Inside the Market’s roundup of some of today’s key analyst actions
RBC Dominion Securities analyst Darko Mihelic thinks 2025 will be “a transitional year” for Canadian banks and 2026 will be “a better representation of ‘normal’ earnings power.”
“We roll our bank valuations forward to our 2026 estimates as we see reasons to favour 2026 over 2025,” he said. “The key factors we see for a more favourable landscape in 2026 include a stabilizing Canadian economy, reduced concerns on mortgage payment shock (although mortgage volumes may increase), peaking credit losses, stronger capital markets and wealth revenue growth, stabilizing capital, and buyback activity which is restarting. We suspect our 2026 EPS estimates are conservative with upside potentially coming from lower than expected PCLs, better net interest income growth, and possibly greater than modelled buyback activity.”
In a research report released before the bell on Wednesday, Mr. Mihelic said his optimism for next year is based on several factors, including the stabilization of the economy over the next 12 months; “very early signs that concerns regarding mortgage payment shock have subsided so that in fact, mortgage volumes may pick up a little bit in H2/25; loan losses are peaking; capital levels are stablizing; “good indications that capital markets businesses and wealth businesses are due for stronger revenue growth” and “banks will more than likely engage in share buybacks and the possibility exists that buybacks can be greater than expected.”
“If throughout 2025 there is visible evidence that these indicators play out as we expect, we believe investors will very quickly look to 2026, as we anticipate better loan growth, stable to lower PCLs, and possible further capital relief,” he added.
“We revisit our valuation approach for the Canadian banks we cover to reflect our 2026 core EPS expectations and we increase our price targets for the large Canadian banks we cover. Our price targets increase 12 per cent (median) and reflect a median return to target of 17 per cent. While economic and geopolitical risks always remain, we believe they are more moderate. While the outlook for 2025 remains relatively constructive, we see several reasons for a more favourable landscape for the group in 2026.”
Seeing their returns to his target prices as “more favourable versus that of peers,” Mr. Mihelic upgraded Bank of Montreal (BMO-T) and Canadian Imperial Bank of Commerce (CM-T) to “outperform” recommendations from “sector perform” previously.
His target for BMO shares to $161 from $133. The average on the Street is $143.26, according to LSEG data.
“We believe that BMO is likely past its credit concerns and we see more upside to valuation,” he said. “We upgrade BMO to Outperform (was Sector Perform) as it has the highest return to target among the large Canadian banks we cover, at 20 per cent.”
“We suspect there is solid upside to our 2026 core EPS estimates as loan volumes gain momentum (net interest income growth) and PCLs could come in lower than modelled, while buybacks could be more aggressive than modelled.”
His CIBC target increased to $103 from $97, exceeding the $94.44 average.
“We believe that CM is executing its strategy well and is largely past its previous credit concerns, and we see upside to its valuation,” the analyst said.
“We are upgrading to CM to Outperform (was Sector Perform) as its return to target of 19 per cent is second highest among the large Canadian banks we cover.”
Mr. Mihelic’s other ratings and targets are:
- Bank of Nova Scotia (BNS-T, “sector perform”) to $83 from $74. Average: $80.27.
- National Bank of Canada (NA-T, “sector perform”) to $145 from $134. Average: $141.67.
- Toronto-Dominion Bank (TD-T, “sector perform”) to $86 from $77. Average: $83.26.
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While acknowledging Alimentation Couche-Tard Inc. (ATD-T) is “going through a period of self-reflection,” National Bank Financial analyst Vishal Shreehar raised his recommendation for its shares to “outperform” from “sector perform” previously based on the expectation of improving growth aided largely by easier year-over-year comparisons and the findings of his customer perception review of its stores.
“Recall, in October 2023, ATD announced its F2028 EBITDA growth ambition (10 For The Win strategy; $10-billion of EBITDA by F2028), largely driven by organic growth initiatives ($2.4-bilion); growth from M&A was indicated to be a minority contribution ($1.8-billion),” he said. “Shortly thereafter, in August 2024, ATD acknowledged an ambitious plan to acquire Seven & i Holdings. We understand that there is an opportunistic component to the timing of possible deals; notwithstanding, we view this to be a sizable deviation from the 10 For The Win strategy.
“If the Seven & i deal does not manifest (we ascribe a 25-per-cent likelihood of culmination), apart from initial enthusiasm related to improved near-term capital return prospects, investors may begin to question ATD’s organic growth opportunities over the medium term, particularly since progress against the 10 For The Win strategy is not easily observed in recent results (showing declines in organic growth).”
After analyzing thousands of reviews gathered from social media for its stores in the U.S., Canada, Europe and Asia, Mr. Shreedhar found “generated appreciably better customer sentiment scores in Europe and other versus North America.”
“Tepid consumer reception for ATD’s stores in North America is the key impediment, in our view, on ATD’s ability to deliver food program penetration in line with its ambition,” he said. “Interestingly, regions with better customer perception also have superior food programs, such as in Europe. We note that ATD lags the industry in food service penetration as a percentage of merchandising revenue (12-per-cent penetration in F2024 versus the U.S. industry at 23 per cent, in our estimation).”
In justifying his rating change, Mr. Shreedhar emphasized the Montreal-based company has historically delivered balanced growth between acquisitions, organic and capital return.
“Our analysis suggests that ATD’s EBITDA growth since F2015 (until F2024) has been supported by both acquisitions and organic growth in relatively equal proportions,” he said. “This encouraging data point is in contrast to the common assumption that ATD’s performance has been governed largely by acquisitions.
“We believe that ATD has opportunity for future organic growth driven, in part, by long-term fuel margin expansion, and improvement of the merchandising offer (with a focus on consumption occasions in North America). We estimate potential F2026 EPS accretion of over 8-per-cent if ATD is able to improve its food service mix in line with the industry average, all else equal.”
While trimming his earnings per share forecasts for both fiscal 2025 and 2026 to “reflect a competitive backdrop,” he raised his target for Couche-Tard shares to $89 from $87. The average target on the Street is $89.47.
“We continue to believe that the c-store backdrop is challenged; however, we see ATD delivering better average performance in the coming quarters versus other large capitalization staples stock in our coverage universe,” said Mr. Shreedhar.
“We value ATD at 17.0 times our F26/F27 EPS (adjusted for FX). The higher price target reflects a roll forward of our valuation period.”
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After a “good run” for shares of Loblaw Companies Ltd. (L-T), Scotia Capital analyst John Zamparo thinks it’s “time to flip the switch,” downgrading his recommendation to “sector perform” from “sector outperform” on Wednesday.
“Since our Oct 30th initiation, Loblaw shares have run 8 per cent compared to less than 1 per cent for WN [George Weston Ltd.], whose discount to SoTP [sum-of-the-parts] (86 per cent of NAV is comprised of L shares) is nearly a full standard deviation above average,” he said. “Our new WN target of $240 represents a 10-per-cent discount to SoTP. If L achieves our $200 price target (approximately 6-per-cent upside from last close) and WN’s discount just returns to its 14-per-cent average, this gives investors access to L but with a double-digit return profile. The L story remains compelling; though we currently prefer exposure via WN as a tactical switch to gain more near-term upside.”
In a report previewing 2025 for Canadian grocers, Mr. Zamparo said stores openings and its new 1.2 million square foot distribution centre in East Gwillimbury, Ont., are key variables for Loblaw in the year ahead.
“Near-peak valuation on L (20 times NTM [next 12-month] P/E) reflects the business’ quality, exposure to key drivers like pharmacy and discount food, and other (mostly) unique growth sources like retail media and freight-as-a-service,” he said. “We note some risks exist in 2025 that could impact sentiment. First is the acceleration of new store growth. We ultimately support this strategy but concede lower initial profitability could create some near-term risk to earnings estimates. The second concerns L’s new DC. It’s overly simplistic in our view to merely say we’ve seen this story before with MRU; the size of L’s new DC is relatively much more modest. Still, new DCs have a way of causing disruption and duplicate costs.”
“We attempt to quantify the store-level economics of Loblaw’s small-format No Frills stores. We estimate that these stores provide paybacks of 5-6 years (or cash-on-cash returns in the high teens), compared to 5 years and 20 per cent for traditional No Frills sites. Ramping up to full profitability may weigh on results in 2025 and 2026; however, we expect the small-format initiative can contribute meaningfully. If L were to open 25 per year, it could add 20 bps to EBITDA growth annually. The primary risk to this point involves a limited track record.”
While emphasizing its asset quality “remains unmatched,” Mr. Zamparo maintained a $200 target for its shares, which is $1 less than the average on the Street.
“We see the grocers as well-positioned for 2025, which should see food-at-home take share amid soft consumer sentiment and persistently higher inflation at restaurants compared to grocery. MRU remains our top pick for 2025, a result of high conviction in EPS growth achievement, and minimal risks to the stock,” he concluded.
“We project each grocer can meet at least the low end of its EPS growth aspirations for C2025. We project approximately 12 per cent for MRU [Metro Inc.], 10 per cent at L and 9 per cent for EMP [Empire Co. Ltd.]. Cautious consumers paired with stimulus and also stubbornly higher relative inflation at restaurants (still 80 basis points above that of grocery stores year-over-year) should position Canada’s largest food retailers well for earnings growth this year.”
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Conversely, Mr. Zamparo upgraded George Weston Ltd. (WN-T) to “sector outperform” from “sector perform” previously, seeing it “appealing in an uneven economy rife with tariff-based uncertainty.”
“We approach WN primarily from the perspective of what its discount is to the sum of its parts, and comparing that to historical levels,” he said. “We consider the current 16-per-cent-plus discount to be attractive, as it’s nearly a full standard deviation from the mean of just under 14 per cent. As is usual with grocers (or holdcos of grocers), implied upside in our target price is fairly limited; however, it’s also the relative safety and downside protection that WN provides.”
His target rose to $240 from $218, remaining below the $246.21 average.
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Citing its “low valuation, revenue resilience, capital prudence, 5.6-per-cent dividend yield, and other factors,” TD Cowen analyst Tim James named Mullen Group Ltd. (MTL-T) his top pick among Canadian cargo transportation companies for the year ahead.
“Strongest EBITDA growth forecast for CJT [Cargojet Inc.] (12 per cent) and MTL (9 per cent acquisition-driven),” he adde. “We believe Canadian port strike could benefit CJT and immaterial impact for MTL/AND [Andlauer Healthcare Group Inc.].”
“We believe recent CJT share price weakness and flat 2025/26 EBITDA forecast despite heightened pilot cost pressure presents an attractive entry point for investors. AND’s low valuation, healthcare related earnings resiliency and increasing excess capital is expected to provide attractive upside over 12-months.”
In a note released late Tuesday, Mr. James updated his underlying economic, currency and fuel price assumptions, along with certain company specific factors, however he said the”the net impact of which is immaterial to our targets/recommendations.”
For Mullen, he’s now forecasting 6.1-per-cent year-over-year revenue growth to $529-million, exceeding the consensus on the Street of $516-million. He sees EBITDA rising 8.8 per cent to $86.2-million, also topping the consensus of $85.1-million, with 40 basis points of margin expansion versus 30 bps in the third quarter of 2024.
He reiterate a “buy” rating and $21 target for shares of the Okotoks, Alta.-based company. The average on the Street is $19.10.
“MTL target ($21) based on slightly lower multiples offset by updated earnings and debt forecasts. Our previous approach to multiples was based on view that pre-pandemic valuation range (5-yr average EV/EBITDA 9 times, P/E 20 times) would return,” said Mr. James. “Forward P/E has ranged from 9.5-12.5 times and forward EBITDA 6-8x for 3-yrs now despite demonstrating business resiliency through freight downturn. We think market will take the view that our previous multiple may be too optimistic based on modest 2025 EBITDA growth (3.4 per cent) and D&A and interest driven EPS pressure, and are therefore basing our target on more modest multiple expansion (current 6.3 times forward EBITDA to 7.5 times target, current 12.2 times forward P/E to 15 times target). Share price sentiment can be impacted by U.S. trends despite MTL’s revenue being dominated by Canadian trend.”
The analyst also kept “buy” recommendations for Cargojet (CJT-T) and Andlauer (AND-T) with targets of $165 and $53 target. The averages are $161.18 and $47.50, respectively.
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Scotia Capital analyst Mager Yaghi thinks a Conservative-led federal government could look to review foreign ownership restrictions and thinks Telus Corp. (T-T) could “become a major beneficiary.”
“If foreign ownership limits are relaxed, other companies might want to preempt any negative repercussion by advancing stronger commercial ties with existing operators (Rogers/Quebecor on wireless and BCE/TELUS on fiber for example),” he said.
“Nothing is set in stone, but 2025 could turn out to be a much different picture in terms of stock performance vs 2024 in such a context. On a more fundamental basis, and since our note in Nov. where we cautioned that consensus was too high, as we sit today, consensus has come down to our estimates; RCI’s 2025 consensus EBITDA remains a bit elevated. Could our estimates come down further? The biggest factor will be if a new conservative government significantly curtails immigration levels. Our 2025 estimates for subscriber loading already imply a return to a normalized population growth. As for valuations, Canadian telcos are still not trading at a discount to U.S. telcos to get us to raise the all clear signal.”
In a note released Wednesday, Mr. Yaghi argued the major factors that affect industry performance are long-term rates and regulation “and then a distant day to day operational execution (market share gains, network investments, etc).”
“The competitive structure that changed in 2023, which resulted in a downward spiral on wireless pricing, was a result of regulatory decisions - not to be confused by operational execution,” he added. “This is to say that the sector’s performance will be greatly affected if a new government takes the economy into another direction when it comes to inflation targets and trade wars (affecting long term rates), new regulatory policy on competition (ongoing FTTP market structure and broadcasting reviews by the CRTC, foreign ownership limits).
“The conservatives have indicated that if they form a new government, they could review foreign ownership limits and not just for telcos. If foreign ownership limits are relaxed a few telcos could be in play for foreign operators chief among them is TELUS which, given its limited wireline/federal government exposure and national wireless presence. It will be a double edge sword for the sector as on the one hand, some companies could get bid up while multiples on other companies which might not be open to being acquired see their multiples compress if a large U.S. player makes an entry in Canada. Clearly, many possible combinations could be entertained in this context, including the opening of some broadcasting ownership limits potentially allowing the spin out of BCE media operations. In a scenario where a larger player could enter the Canadian market, existing companies need to be more proactive to improve ROICs ahead of time. We see tower divestitures and/or combining the wireline assets of TELUS and BCE under a network sharing agreement similar to wireless also making more sense, and possibly Rogers/Quebecor forming a net.”
After lowering overall industry expectations for wireless loading in 2025, the analyst cut his target for Telus to $22.50 from $23.25 and Rogers Communications Inc. (RCI.B-T) to $64 from $66.50 with a “sector perform” rating for both. The averages are $23.85 and $62.50, respectively.
“What about upcoming Q4 earnings and 2025 guidance expectations? We are expecting wireless net loading to show a material decline year-over-year, confirming trends first seen in Q3 but estimates have come down enough already,” he conclude. “We expect the prepaid mix to also remain very elevated compared to prior years. Wireless pricing pressure remains an issue, but we should see some stabilization in the rate of the decline. We expect 2025 guidance by BCE, TELUS and Rogers to reflect the competitive headwinds, but again this is likely already priced in. What is not priced in the stock is a prolonged wireless price war extending beyond 2025 or a material reduction in immigration targets, bringing population growth below normalized rates. Our current 2025 wireless loading estimates are now down to levels we would refer to as more normalized. We slightly lowered our target on Rogers due to reducing our multiple on cable from 7 to 6.5 times due to low growth and on Telus due to lower 2025 estimates.”
Elsewhere, CIBC’s Stephanie Price cut her Telus target to $24 from $25 with an “outperformer” rating.
“We see TELUS as well positioned within a tough telecom environment. With its fibre rollout complete, we are expecting a 2-per-cent capex reduction and FCF growth of 8.5 per cent year-over-year in 2025E. We expect further penetration gains within its fibre footprint, with the wireless business continuing to execute well in a competitive environment,” she said.
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RBC Dominion Securities analyst Paul Treiber predicts shares of Celestica Inc. (CLS-N, CLS-T) are “poised for another strong year,” seeing upside to the Street’s expectations for the Toronto-based designer and manufacturer of hardware and supply-chain solutions.
“Celestica tends to provide conservative guidance; last year Celestica raised FY24 guidance 3 times,” he said. “For FY25, we believe Celestica is likely to exceed consensus and increase guidance through the year, given: 1) rising hyperscaler capex; 2) likely strong 800G switch upgrades; and 3) expected resurgence of revenue at Celestica’s largest customer 2H/FY25. We are raising our FY25 estimates to US$10.71-billion revenue and US$4.55 adj. EPS, up from $10.41-billion and $4.42 previously and above consensus at $10.56-billlion and $4.46.”
In a report released Wednesday, Mr. Treiber said rising hyperscaler capital expenditures are likely to be “a powerful long-term secular growth driver” for Celestica, while the 800G product cycle should fuel strong growth in 2025.
“Hyperscalers account for 50 per cent of Celestica’s revenue. In the last 3 months, consensus estimates for the top 5 U.S. hyperscalers increased 4 per cent for CY25 and 3 per cent for CY26,” he said. “Consensus now calls for hyperscaler capex to grow 19 per cent year-over-year in CY25 and 7per cent year-over-year in CY26. We believe Celestica’s hyperscaler revenue is likely to grow faster than hyperscaler capex, as Celestica is seeing meaningful share gains at hyperscalers (hyperscaler revenue up 50 per cent year-over-year FY24e, faster than hyperscaler capex up 43 per cent).”
“Celestica is the #1 vendor of 400G switches. Faster networking technologies are an increasing priority for hyperscalers, given growing GenAI workloads. We believe Celestica is well positioned to benefit from the 800G upgrade cycle, which is expected to ramp in 2025. Our revised outlook calls for Celestica’s HPS/ODM revenue (predominately switches) to increase 28 per cent year-over-year in FY25 and 20 per cent year-over-year in FY26.”
Expecting its rising valuation re-rating to continue, he hiked his target for the company’s shares to US$115 from US$75, reiterating an “outperform” recommendation.
“Celestica is trading at 23 times NTM [next 12-month] P/E, which is at the high-end of its 10-year historical range (5-23 times),” said Mr. Treiber. “We believe Celestica’s valuation re-rating will continue, given the likelihood of upside to consensus estimates in 2025 and Celestica’s increasing mix of HPS/ODM (estimate 33 per cent of revenue in FY25, up from 29 per cent in FY24), which we believe warrants a higher valuation multiple (ODM peer Accton trades at 32 times NTM P/E). Our $115.00 price target reflects our revised estimates and is based on 21 times CY26e P/E (prior 17 times CY25e P/E).”
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In a report previewing 2025 for Canadian power and utility companies, CIBC World Markets analyst Mark Jarvi downgraded his recommendation for TransAlta Corp. (TA-T) to “neutral” from “outperformer” previously.
“This is not driven by a change in our investment thesis, perception of TA’s strategic direction or lack of appreciation for TA’s asset portfolio—rather this is a valuation call,” he explained. “The stock price has more than doubled in the last six months, albeit off some oversold conditions. We have raised our price target by 35 per cent from $17 to $23. Even with the materially higher target, which factors in some more favourable assumptions, estimates and valuation parameters (lower discount rate, higher terminal values), we still only have a 14-per-cent total return to our new target. While still reasonable, that’s lower than we need to see for a company like TA with more merchant market exposure and potential variability from evolving provincial and federal power and carbon policies. Arguably, with the momentum behind the stock we are moving to the sidelines too early and it’s possible that TA could still push new highs, particularly if there are material data centre announcements in Alberta. However, that’s balanced by the fact we will see narrowing spark spreads in Alberta in the next 12 to 18 months, which could temper results through 2025 and into early 2026. We’d be more positive on the shares if the total return was more than 20 per cent, policy risk subsides, and/or the upside potential from the Alberta portfolio improves vs. our current view.”
His new $17 target is 48 cents under average on the Street.
Entering 2025, Mr. Jarvi said he sees more value in power companies, particularly in renewable stocks, versus utility stocks.
“Plus, power stocks arguably line up better with the secular growth themes we see playing out in the next few years. Some larger market cap utility exposure is prudent,”
His “top picks” for the year are:
* Brookfield Renewable Partners LP (BEP-N, BEP.UN-T) with an “outperformer” rating and US$32, down from $34. The average is US$30.01.
Analyst: “BEP is a top pick in the power space. It has much stronger organic growth today and the benefit of recent accretive acquisitions provide a clear path to FFOPS growth of 8-10 per cent through 2025E/2026E. Further, its breadth of growth and funding options means it is unlikely to encounter any major hiccups. Moreover, it offers an attractive yield of 6.2 per cent with expectations for distribution growth of 5 per cent. We believe it could make accretive deals in the current market (and preserve a 400 bps spread on investing and selling assets). BEP is also well positioned to leverage the power/clean energy needs of big tech and can withstand (if not benefit from) evolving policy changes in the U.S. While it trades at a premium to peers, the current 3 times is below the average of 5.5 times for the last five years.”
* Boralex Inc. (BLX-T) with an “outperformer” rating an $40 target, down from $42, which is the average.
Analyst: “While not offering the highest total return potential, we see the name as offering one of the best risk-adjusted return options in our coverage. Further, we believe BLX is one of our highest conviction names to play a recovery in renewables stocks over the next couple of years. It has a clear strategy, diversified growth, and does a better-than-average job of proactively managing the funding of its organic growth. We also foresee potential upside from opportunistic M&A. BLX has a solid FFOPS growth outlook and we believe its growth runway can be extended/enhanced given favourable outlooks to secure more projects in its four core markets (France, Quebec, the U.S. and the U.K.). Finally, we believe BLX’s management team is one of the best in the sector.”
Mr. Jarvi’s other target revisions include:
- Fortis Inc. (FTS-T, “neutral”) to $64 from $63. The average is $61.83.
- Hydro One Ltd. (H-T, “neutral”) to $46 from $45. Average: $44.82.
- Northland Power Inc. (NPI-T) to $29 from $31. Average: $29.31.
“After a mixed 2024 that ended well for Alberta power names, poorly for renewables, and decent for most regulated utilities, 2025 starts with uncertainty around the direction of bond yields, U.S. clean energy policy, the benefits of load growth/data centres and market risk appetite,” he said. “We believe bond yields will normalize, U.S. exposure will be a benefit, and the market will see value in renewable stocks. Arguably, this is our boldest call — we expect renewables will eventually rebound and Alberta power names will plateau after the recent run. There remains a place for regulated utilities (particularly for income seekers) — investors could add firms with re-rating potential, while keeping a core position in more resilient, quality names that can withstand all market conditions.”
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In other analyst actions:
* Raymond James’ Michael Freeman upgraded Medexus Pharmaceuticals Inc. (MDP-T) to “strong buy” from “outperform” with a $4 target. The average is $4.59.
“Given our increasing confidence in treosulfan’s FDA approval in late Jan. and our conviction in significant pent-up demand for the drug in the U.S., we escalate our rating to SB1 (was OP2) and add MDP to our [Analyst Current Favourites] list,” he said. “We maintain our CA$4.00/sh PT as we do not yet incorporate US sales of treosulfan in our model, but our scenario analysis shows the potential for MDP’s share price to surpass CA$21.00 in 3-4 years’ time assuming treo’s approval and a strong sales ramp.”
* Jefferies’ Aria Samarzadeh raised his AGF Management Ltd. (AGF.B-T) target to $12 from $11 with a “buy” rating. The average is $12.83.
* Wells Fargo’s Christian Wetherbee lowered his targets for Canadian National Railway Co. (CNI-N, CNR-T) to US$125 from US$133 and Canadian Pacific Kansas City Ltd. (CP-N, CP-T) to US$90 from US$92 with “overweight” ratings for both. The averages are US$128.25 and US$93.75, respectively.
* In response to its recent special cash distribution, Raymond James’ Brad Sturges lowered his European Residential REIT (ERE.UN-T) target to $3 from $4.50 with an “outperform” rating. The average is $2.95.
“After receiving unitholder approval this week, ERES has been provided the authority and strategic flexibility to: 1) to sell ERES’ remaining assets in 1 or more deals as market conditions allow; 2) to distribute the net cash sales proceeds at a time determined by ERES’ board of trustees; and 3) to wind-up, liquidate, dissolve or take any such similar action to terminate ERES on such terms and conditions determined by its board of trustees,” he added.
* Following GFL Environmental Inc. (GFL-T) sale of a majority stake in its environmental services business to two private equity firms, Apollo Global Management and BC Partners, for $6.2-billion in cash proceeds, ATB Capital Markets’ Chris Murray raised his target for its shares to $80 from $75 with an “outperform” rating. The average is $66.89.
“We are constructive on the accelerated deleveraging, helping alleviate longstanding investor concerns surrounding leverage levels while providing a more visible path to an investment grade credit rating, stronger FCF conversion, and balance flexibility to pursue growth initiatives, including M&A,” said Mr. Murray.
* Wells Fargo’s Zachary Fadem cut his Restaurant Brands International Inc. (QSR-N, QSR-T) target to US$69 from US$72 with an “equal weight” rating. The average is US$81.44.
* Bernstein’s Richard Hatch trimmed his Wheaton Precious Metals Corp. (WPM-N, WPM-T) target by US$1 to US$72 with a “buy” rating. The average is US$75.68.