Inside the Market’s roundup of some of today’s key analyst actions
BMO Capital Markets analyst Étienne Ricard thinks EQB Inc.’s (EQB-T) $800-million acquisition of PC Financial from Loblaw Cos. Ltd. (L-T) is “strategically enhancing” and provides “an expanded customer outreach and a more diversified bank from asset, funding, and revenue perspectives.”
“Further, there is upside from potential cross-selling synergies that would be supportive of a more loyal customer base and additive to forecasts,” he added. “With improving confidence into returning to 15-per-cent ROE, the risk-reward appears favourable, with upside at $150 (1.5 times book) and downside at $85 (book value).”
Touting four reasons why he likes the deal, which was announced in early December, for the parent company of Equitable Bank, Mr. Ricard raised his recommendation for EQB to “outperform” from “market perform” previously.
“First, an expanded customer/distribution outreach with the addition of 2.5 million PC Financial clients (vs. 0.8 million EQB clients) and access to 17 million PC Optimum members as the only bank enabling customers to earn loyalty points,” he explained. “Second, lending product diversification with credit cards representing a new vertical for EQB that could account for 30-per-cent-plus of pro forma net interest income. Third, greater non-interest revenue emphasis, accounting for 30-per-cent-plus of pro forma total revenues (currently 14 per cent) underpinned by PC Financial’s interchange, transaction, and card fees. Fourth, access to additional funding sources, most notably in the wholesale channel (i.e., Eagle Trust) and direct-to-consumer deposits (i.e., PC Money).”
In a client note, the analyst also touted upside potential of $60-million in cross-selling synergies, which represents approximately 7-per-cent upside to out-year earnings estimates.
“First, EQB has the potential to raise EQ Bank deposits from acquired PC Financial customers,” he said. “Based on a 20-per-cent cross-selling rate (i.e., comparable to other recent loyalty program partnerships), we believe EQ Bank could acquire 500K+ new customers (currently 600K), raise $1.5-billion in incremental deposits (currently $10-billion) and save $30-million in annual net interest expense. Second, EQB has the potential to cross-sell credit cards to EQ Bank customers that could represent $200-million in new lending balances and translating into $30-million of pre-tax income. ... For clarity, these figures are in excess of the $30-million in expected cost synergies.”
Seeing improvement to both return on assets and equity having the potential to lift valuation, Mr. Ricard hiked his target for EQB shares to a high on the Street of $130 from $108. The average target is $104.71, according to LSEG data.
Raymond James analysts Frederic Bastien and Steve Hansen see Infrastructure & Construction (I&C) stocks entering 2026 with “momentum,” pointing to the “big” efforts to ”eliminate end-market concentration, reinforce balance sheets and tailor service offerings that answer critical infrastructure needs."
“Having said that, we are of the view rising material costs, shifting investment priorities, digital disruption, elevated geopolitical tensions, and evolving tariffs all make for another volatile year,” they added. “Against this backdrop, resilience and a willingness to innovate will be key for success.”
The analysts previously naming WSP Global Inc. (WSP-T, ) as their top pick for the year, noting: “WSP Global wasted no time validating our decision to name the stock a Best Pick for 2026, announcing last month a US$3.3-billion deal to acquire Connecticut-based TRC. The proposed transaction not only supercharges WSP’s growth in the critical and fast-growing power sector, but also positions the firm as the largest and most diversified engineering platform in the United States. What’s more, the addition of TRC puts WSP well on track to achieve the financial targets outlined in its 2025-2027 Global Strategic Action Plan, without the need for further acquisitions. For these reasons, we reiterate our Strong Buy recommendation and $340 price target, based on a 2027E EV/EBITDA multiple of 15 times that appropriately reflects WSP’s top-tier industry position."
In a client report released Tuesday they named five companies as “high-conviction ideas” for 2026:
* AtkinsRéalis Group Inc. (ATRL-T), which Mr. Bastien upgraded to “strong buy” from “outperform” previously, seeing it “entering the second year of its strategic cycle with undeniable nuclear momentum, promising engineering opportunities, and an industry-leading war chest.” His target rose to $130, exceeding the $118.29 average, from $110.
Analysts: “Our largely M&A-free forecasts call for a healthy 42-per-cent increase in adjusted EPS over the next two years, with ATRL’s two main engines contributing evenly to this growth. While recent speed bumps have raised questions around the ES segment’s 8-per-cent organic revenue CAGR target for 2025–2027, a strengthening backlog points to an approaching inflection. We expect the UKI practice’s leadership in water to create significant opportunities with the AMP8 investment program, per a recent contract win to provide full multidisciplinary services for Anglian Water Services through 2040. At the same time, an expanding footprint and high-touch client engagement and helping AtkinsRéalis grow its share of the USLA and AMEA transportation pies, and a back-to-basics approach is driving similarly encouraging gains in Canada. Just as importantly, profitability is improving as the firm further leverages digital tools to bid more effectively, capture savings, and enhance project mix and delivery. All of this leaves us optimistic ATRL can begin narrowing the wide margin gap that still exists relative to peers."
* Black Diamond Group Ltd. (BDI-T), which Mr. Bastien lowered to “outperform” from “strong buy” based on valuation. His target increased by $2 to $20. The average is $17.50.
Analysts: “We are upbeat on Black Diamond, mindful of Modular Space Solutions’ (MSS) strong compounding growth potential, the attractive nation-building optionality built into Workforce Solutions (WFS), and the major platform enhancements underway at LodgeLink. With this much inertia embedded in the BDI model, we are comfortable stretching our valuation a little further. We derive a new valuation of $20 by raising our target 2026E EV/EBITDA multiple on WFS to 8 times from 7 times, and bumping our LodgeLink EV/revenue multiple to 6 times from 5 times. Even so, we are lowering our recommendation by one notch to Outperform, as an explosive 85-per-cent run over the past twelve months renders upside more balanced.”
* Bird Construction Inc. (BDT-T) with an “outperform” rating and $34 target (unchanged). The average is $34.80.
Analysts: “We reaffirm our Outperform rating on Bird Construction based upon the firm’s record backlog, healthy balance sheet, leading self-perform capabilities, and strong alignment with long-tern national investment themes. After a 2025 somewhat tainted by project delays and a client’s bankruptcy, BDT is starting 2026 focused on securing long-term work programs and delivering further margin improvements.”
* Colliers International Group Inc. (CIGI-Q, CIGI-T) with an “outperform” rating and US$195 target, up from US$180. The average is US$177.33.
Analysts: “Colliers International’s decentralized approach, combined with its high insider alignment, leaves the firm ideally positioned to roll-up rapidly expanding and fragmented professional services markets.”
“We reaffirm our constructive view on Colliers, grounded in its stable leadership, high insider alignment, and decentralized approach to operations. With CIGI’s capital markets and fundraising activities on the upswing, demand for its engineering services robust, and the acquisition pipeline still flush with opportunities, we are encouraged by what the next 12 months hold.”
* RB Global Inc. (RBA-N, RBA-T) with an “outperform” rating and US$145 target, up from US$135. The average is US$129.43.
Analysts: “Looking into 2026, we expect CC&T performance to re-accelerate and complement sustained Auto/IAA momentum. On the CC&T [Commercial, Construction & Transportation] front, specifically, several factors shape this view, including: 1) increased legislative clarity (Big Beautiful Bill, bonus depreciation, tariff familiarity); 2) rising US GDP & capital spend expectations; 3) outsized spreads between new & used equipment pricing (favoring used demand); 4) rising ASPs after a multi-year slide; and 5) incremental M&A volume (JM Wood, Smith Broughton). In Auto, we also see beneficial tailwinds continuing, including: 1) incremental share gains underpinned by strong carrier relationships & industry-leading SLA performance; 2) incremental volume from recent contract wins (Suncorp, Direct Line & GSA); and 3) modest ASP tailwinds. Finally, on the corporate front, we see: 1) additional SG&A leverage carrying over from 2H25 cuts; and 2) strong optionality (upside surprise) associated with incremental M&A as management capitalizes on its under-levered balance sheet (3Q25: 1.4 times).”
While TD Cowen analyst Aaron MacNeil sees Keyera Corp.’s (KEY-T) announcement of an unplanned outage at its Alberta Envirofuels facility following an investigation into reduced plant performance as “unfortunate,” he says it does not change his investment thesis, which includes a “buy” recommendation, expecting the impact of the issues to be resolved in the coming months.
Shares of the Calgary-based midstream company slid 3.9 per cent on Monday following the premarket announcement of the outage, which it attributes to “component failure involving long-life equipment that had been replaced approximately three years ago as part of AEF’s ongoing maintenance and reliability programs.”
“We are reducing our 2026 marketing segment EBITDA [forecast] by $60-million to $470-million to incorporate incremental downtime at AEF ($50-million contemplated previously), as well as pulling forward the timing of the previously expected downtime to H1/26,” said Mr. MacNeil in a client note. “Consistent with new disclosures, we are also updating our 2026Ecash tax (down $30-million), Liquids Infrastructure segment EBITDA (down $15-million), and maintenance capital (up $10-million) estimates. There are no changes to our 2027-2030 estimates.”
With the 4-per-cent decline to his EBITDA estimate for 2026, the analyst cut his target for Keyera shares to $52 from $54. The average target on the Street is $52.71.
“We view the closing of the Plains Canadian NGL assets an opportunity for increased synergy capture beyond the $100 million currently disclosed as a positive catalyst,” said Mr. MacNeil. “The accretive nature of this transaction has not been fully reflected in Keyera’s prevailing valuation, making it screen as attractive both relative to peers and in the context of its 10-year historical mean. With greater clarity on close, better comfort around assets, and higher visibility to synergy capture, we think this valuation gap will close.”
Elsewhere, National Bank’s Patrick Kenny lowered his target to $46 from $48 with a “sector perform” rating.
“Since acquiring the 14 mbpd AEF facility in 2012, we tally 10 separate planned and unplanned outages,” said Mr. Kenny. “As such, despite the US$237-million acquisition having paid for itself multiple times over, we are recalibrating the cadence of major maintenance outages for the facility to every two years (was every four years). Overall, our 2027 estimated D/EBITDA taps up to 3.2 times (was 3.1 times), remaining above the high end of the company’s longer-term 2.5-3.0 times target range.”
RBC Dominion Securities analyst Andrew Wong thinks Nutrien Ltd. (NTR-N, NTR-T) is poised to benefit from “strong operations and a constructive market environment in 2026, with constructive fundamentals in ag, nitrogen and potash that support solid cash flows (7-8-per-cent FCF yield in 2026/2027).”
“We expect Nutrien to remain very focused on operational improvements, particularly around cost and capital efficiency, with particular attention on non-core assets,” he added. “We think continued strong execution and a steady market should support a continued gradual re-rate in shares.”
Mr. Wong expects the Saskatoon-based fertilizer giant to display “steady” results across its agricultural, nitrogen and potash businesses when it reports its fourth-quarter 2025 financial results on Feb. 19. He’s currently estimated earnings before interest, taxes, depreciation and amortization (EBITDA) of US$1.4-billion, exceeding the consensus forecast on the Street US$1.35-billion, and sees execution upside for the year ahead.
“Ag fundamentals remain well-supported by solid crop prices and record yields, and while early onset of winter in late-November/early-December may have curtailed late-year activity vs. last year, we expect Retail still reaches 2025 guide ($1.68-1.82-billion EBITDA),” he explained. “International potash markets were active, particularly in Asia, offsetting the late-year weather-related slowdown in North America. Nitrogen markets remained strong through Q4, with strong demand across all products and higher prices offsetting natural gas costs that were higher year/year.”
“We see constructive ag fundamentals continuing into 2026 given steady crop prices, with December 2026 corn holding near $4.50 per bushel, supporting growth in Retail ($1.9-billion EBITDA 2026 vs. $1.75-billion 2025). Potash demand growth will likely be supported by good affordability and there is no major new supply coming online, supporting higher potash sales (14.4Mt 2026E vs. 14.2Mt 2025E) and higher realized prices ($274/tonne 2026E vs. $255/tonne 2025E). In nitrogen, we see a supportive market environment, but uncertainty on sales given the ongoing Trinidad outage due to a dispute with the government regarding port fees and inconsistent natural gas supply. We forecast 10.2Mt sales in 2026 vs. 10.9Mt in 2025, assuming Trinidad production is suspended in H1/26 and back online in H2/26.”
Maintaining his 2026 and 2027 earnings expectations “with stronger potash fundamentals offsetting lower nitrogen sales volumes,” Mr. Wong raised his target for Nutrien shares to US$75 from US$70, keeping an “outperform” recommendation. The average is US$67.42.
“We believe the company has built the most diverse, vertically integrated agricultural input business with an attractive earnings profile, growing free cash flows, and solid balance sheet,” he noted.
National Bank Financial analyst Cameron Doerksen says solid end market trends keep him positive on Exchange Income Corp. (EIF-T), touting its outlook for growth.
“We expect EIC’s Q4 results will see the company meet its 2025 EBITDA guidance of $725-$765-million,” he said. “Guidance for 2026 of EBITDA of $825-$875 million does not assume any M&A or any material new major contract wins with the higher end of the range achievable with some potential improvement in the Canadian matting business, timing of leases at Regional One, and some better profitability in the Windows segment. Supported by new or ramping contracts (and a full-year contribution from Canadian North), EIC has good visibility into growth, and we therefore consider the 2026 guide to be readily achievable. Indeed, earlier in January, EIC announced that it has an agreement between its PAL Airlines subsidiary and Air Canada to expand (and extend for four years) flying under the Air Canada Express banner from six to 11 planes. We expect the incremental flying will begin this summer with the additional EBITDA increasing our confidence not only in the 2026 earnings growth outlook, but also for growth into 2027.”
In a client note previewing quarterly results for the Winnipeg-based diversified, acquisition-oriented company, which are expected on Feb. 24, Mr. Doerksen raised his 2026 revenue and EBITDA forecasts “slightly” to incorporate the expanded contract between PAL and Air Canada, which he expects to starts contributing in the second half of the year.
He also introduced a forecast for 2027 which projects revenue growth of just over 5 per cent and “modest” margin expansion for each segment.
“As the leading air transport provider into Northern Canada (especially Nunavut, Northwest Territories and Labrador), EIC’s airline companies are positioned to benefit from investment in the North, be it defence-related, infrastructure investment, or natural resources development,” he noted. “The Canadian Government’s support of large-scale “nation-building” projects should drive new activity to these regions, which in turn will boost air travel growth, potential new defence contracts, and demand for EIC’s matting solutions. Matting demand would also be boosted from major projects outside the North, especially if new large-scale pipeline and power transmission lines are approved. While new potential investments are unlikely to have a material impact on 2026 growth for EIC, we do believe they will drive new revenue to the company in 2027 and beyond."
Mr. Doerksen thinks Exchange Income’s valuation remains “reasonable, especially considering the solid growth outlook for 2026 and 2027″ with shares treading at 8.6 times estimated 2026 enterprise value to EBITDA versus peers at 9.2 times.
Rolling the basis for his valuation to 2027 and raising his valuation multiple to 9.0 times to better reflect where peer group companies are trading, the analyst hiked his target for the company’s shares to $109 from $88, keeping an “outperform” rating. The average target is $94.43.
Elsewhere, Ventum Capital Markets’ Amr Ezzat raised his target to a Street high of $110 from $95 with a “buy” rating.
“With Exchange Income Corporation’s stock up over 70 per cent in the past year, the Company remains a high-conviction investment into 2026,” said Mr. Ezzat. “This view is supported by durable multi-segment growth, embedded sovereign tailwinds, and continued capital discipline. Visibility into 2026–2027 cash flow is improving, and EIF’s unique portfolio — spanning Arctic aviation, ISR, and defence-enabling infrastructure — positions it to lead and support critical northern initiatives in Canada and abroad.
“EIF enters 2026 with approximately $1.2-billion in deployable capital and outsized leverage to nation-building priorities embedded in the federal budget. We continue to see a mispricing opportunity, with the stock trading at 8.3 times/7.5 times 2026/2027 EV/EBITDA despite sector-leading capital allocation, multi-year free cash flow growth, and room to outperform current guidance.”
While cautioning its fourth-quarter 2025 results “look light,” National Bank Financial analyst Cameron Doerksen thinks Mullen Group Ltd.’s (MTL-T) 2026 financial targets are “consistent” with forecasts.
On Monday, the Alberta-based transportation and logistics provider revealed a full-year expectations for revenue of $2.3-$2.4-billion and EBITDA of $365-million,versus the analyst’s prior forecast for revenue of just under $2.3-billion (consensus sat at $2.25-billion) and EBITDA of $369-million (consensus of $362-million).
“Other highlights of the business plan include expected capex of $85-million versus our prior forecast for capex of $105-million and a dividend that will remain unchanged at $0.84/share annualized,” he said. “Mullen also expects to once again be active with M&A in 2026 noting that the company finished 2025 with $144.6-million in cash along with the full $525 million available on its credit facility.
“Along with its 2026 business plan, Mullen also provided an early look at its final 2025 results with revenue expected to come in at $2.1-billion with EBITDA of $323-million. Preliminary 2025 results imply Q4 revenue of $500-million versus NBCM at $542-million and the consensus of $545-million with Q4 EBITDA of $74.8-million versus our prior forecast for $83.8-million and the consensus at $84.5-million.”
In a client note released before the bell on Tuesday, Mr. Doerksen emphasized the company’s end markets appear to be “trending more positively.”
“Although trucking end market conditions remain soft, one potential positive change for the industry are regulatory changes/enforcement that may lead to rate improvements in 2026,” he said. “In the commentary in its 2026 business plan, Mullen indicates that the trucking industry is in the early stages of a tightening cycle, which is consistent with what we are hearing from industry contacts.”
Maintaining his “outperform” rating for Mullen shares, Mr. Doerksen increased his target to $19, which is a new high on the Street, from $16.50 after rolling the basis for his forecast to 2027. The average is $16.55.
In response to Scotia’s new energy price assumptions, equity analyst Kevin Fisk cut his 2026 and 2027 cash flow per share expectations for companies in his coverage universe by an average of 20 per cent and 15 per cent, respectively as well as his net asset value per share estimates by 3 per cent.
“We have lowered our 2026 and 2027 Brent price forecast as we think the higher geopolitical risk premium will be short-lived and will likely resume a bearish trend due to weaker supply/demand fundamentals,” the firm said in a report released on Jan. 14. “The U.S.’ actions in Venezuela could also mark the beginning of a new chapter for OPEC and lower longer-term oil prices. On the other hand, we remain enthusiastic about the North America natural gas outlook and believe the bull market is now here. We believe the ramp of the next wave of LNG projects, continued growth for gasfired power generation demand, more normal winter weather conditions, and low rig count set the stage for strong NYMEX prices into 1H/27. We are also bullish on the AECO market versus the strip, provided LNG Canada ramps in a smooth and timely manner. We have kept our NYH 3-2-1 crackspread forecasts largely unchanged in 2026 and 2027, but have raised our assumptions in 2028-2030, up between $1-$1.3/bbl per year, driven by our expectation of higher RIN prices.”
In a report previewing quarterly earnings season, Mr. Fisk said his projections now largely fall in line with the Street’s with a few notable exceptions.
“Our Q4/25 CFPS [cash flow per share] for IPCO, SCR, and PSK are weaker than consensus due to one-time items ... We believe a number of companies are well positioned to deliver positive reserve updates (ATH, BTE, VET, and WCP),” he said. “Further, SU could preview topics for its March 31st investor day and CVE could provide an update on the MEG integration.
“We have updated our target prices, which have increased 6 per cent on average. Notable target price changes include ATH (up 14 per cent), OVV (up 14 per cent), and SU (up 13 per cent). We have updated our target price methodology to reflect a mix of NAV, DACF multiples, and FCFf yields. Further, our target prices assume mid-cycle WTI and HH prices of $70/bbl and $4/mcf. In our view, valuing firms at mid-cycle prices will identify attractive opportunities in weak commodity price environments and aligns with our longer-term view.”
The analyst’s target adjustments are:
- Athabasca Oil Corp. (ATH-T, “sector perform”) to $8 from $7. The average is $7.79.
- Baytex Energy Corp. (BTE-T, “sector outperform”) to $5.50 from $5.25. Average: $5.05.
- Cenovus Energy Inc. (CVE-T, “sector outperform”) to $30 from $29. Average: $29.47.
- Freehold Royalties Ltd. (FRU-T, “sector perform”) to $16 from $15. Average: $16.10.
- International Petroleum Corp. (IPCO-T, “sector perform”) to $26 from $24. Average: $24.75.
- Ovintiv Inc. (OVV-N/OVV-T, “sector outperform”) to US$58 from US$51. Average: US$51.87.
- Prairiesky Royalty Ltd. (PSK-T, “sector perform”) to $30 from $29. Average: $32.
- Suncor Energy Inc. (SU-T, “sector perform”) to $70 from $62. Average: $67.50.
- Vermilion Energy Inc. (VET-T, “sector perform”) to $15 from $14. Average: $13.99.
- Whitecap Resources Inc. (WCP-T, “sector outperform”) to $15 from $14. Average: $13.83.
"CVE is our top large cap pick because we expect its free cash flow to increase meaningfully as growth spending declines and production increases,“ said Mr. Fisk. ”Additionally, we see upside from a potential non-core disposition of Deep Basin/Montney assets (proceeds estimated at more than $2.0-billion), which could accelerate debt repayment. Management expects to increase shareholder returns from 50 per cent to 75 per cent of FCF after dividends once debt is below $6-billion. We also like CNQ and believe the current share price offers a good entry point and the company’s underperformance year-to-date has been over done. We have a Sector Perform rating on SU, but view it as a good option for investors looking for a resilient business in a volatile commodity market.
“WCP and OVV are our top Mid cap picks. WCP is a solid operator with a number of upcoming operational catalysts including the ramp-up of the Lator facility in Q4/26 (35-40 mboe/d), plug-and-perf wells will be piloted at Gold Creek/Karr and have the potential to reduce well costs by $1-$1.5-million per well, and the realization of the additional Veren Inc. synergies that have been identified. OVV is also a strong operator and we believe the planned disposition of its Anadarko assets will accelerate its debt repayment and allow for greater shareholder returns. On strip WCP and OVV have attractive 2026 DAFCF yields 7 per cent and 8 per cent vs the peer average at 5 per cent.”
In other analyst actions:
* JPMorgan’s Arun Jayaram downgraded Cenovus Energy Inc. (CVE-T) to “neutral” from “buy” with a $25 target. The average is $29.87.
* Mr. Jayaram upgraded Suncor Energy Inc. (SU-N, SU-T) to “overweight” from “neutral” and raised his target to US$54 from US$46.15. The average is US$48.67.
* Roth/MKM’s Joseph Reagor downgraded Silvercorp Metals Inc. (SVM-N, SVM-T) to “neutral” from “buy” previously, citing valuation concerns, with a US$10.50 target, up from US$9. The average target on the Street is US$11.78.
* After reducing his 2026 wireless subscriber growth estimates for Canadian telecommunications companies below the Street’s expectations, Scotia’s Maher Yaghi cut his targets for BCE Inc. (BCE-T, “sector outperform”) to $40.25 from $40.75, Quebecor Inc. (QBR.B-T, “sector perform”) to $51.25 from $51.75, Rogers Communications Inc. (RCI.B-T, “sector perform”) to $57.75 from $58 and Telus Corp. (T-T, “sector outperform”) to $22 from $22.50. The averages on the Street are $36.60, $53.56, $58 and $20.75, respectively.
“Based on recent Canadian population trend lines reported by Statistics Canada and anticipated population growth dynamics in 2026, we have lowered our wireless subscriber growth assumptions from 2.5 per cent to 2 per cent, essentially shaving off anticipated service revenue growth in the process by the same amount for all four wireless operators,” said Mr. Yaghi. “Our previous estimates were in the same ballpark as current consensus. The reduction in growth expectations has led to a reduction of 20-25 per cent to reported net additions for industry players in 2026. While, historically, predicting population growth in Canada was a simple task, recent changes to policy directives have caused significant changes, leading to expected protracted pressure on population growth which has a high correlation with wireless industry subscriber trends. We don’t view our new estimates as bearish as shown in our methodology below. Overall, these changes have caused us to slightly reduce our target prices. Granted, although the changes are not meaningful, we think that for the sector to outperform the index, we need to stop seeing negative revisions to financial forecasts every quarter.”
* Aletheia Capital’s Skye Chen raised her price target for Celestica Inc. (CLS-N, CLS-T) to US$410, exceeding the US$376.73 average, from US$330.00, maintaining a “buy” rating.
* Stifel’s Cole McGill raised his Montage Gold Corp. (MAU-T) target to $12.75 from $9.25 with a “buy” rating. The average is $10.75.
“As flagged on our Koné Site Tour Note, MAU has formally pulled forward first gold production via an oxide circuit that is already four months ahead of schedule. While two quarters may seem trivial, we think this formal announcement can i) reduce peak funding requirements and enhance Au exposure, ii) increase market confidence in a rock solid in house build team at MAU, which iii) adds credibility to forward growth (Didievi?) as MAU begins to build a reputation of excellence in West Africa. We now model 225koz Au production in 2027 (up 7 per cent) which could generate $290-million in FCF at spot (9-per-cent yield), alongside a rough estimation of Didievi (6 years at 138kozpa Au at $1,095/oz AISC). We think MAU is in the very early innings of shifting from pricing in a single asset ramp to a repeatable, self perform, value uplift business model, with Koné as the company builder,” said Mr. McGill.
* After recently hosting marketing meetings with its management team, Desjardins Securities’ Jerome Dubreuil raised his target for shares of Stingray Group Inc. (RAY.A-T) to a Street-high of $18.50 from $16.50, keeping a “buy” rating. The average is $14.67.
“Following these discussions, we have greater confidence in RAY’s ability to deliver substantial and rapid synergies from the TuneIn acquisition while maintaining strong execution across its operations and generating robust FCF,” he said.