s estimates of $5.563-billion and $2.369-billion.”

“Management attributed the uptick in [wireline] momentum to the combination of an expanding FTTH [fiber-to-the-home] footprint, upward migration to higher Internet tiers, price increases and incremental promotional discipline,” said Mr. McReynolds. “With less than 60 per cent of the targeted footprint covered with FTTH and what should be steadily rising demand for higher Internet speed, we believe BCE’s residential wireline momentum should be sustainable.”

With the results, Mr. McReynolds said BCE is “keeping the foot on the gas,” noting: “We believe BCE’s competitive position relative to peers could see the greatest gains over the medium term, driven by FTTH expansion and 5G deployment across Canada’s largest integrated wireline-wireless network footprint, and growth in B2B IoT [Internet of Things]. While BCE will not be immune to the lingering impacts of COVID-19, we continue to believe the migration to unlimited plans/EIPs, residential Internet market share gains driven by sustained FTTH investment, a gradual improvement at Bell Media and the realization of additional cost efficiencies that leverage a scale advantage position BCE for continued dividend growth, albeit with an elevated but declining dividend payout ratio beginning in 2022.”

After raising his financial projections through 2023 to account for the wireline revenue growth trajectory, he increased his target for BCE shares by $1 to $60. The average on the Street is $60.11.

“BCE remains a high-quality core holding in Canadian telecom,” he said.

Meanwhile, Desjardins Securities’ Jerome Dubreuil raised his target for BCE shares to $62 from $61 with a “hold” rating, while TD Securities’ Vince Valentini bumped up his target to $64 from $62 with a “buy” rating.

“While we believe BCE will remain a core holding for many funds, we believe it is too early to put an overweight tag on the stock,” said Mr. Dubreuil. “We support the company’s strategy to accelerate its wireline network deployments, but its weaker medium-term FCF outlook (vs the past few years) and lack of near-term catalysts keep us on the sidelines at this point.”


AltaGas Ltd.’s (ALA-T) commitment to focusing on streamlining its operations continues to improve its outlook, according to iA Capital Markets analyst Elias Foscolos.

He was one of several analysts on the Street to raise their target prices for the Calgary-based company on Friday in response to better-than-expected first-quarter results.

A day earlier, AltaGas reported normalized earnings before interest, taxes, depreciation and amortization (EBITDA) of $674-million for the quarter, topping the forecasts of both Mr. Foscolos ($586-million) and the Street ($580-million). The beat was due largely to the performance of its Midstream segment with its Utilities business falling in line with expectations. It also saw larger-than-anticipated profits from the sale of its U.S. Transportation and Storage (USTS) business.

With the results, the company increased its 2021 normalized EBITDA guidance by 5 per cent to a range of $1.475-billion and $1.525-billion and its normalized earnings per share expectation by almost 15 per cent to $1.65-1.80.

That led Mr. Foscolos to increase his target for AltaGas shares to $26 from $25.50, reiterating a “buy” recommendation. The average on the Street is $23.97.

Others raising their AltaGas targets include:

* ATB Capital Markets’ Nate Heywood to $25 from $24 with an “outperform” rating.

“The Q1/21 print was a material beat to Consensus estimates and offers continued confidence in core operations looking forward,” said Mr. Heywood. “The beat was largely attributable to the recently divested US Transportation and Storage business, which significantly outperformed previous years. Looking past the outperforming divested assets, the core business posted a solid performance as rate-regulated cash lows from the Utility assets were complemented from improving fundamentals in the Midstream segment and record LPG export volumes. Looking forward, management has reiterated its confidence in the business through the increase in 2021 guidance and remains focussed on deleveraging.”

* Raymond James’ David Quezada to $24.50 from $24 with an “outperform” rating.

“As exemplified by these robust results, ALA continues to execute in each of its Midstream and Utility segments while asset sales (at attractive prices) drive further progress on deleveraging. We continue to expect the potential sale of the company’s stake in the Mountain Valley Pipeline to represent a key catalyst and longer term, believe a split of the Utility and Midstream businesses could unlock shareholder value,” said Mr. Quezada.

* National Bank Financial’s Patrick Kenny to $26 from $25 with an “outperform” rating.

* Credit Suisse analyst Andrew Kuske to $27 from $25 with an “outperform” rating.

* TD Securities’ Linda Ezergailis to $25 from $22 with a “buy” rating.


Ahead of the start of first-quarter earnings season for Canadian lifecos, Credit Suisse analyst Mike Rizvanovic sees “an improving outlook on positive macro trends and rising rates.”

“While we’re anticipating a bit of a mixed quarter for the group sequentially, we expect a very strong rebound across the board vs. the depressed EPS levels reported in the prior year at the onset of the pandemic,” he said. “And with the macroeconomic outlook showing continued signs of improvement and longer-term rates on the rise, our target prices move up on a higher P/BV multiple.”

Mr. Rizvanovic made a trio of target changes:

  • Manulife Financial Corp. (MFC-T, “outperform”) to $28 from $26. The average on the Street is $29.14.
  • Sun Life Financial Inc. (SLF-T, “outperform”) to $71 from $67. Average: $70.85.
  • Great-West Lifeco Inc. (GWO-T, “neutral”) to $35 from $31. Average: $34.94.

“We are holding off on changing any of our longer-term estimates until after Q1 earnings but we do see upside potential given the resilience the group has shown throughout the pandemic as evidenced by the strong, better-than-expected results consistently reported the past few quarters,” he added.


RBC Dominion Securities analyst Paul Quinn called Resolute Forest Products Inc. (RFP-N, RFP-T) “The Comeback Kid” despite reporting first-quarter results that missed his expectations.

On Thursday, Montreal-based Resolute reported adjusted net income and adjusted EBITDA of US$119-million and US$189-million, respectively, missing the analyst’s projections of $140.7-million and $228-million.

“Resolute Forest Products Inc. reported Q1 results that were below our forecast, largely due to a combination of lumber shipments that slipped into Q2, increased production costs, and lower CEWS payments from the Canadian government,” said Mr. Quinn. “With key lumber and pulp markets in high gear, we think that today’s pullback presents a great opportunity to add. Longer-term, we think that the company’s transition away from paper markets has been accelerated by the pandemic, which should allow for a re-rating of its shares.”

Moving forward, the analyst said it’s “all about wood products in the near-term.”

“With record lumber pricing, we estimate that the wood product business is generating more than $25-million of EBITDA every week (ex. duties) while prices remain greater than $1,000 per thousand board feet (mfbm),” said Mr. Quinn. “At that rate, Resolute could generate greater than $1.0-billion of EBITDA during the year(more than $13 per share). At most recent pricing (E.SPF 2x4s were at $1,370/mfbm as of last Friday in cash markets), back of the napkin math suggests that Resolute is making over $40-million per week, which works out to 54 cents per share. While we forecast pricing will move lower in the back half of the year, every week at these levels makes it more likely that our estimate will be too low.”

Seeing it’s balance sheet “in the best spot it’s been in over the last 20-plus year,” Mr. Quinn raised his target for Resolute shares to US$16 from US$13, reiterating an “outperform” recommendation. The average is currently US$16.50.

“It’s been quite a turnaround at Resolute, after we were fielding calls a year ago asking if they would have enough liquidity to make it through the pandemic,” he said. “Not only have they made it, they’ve thrived as lumber prices have soared, and now the pulp business looks to be back on track. We expect key priorities include: 1) capex; 2)share repurchases; and, 3) lumber &pulp M&A. We’d like to throw another idea out there – LP’s EWP business is still up for sale, which could be a good addition for Resolute given that the two companies already operate a JV I-joist facility in Quebec. We value LP’s EWP business at $150-million, but think it could sell for up to $200-million in a strong market.”

Elsewhere, seeing an attractive entry point for investors, CIBC World Markets analyst Hamir Patel increased his target to US$16 from US$14 with an “outperformer” rating.

“While demand for graphic papers has undergone a multi-year permanent decline during COVID, we believe Resolute has a solid track record of generating cash from its paper operations and monetizing them where appropriate,” said Mr. Patel


Freshlocal Solutions Inc. (LOCL-T) is “well-positioned to benefit from growing eGrocery adoption,” said Desjardins Securities analyst Chris Li.

Though he warned that trading in the Vancouver-based company has been ”volatile” since it debuted on the TSX on April 21 following a reverse takeover by Sustainable Produce Urban Delivery Inc., Mr. Li emphasized catalysts are ahead and “patient investors should be rewarded,” prompting him to initiate coverage with a “buy” recommendation .

“Most industry observers expect eGrocery adoption to remain strong post-pandemic, with penetration of 15– 20 per cent by 2025 (2–3 per cent pre-pandemic). This supports our 29-per-cent five-year CAGR (FY20–25) forecast vs management’s 33-per-cent target,” he said.

“Attractive growth has attracted a lot of competition. For FoodX, the biggest risk is from Ocado (OCDO) and micro-fulfillment centre solution providers (Takeoff, Fabric), in our view. While these solutions have merit, there are limitations and they are not suitable for every grocer. We believe there is good appetite for FoodX’s flexible solution (software only with the ability to add automation once the economics make sense).”

Mr. Li set a target of $8.50 per share, which sits below the $9.50 consensus.


On the heels of the release of its quarterly results on Thursday, several analysts raised their targets for units of Allied Properties REIT (AP.UN-T).

“We continue to fully acknowledge AP’s stellar management team, track record and portfolio,” said IA Capital Markets analyst Frédéric Blondeau. “That said, we remain in await-and-see mode in terms of how AP’s portfolio will perform in Q2 and Q3/21, notably in light of the most recent data on Downtown Toronto. More specifically, on one hand, evidence shows that touring activity did pick up in downtown Toronto in Q1. On the other hand, we note that, according to CBRE, overall vacancy rate in Downtown Toronto has increased 190 basis points quarter-over-quarter in Q1, to 9.1 per cent, while sublet space has increased 30 per cent to 3.4M sq. ft., representing 41.2 per cent of vacant space (or 3.7 per cent of total inventory), and asking rents decreased 3.0 per cent. Lastly, 9.0M sq. ft. of office space is currently under construction in Downtown Toronto.”

Mr. Blondeau raised his target to $45 from $40 with a “hold” rating. The average is $45.88.

Others making changes include:

* Raymond James’ Brad Sturges to $50 from $48 with an “outperform” rating.

“We highlight Allied as a Canadian REIT that still offers an attractive ‘reopening catch up’ trade opportunity in our view, with Allied still trading below its pre-covid P/AFFO multiple level. Allied could benefit from several near-term positive catalysts in our view, including further success on the vaccine rollout that allows for the reopening of Canadian urban cities, positive return to office announcements by Allied’s tenant base that supports greater office utilization rates in the next 12 months, and a further sequential uptick in Canadian office leasing and touring activity,” said Mr. Sturges.

* TD’s Jonathan Kelcher to $48 from $47 with a “buy” rating

* Scotia Capital’s Mario Saric to $48 from $47.50 with a “sector outperform” rating.


Four more equity analysts raised their targets for TFI International Inc. (TFII-N, TFII-T) following the Wednesday release of its quarterly results.

“While Q1 missed our high expectations due to weather and lockdowns, TFII conservatively guided ahead of us and consensus, and remained upbeat on growth outlook with the UPS Freight acquisition closing very shortly, aided by B2C strength, B2B recovery and solid pricing trends,” said Scotia’s Konark Gupta. “Growth could be augmented by M&A as TFII targets several more tuck-ins this year while focusing on integration of larger deals. In addition, it may repurchase more shares given a low leverage ratio and a strong FCF despite high capex. We have raised our estimates to incorporate guidance while expanding our multiples to reflect significant M&A synergies that are expected to continue beyond 2022.”

Mr. Gupta bumped up his target to $120 from $109 with a “sector outperform” rating. to $120 (Canadian) from $109 with a “sector outperform” rating.

Others making changes on Friday are:

* Cormark’s David Ocampo to $125 (Canadian) from $120 with a “buy” rating.

* Cowen and Co. analyst Jason Seidel to US$95 from US$85 with an “outperform” rating.

* Stephens’ Jack Atkins moved to US$114 from US$107 with an “overweight” rating.


In other analyst actions:

* National Bank Financial analyst Jaeme Gloyn initiated coverage of IGM Financial Inc. (IGM-T) with an “outperform” recommendation and $51 target, exceeding the $42.33 average.

* National Bank also initiated coverage of Power Corp. of Canada (POW-T) with a “sector perform” rating and $38 target. The average on the Street is $37.07.

* Cormark Securities initiated coverage of Converge Technology Solutions Corp. (CTS-T) with a “buy” rating and $9.50 target. The average is $9.31.

* CIBC World Markets analyst Mark Jarvi increased his Atco Ltd. (ACO.X-T) target by $1 to $48, keeping an “outperformer” rating. The average is $45.50.

“With core utility earnings matching/slightly exceeding our expectations, another quarter of solid performance for Structures & Logistics, and upside from unregulated assets as the economy recovers, we continue to view ATCO as an attractive value and yield play in the utility sector. While the stock has done well year-to-date vs. peers, we believe it can continue to push higher,” said Mr. Jarvi.

* Mr. Jarvi moved his Canadian Utilities Corp. (CU-T) target to $36 from $35, topping the $35.75 average, with a “neutral” recommendation, while iA Capital Markets’ Elias Foscolos increased his target to $38 from $37 with a “hold” rating.

“The quarter was overall a strong start to the year, reflecting an improving economic outlook in Australia and CU’s ability to generate cost efficiencies and deliver strong ROEs in its Alberta distribution utilities,” said Mr. Foscolos. “While we believe there could be additional tailwinds providing upside for future estimate revisions, and continue to note CU’s strong balance sheet and ability to pursue investments in renewable energy, we are maintaining our Hold rating primarily due to positively trending interest rates which typically put downward pressure on utility valuations.”

* CIBC’s Krista Friesen raised her Autocanada Inc. (ACQ-T) target to $48 from $41 with a “neutral” recommendation. The average is currently $47.25.

* CIBC’s Paul Holden increased his Element Fleet Management Corp. (EFN-T) target to $16 from $14, maintaining an “outperformer” rating. The average is $16.38.

“With the stock re-rating higher, it will be important for the company to maintain its revenue growth guidance for the year despite a worsening chip shortage. Revenue looks almost certain to be down this quarter; it will be all about setting the stage for growth through the remainder of 2021. A recovery in servicing income, new client wins, and monetizing on transformational actions will be key to hitting growth objectives. We believe the company can deliver on this front,” said Mr. Holden.

* Ahead of the release of its quarterly results on May 11, Desjardins Securities analyst Doug Young raised his target for Intact Financial Corp. (IFC-T) to $180 from $175 with a “buy” rating (unchanged). The average is $182.70.

“Two areas of interest for us: First, any surprises from COVID-19 claims, provisions or relief measures, specifically at its personal auto division, which provided further relief in 1Q21 (impact not quantified)? Second, any new commentary around the pending acquisition of RSA, which is expected to close in 2Q21? We increased our 2021 estimates,” said Mr. Young.

* ATB Capital Markets analyst Chris Murray raised his target for Waste Connections Inc. (WCN-N, WCN-T) to $155 from $140 with a “sector perform” rating, while CIBC’s Kevin Chiang increased his target to US$130 from US$125 with an “outperformer” recommendation and RBC Dominion Securities analyst Walter Spracklin raised his target to US$129 from US$113 with an “outperform” rating. The average is US$125.34.

“WCN delivered another strong quarter during Q1 – and guided to an even better Q2 (nicely ahead of consensus expectations). With a full-year guidance raise now expected when WCN reports Q2 results, we see the company firing on all cylinders as momentum looks poised to build throughout the remainder of this year and into 2022.

* TD Securities analyst Michael Tupholme hiked his Nutrien Ltd. (NTR-N, NTR-T) target to US$69 from US$66, reiterating a “buy” rating. The average is US$63.73.

* Laurentian Bank Securities analyst Jacques Wortman cut his Fortuna Silver Mines Inc. (FVI-T) target to $8.50 from $10.75, keeping a “hold” rating. The average is $9.67.

* National Bank Financial analyst Maxim Sytchev raised his North American Construction Group Ltd. (NOA-T) target to $23 from $21 with an “outperform” rating, while ATB Capital Markets’ Tim Monachello hiked his target to $23 from $18.50 with an “outperform” recommendation. The average is $19.20.

“We continue to believe that NOA stands at the foot of a compelling growth trajectory as it pursues a sizable opportunity set of projects outside the oil sands, which has been accelerating in 2021, and is likely to yield positive catalysts over the coming quarters. In addition, we believe NOA’s core oil sands mining business should continue to normalize through the remainder of the year and could reasonably recover to pre-COVID levels over the near-term. On the capital project front, early indications suggest that 2021 oil sands related summer construction activity could make a significant recovery from 2020 levels. Based on rapidly recovering oil sands activity, a compelling outlook for growth projects in 2021, and resilient margins which continue to outperform our model, we increase our EBITDAS estimate,” said Mr. Monachello.

* National Bank’s Vishal Shreedhar raised his Sleep Country Canada Holdings Inc. (ZZZ-T) target to $37 from $33 with a “sector perform” recommendation. The average is $35.29.

* Scotia Capital analyst Himanshu Gupta raised his Morguard REIT (MRT.UN-T) target to $6 from $5.50 with a “sector perform” recommendation. The average is $5.

* Scotia’s Michael Doumet increased his Exco Technologies Ltd. (XTC-T) target to $13 from $12, exceeding the $12.92 average, with a “sector perform” rating.

“Exco adeptly navigated though the supply chain headwinds in the quarter (e.g., COVID-19, input cost inflation, bottlenecks, customer order delays, etc.), executing well on margins,” said Mr. Doumet. “Recent investments in equipment and processes continue to drive share gains and efficiency improvements: Automotive Solutions margins were flat year-over-year despite a modest sales decline, and Castool & Extrusion margins expanded 490 basis points quarter-over-quarter (to 15.1 per cent), their highest level since 2016. Given the headwinds in the quarter (mostly transitory, in our view) and expectations for a continued volume recovery, we see potential room for further margin expansion.

“We raised our estimates, primarily on the back of higher margin expectations in C&E. Exco continues to generate strong FCF and has a net cash balance. While the net cash position is expected to continue to climb through our forecast horizon, the company remains focused on internally funded growth, where it’s historically had the most success, and much less so on M&A, to grow the business.”

* Scotia’s Benoit Laprade raised his Canfor Pulp Products Inc. (CFX-T) target to $10.50 from $10 with a “sector perform” rating. The average is $11.90.

“Realized pulp prices should be materially higher in Q2/21 than Q1/21, but we expect some price erosion in 2H/21 (and more into 2022) due to new capacity entering the market,” said Mr. Laprade. “We therefore forecast significant EBITDA improvement in the coming quarters and limited maintenance outages planned over the course of the year. Results in Q2/21 are expected to reflect record-high pulp pricing, partially offset by scheduled maintenance outage at the company’s Intercontinental NBSK pulp mill (14,000 tonnes of reduced production).”

* After “strong” quarterly results, IA Capital Markets analyst Elias Foscolos raised his Whitecap Resources Inc. (WCP-T) target to $8.50 from $8 with a “buy” rating. The average is $7.50.

“[Thursday’s] Q1/21 results underpin why Whitecap raised its production guidance on March 29,” he said. “The Company was able to beat Q1 consensus projections on a reduced capital program and post CFPS of 36 cents despite hedging losses. The solid Q1 results position Whitecap to redirect Q2 cash flow from the drill bit to repaying $200-million of bank debt by the end of June. From a macro perspective, WCP’s strong balance sheet and improved cash flow provide it flexibility to exploit its extensive inventory of drilling locations.”

* Canaccord Genuity analyst Robert Young raised his Celestica Inc. (CLS-N, CLS-T) target to US$10.50 from US$10 with a “buy” rating, while BMO Nesbitt Burns’ Thanos Moschopoulos increased his target to US$9.50 from US$9 with a “market perform” recommendation. The average is US$9.28.

“On the surface, Celestica’s Q1 print depicted a neutral picture with in-line revenue and a small beat on operating margins and EPS,” Mr. Young said. “A decline in revenue driven by the Cisco disengagement obscured underlying signs of a return to growth and a rebound in margins. The HPS (former JDM) segment was particularly strong, up 46 per cent year-over-year to $200-million in Q1, with sequential growth in Q2 and 10-per-cent-plus growth in 2021 expected. Chip shortages are a net positive for Celestica, with strength in semicap expected to continue with faster-than-market growth. Healthtech and semicap offset lagging industrial, which is expected to begin recovery in Q2, and A&D which has shown only weak signs of demand recovery before 2022. We believe recovery to operating margins of 3.75-4.5 per cent is underway, alongside a robust balance sheet ready for buybacks or M&A; these, coupled with low valuation versus peers, provide investors a good entry point.”

* Citi analyst Eric Petrie cut his Methanex Corp. (MEOH-Q, MX-T) target to US$46 from US$48 with a “buy” rating, while TD Securities’ Cherilyn Radbourne increased her target to US$51 from US$50 with a “buy” rating. The average is US$43.50.

“The three main takeaways from MEOH’s call include: 1) Management guided 2Q21 realized methanol price, production, and EBITDA similar sequentially. Its methanol output is down at New Zealand and Chile due to lack of natural gas while Titan in Trinidad remains idled and is excluded from our estimates; 2) A final decision on G3 (1.8mmt) remains expected this summer; and 3) As economies reopen, GDP-driven traditional end markets (55 per cent of demand) should grow,” Mr. Petrie said. “Management noted that China methanol fundamentals are fairly balanced while ROW is tight and global inventory levels remain low. Plus, MTBE into the gasoline pool should improve as miles driven recover including in China with the country’s recent change from an E10 to E5 blend standard.”

* TD Securities analyst Aaron Bilkoski raised his Advantage Oil & Gas Ltd. (AAV-T) target to $4 from $3.75 with a “buy” rating. The average is $4.32.

* TD’s Michael Aelst raised his Loblaw Companies Ltd. (L-T) target to $76 from $70, keeping a “hold” rating. The average is $76.64.

* Raymond James analyst Stephen Boland increased his Equitable Group Inc. (EQB-T) target to $147 from $140 with an “outperform” rating. The average is $151.50.

* BMO Nesbitt Burns analyst Peter Sklar raised his Magna International Inc. (MGA-N, MG-T) target to US$99 from US$96, maintaining an “outperform” rating. The average is US$101.94.

* BMO’s Jonathan Lamers hiked his Uni-Select Inc. (UNS-T) target to $17 from $12.50 with an “outperform” recommendation. The average is $14.30.

* Mr. Lamers increased his Boyd Group Services Inc. (BYD-T) target to $263 from $254 also with an “outperform” rating. The average is currently $254.75.

Report an error

Editorial code of conduct

Tickers mentioned in this story