Inside the Market’s roundup of some of today’s key analyst actions
National Bank Financial analyst Travis Wood thinks Peyto Exploration and Development Corp. (PEY-T) is poised to benefit from a “a more normalized” natural gas price environment moving forward, predicting “less macro volatility next year as tariff negotiations ease.”
After the bell on Tuesday, the Calgary-based natural gas-weighted exploration and production company reported first-quarter 2025 financial results that largely fell in line with expectations on the Street. Average production was 133,883 barrels of oil equivalent per day was flat quarter-over-quarter and up 7 per cent year-over-year, matching both Mr. Wood’s 134,000 barrel estimate and the consensus of 133,000. Cash flow per share of $1.12 represented a 12-per-cent gain sequentially and 7-per-cent increase from the same period a year ago, exceeding the analyst’s projection by 3 cents while falling a penny below the forecast of his peers.
“Peyto continued to run four drilling rigs through Q1, with activity focused across the Deep Basin with additional capex focused on expanding gathering systems to increase productive capacity,“ said Mr. Wood in a note titled Lean, Mean, Dividend (and Hedging) Machine. ”In Q1, PEY drilled 19 (18.2 net) wells, but only brought on production 14 (14.0 net) wells, with our expectation that the team will build DUCs for later in the year (same strategy as last year). In April, the four rigs continued to run with a focus on multi-well pads to minimize moving equipment during breakup. Following last year’s template, the team expects to hold production flat through the summer before a ramp-up in Q4 (aligns with our estimates and the shape of the fwd curve).
“2024 was underscored by capital efficiency gains across the portfolio with continuous improvement a cultural focus which continues to be captured in 2025. Crew consistency and transparency for drilling operations leaves an emphasis on optimizations and planning, while effectively leveraging the frac crews to increase certainty around well stimulation and production response. The company continues to weigh the risk-reward analysis around developing the portfolio using longer lateral lengths...or not.”
After modest adjustments to his 2025 and 2026 estimates, Mr. Wood, who kept his “outperform” recommendation for Peyto shares, increased his target to $24 from $18 to reflect “the long-term sustainability of cash flows for the company across the commodity cycle as well as its attractive (and sustainable) dividend yield.” The average target on the Street is $20.07, according to LSEG data.
Elsewhere, Raymond James analyst Luke Davis downgraded Peyto to “market perform” from “outperform” with a $21 target (unchanged).
“While Peyto posted a solid quarter and reiterated the outlook for 2025, we have downgraded the shares to Market Perform given a strong run since we initiated (up 18 per cent) just over a month ago,“ said Mr. Davis. ”We continue to believe Peyto will perform well in a volatile macro environment but believe this is well understood and likely priced in. Operationally, the company continues to exhibit strong momentum, and we see plenty of opportunity to optimize throughput given spare processing capacity across the portfolio. Overall, we continue to like the story and believe Peyto remains well situated given its position as the lowest cost gas producer in the basin with the most robust hedge book across our coverage, though we would wait for a better entry point and see more upside potential among peers.”
Analysts making target adjustments include:
* TD Cowen’s Aaron Bilkoski to $22 from $20 with a “buy” rating.
“Peyto offers a compelling combination of solid organic growth (8 per cent), one of the highest dividend yields under coverage (7 per cent), which is backstopped by substantial hedges through 2026, and modest financial leverage which we estimate trends to less than 1.0 times D/CF [debt-to-cash flow] by year-end 2026. The equity still offers upside to potential natural-gas tailwinds on improved S/D dynamics in the U.S. and looming LNGC startup,” he said.
* ATB Capital Markets’ Amr Arif to $21 from $19 with an “outperform” rating.
“While the stock is approaching fair value multiple for 2025, we believe there is a structural argument for maintaining a multi-year exposure to low-cost North American natural gas names,” said Mr. Arif.
* CIBC World Markets’ Christopher Thompson to $19.25 from $17.50 with a “neutral” rating.
“Peyto reported a good quarter with cash flow that was in line with Street expectations and 6 per cent ahead of our estimate. We believe Peyto’s steady execution and consistent hedging strategy have earned it a stronger multiple versus its peers in an uncertain period for Canadian natural gas pricing,” said Mr. Thompson.
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Seeing “limited” upside in North America’s fertilizer sector, Scotia Capital analyst Ben Isaacson lowered his rating for Nutrien Ltd. (NTR-N, NTR-T) to “sector perform” from “sector outperform” previously.
“We think investors should lighten exposure to fertilizer stocks going forward,” he said in a report released Wednesday. “First, farmer economics are good - not great. U.S. growers have also been a bit more cautious on crop input spending than rule-of-thumb economics would suggest. Second, we believe N, P, and K prices have limited upside near-term. While K may have a little more gas left in the tank, we see near-term downside risk to N prices, and P stripping margins seem to have peaked (even if DAP prices haven’t). Third, on valuation, most stocks have moved a little ahead of EBITDA estimate revisions, although not by much. Some, like NTR, are now approaching mid-cycle fair value (and with only mid-cycle pricing as support).Fourth, on investor sentiment, we have been vocal that, since the Trump Put was established, some mean reversion in U.S. trade policy seemed inevitable. Within our coverage, this means the relative flight to safety/quality in fertilizer stocks is likely to be replaced by more risk-on investing in deeper cyclicals, one of the reasons for our recent MEOH upgrade. In summary, we see four reasons to downshift fertilizer exposure - grower sentiment, NPK pricing, valuation, investor sentiment.
For Saskatoon-based Nutrien, Mr. Isaacson kept a US$62 target, exceeding the average of $61.49.
“This is our first rating change on NTR in over two years, and is not designed to be a tactical trade like our CF moves earlier in the year,“ he explained. ”In addition to the sector-specific reasons cited above to curb our enthusiasm (i.e., grower sentiment is only so-so, NPK prices are close to peak, valuations are closing in on mid-cycle, and investors are switching into riskier cyclicals, on the margin), our downgrade is also based on company-specific factors: (1) limited portfolio growth, particularly in Retail; (2) an investor preference for the capital return profile of its peers, particularly when it comes to buyback potential relative to market cap; and (3) few company-specific catalysts to move the stock forward.”
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While seeing its first-quarter results as “mixed,” RBC Dominion Securities analyst Douglas Miehm thinks DRI Healthcare Trust‘s (DHT.UN-T) decision to terminate its existing management agreement with DRI Capital Inc. will prove beneficial for investors moving forward.
“We view the transaction multiple of approximately 4 times favorably: DRI will pay $49-milllion in cash (4 times trailing 12-month management fees) as part of the internalization of the external manager,“ he said. ”Management estimates that the internalization will result in approximately $200-million in cumulative savings over the next 10 years. We note that earlier this year, Royalty Pharma (RPRX, not covered) internalized its management for $1.1-billion. Based on a 6.5-per-cent management fee tied to its 2024 portfolio receipts of $2.8-billion, we calculate a 6 times transaction multiple. As such, we view DRI’s 4 times multiple as favorable for unitholders. Additionally, DRI management emphasized that the internalization comes with no performance fees and no dilution of unitholders—unlike the RPRX internalization, which involved performance fees and equity issuance.
“A newly incorporated, wholly owned subsidiary of the Trust will assume the functions of the previous manager, providing substantially the same services as those outlined in the current management contract. However, the Trust will benefit from a reduced management fee payable to the new manager, and, most importantly, the elimination of performance fees. These cost savings are expected to grow over time as the portfolio scales, becoming particularly significant toward the end of the decade when performance fees were previously projected to have a large impact. While costs for the new manager will gradually rise as the team continues to expand, these increases are expected to be significantly outpaced by the fee savings. In aggregate, DRI management projects fee savings to exceed $200-million over the next 10 years.”
Mr. Miehm now sees increased operating leverage following the internalization, seeing savings from performance fees now accruing directly to unitholders
“Under the prior arrangement, a significant portion of the business’s growth was expected to be captured by the external manager through the fee structure. With the internalization, this growth will also now accrue to unitholders,” he noted. “While costs are expected to rise modestly over time due to inflation and potential expansion in team areas, they are not expected to grow at the pace of topline growth.”
Maintaining his “outperform” rating for DRI units, he raised his target by $1 to $18. The average target is $20.15.
“While our current analysis is based on a 10-year horizon, we note that the internalization is expected to result in perpetual savings over the life of the company, presenting additional long-term upside for unitholders,“ he added. ”Additionally, we have not yet adjusted our expense forecasts to reflect this change. We anticipate the internalization will enhance operating leverage, leading to improved EBITDA margins for the company. Notably, we have incorporated the net benefit of the internalization into our valuation for DRI units.”
Elsewhere, other changes include:
* CIBC’s Scott Fletcher to $17 from $16 with an “outperformer” rating.
“In a move that we view as a solid positive, DRI is paying $49-million to internalize its fund manager. With governance and incentive alignment common investor concerns, both before last summer and after the ex-CEO resigned for expense irregularities, internalizing the manager is an important step in addressing those concerns,” said Mr. Fletcher.
* National Bank’s Zachary Evershed to $18.50 from $18 with an “outperform” rating.
“As the existing portfolio alone boasts an FCF yield in the low 20s, we see a compelling entry point with a free option on the growth potential from new deployments,” said Mr. Evershed. “With confidence in the Trust’s growth prospects and internalization heralding a new era, we reiterate our Outperform rating and DHT as one of our top three picks for 2025.”
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RBC Dominion Securities analyst James McGarragle thinks Exchange Income Corp.‘s (EIF-T) “diversified operating model was on full display in Q1, navigating both tariff and macro uncertainty successfully” and now sees Winnipeg-based company “well positioned to capture increased government spending.”
“A key takeaway from the call was EIF’s strong position to capitalize on rising defence spending and the renewed emphasis on energy infrastructure in Canada,” he said. “We anticipate that both the scheduled and ISR [intelligence, surveillance and reconnaissance] segments will benefit from heightened investment in northern regions, while the matting business is well-positioned to seize opportunities from potential new pipeline projects over the medium to long term.”
After the bell on Tuesday, Exchange Income reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $130-million, matching Mr. McGarragle’s forecast and topping the consensus estimate by $2-million.
“Exchange reported solid Q1 results and reiterated 2025 guidance,” he said. “Key for us was solid results at Spartan Mat, which we expect to persist and to more than offset any temporary weakness in the Windows business. While guidance came in line, it incorporates a shut down in Spartan’s plant to support a capacity expansion, which is now delayed indefinitely due to robust demand, and therefore points to upside, not to mention any contributions from Canadian North.”
“Strong growth in Manufacturing to continue. While the Windows backlog was maintained in Q1, orders slowed near the end of the quarter due to tariff uncertainty. Management however noted a significant number of inquiries in Q2 with risks abating, which we see as positive and which gives us confidence in a rebound in 2026. Conversely, Spartan saw very strong demand in the quarter, with Exchange actively evaluating building a second plant to increase production capacity. Overall, we see the solid results in Manufacturing as sustainable and see upside should macro conditions inflect.”
Seeing “multiple upside levers,” Mr. McGarragle raised his 2025 earnings estimate “on the back of strength in Manufacturing and renewed confidence in the company’s diversified operating model in an uncertain macro environment,” leading him to bump his target to $66 from $64 with an “outperform” rating. The average is $70.27.
Elsewhere, others making changes include:
* Scotia’s Konark Gupta to $66 from $64 with a “sector outperform” rating.
“Our outlook has improved following a solid Q1 beat driven by Manufacturing for a change,” said Mr. Gupta. “While most of the 2024 themes are continuing, EIF’s latest U.S. acquisition, Spartan (composite mats), is seeing significant demand, which has not only cancelled the previously planned shutdown but also motivated EIF to consider a new plant. Meanwhile, some of the previously won contracts have yet to fully ramp up and new growth opportunities are likely to be finalized by year-end, including the Australia ISR contract and pending Canadian North acquisition. Although we generally remain cautious due to macro uncertainties, we have grown more comfortable with guidance and see upside risk to our longer-term outlook. Our positive thesis is supported by an undemanding valuation at 7 times EV/EBITDA on 2025E.”
* ATB Capital Markets’ Chris Murray to $70 from $68 with an “outperform” rating.
“The Company reported better-than-expected results in Manufacturing with recently acquired Spartan Mat supporting growth in the segment,“ said Mr. Murray. ”Results from Aviation remained strong, albeit slightly below ATBe on lower-than-expected top-line growth, partially offset by y/y margin expansion. Management reaffirmed full-year guidance and remained constructive on the M&A environment and its ability to execute in an increasingly uncertain environment, with its diversified model and minimal direct exposure to tariffs. With shares trading at 7.2 times 2025 estimated EBITDA, we see good value in EIF with active M&A conditions and a potentially sizeable ISR contract award representing near-term catalysts."
* TD Cowen’s Tim James to $70 from $68 with a “buy” rating.
“Most Manufacturing business lines are growing with MSWS the only (significant) business not contributing to growth until 2026. Recent wins across Aerospace & Aviation sets up relatively low-risk earnings trajectory based on organic opportunities with Canadian North (closing by year-end) representing incremental contribution beyond 2025,” said Mr. James.
* CIBC’s Krista Friesen to $73 from $69 with an “outperformer” rating.
“EIF reported solid Q1 results, driven by one full quarter of its Spartan Mat acquisition and underlying strength in the matting business. Within Manufacturing in particular, we expect matting to be the driver of earnings growth in the near term as we do not expect a recovery in the window business until 2026,” said Ms. Friesen.
* Canaccord Genuity’s Matthew Lee to $77 from $75 with a “buy” rating.
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National Bank Financial analyst Maxim Sytchev thinks Finning International Inc. (FTT-T) appears bound to exceed and stay above the elusive $50-per-share mark following better-than-anticipated first-quarter results and a dividend increase.
“FTT shares have been unable to break through the cursed $46.00 level for years, having approached the ceiling four times previously since 2023,“ he said. ”Every time we get closer, there is always a new narrative emerging – whether it’s ‘copper to the moon’, PS [Product Support] momentum ‘acceleration’, or something else to extrapolate the current spike to the right. A trader/historian among us would be selling into strength; percolations of more resource-friendly development in Western Canada could however be a material catalyst to keep the shares humming. The company is also buying back 1 per cent of shares outstanding per quarter; up to $450-million from 4Refuel will add even more ... wait for it... fuel to the buyback intensity, pushing the stock higher. The PS jump did not feel like a one-off, so good there, Chile is doing well, and Argentina represents a free option. Net net, we think FTT could break the $50.00 barrier.”
Shares of the Vancouver-based industrial equipment dealer surged 13.8 per cent on Tuesday to close at $48.31 after it reported net revenue for its first quarter of 2025 of $2.5-billion, exceeding the Street’s expectation of $2.37-billion by 6 per cent as well as Mr. Sytchev’s $2.39-billion estimate. Adjusted EBITDA of $313-million and adjusted earnings per share of 99 cents also topped projections ($298-million and 86 cents and $309-million and 90 cents, respectively).
The company also raised its quarterly dividend by 10 per cent to 30.25 cents per share, marking the 24th consecutive year of growth.
“Record backlog underlines end-market resiliency and improves revenue visibility,” said Mr. Sytchev. “The backlog saw strong order bookings from Canadian mining and, to a lesser extent, UK&I data center clients, pushing the metric to a record $2.8-billion – up 9 per cent quarter-over-quarter and 45 per cent year-over-year despite an elevated pace of deliveries. The higher backlog incrementally improves near-term revenue visibility, and more importantly, lengthens the product support tail to further lift and de-risk the earnings profile. Despite some softness in prior quarters, Canadian PS revenues should grow roughly in line with the volume targets of oil sands producers while, in addition to a strong market in Chile, a potential sustained recovery in Chile (where O&G activity has accelerated amid a more stable political backdrop) provides longer-term upside.
“Productivity focus to mitigate inflationary pressure on labour costs. Management noted persistent inflationary pressures on wages in LatAm, though we believe a similar (if less pronounced) dynamic also holds true for Canada and the UK&I. Contractual price hikes should offset a significant portion of the cost burden, though the remaining pressure will need to be relieved by productivity improvements across the business. SG&A intensity has continued to trend down in recent years as the business is now a much leaner entity in terms of overhead, and the sale of 4Refuel should provide another incremental benefit in this regard while lifting pro-forma ROIC.”
Also seeing the $400-million sale of its mobile on-site refueling business, 4Refuel, , and a $40-million deal for its compression technology segment, ComTech, adding “significant optionality,” Mr. Sytchev adjusted his forecast to reflect the recent divestures and subsequent share repurchases.
"We are below consensus on our headline numbers (likelydue to the sale of 4Refuel not being incorporated by the sell-side yet) but perhaps we are overly cautious; nevertheless, in a fluid environment, the numbers / thesis appears to be working even on relatively conservative numbers; we are especially pleased to see PS growth resumption and as per management’s commentary, its sustainability," he explained.
Maintaining an “outperform” rating for Finning shares, Mr. Sytchev increased his target to $53 from $48. The average is $53.88.
Elsewhere, other changes include:
* Raymond James’ Steve Hansen to $56 from $50 with an “outperform” rating.
“We are increasing our target price on Finning International (FTT) to $56.00 (vs. $50.00 prior) and reiterating our Outperform rating based upon the company’s: 1) strong 1Q25 print; 2) ramping Product Support activity in Canada; 3) outstanding SAM fundamentals (with ⇑ Argentine optionality); 4) record backlog ($2.8-billion) 5) ⇑ working capital velocity & ramping FCF; 6) sustained buybacks; & 7) discounted (compelling) valuation,” he sadi.
* Scotia’s Jonathan Goldman to $55 from $48 with a “sector outperform” rating.
“The company is doing many things ‘right’ (i.e., growing product support, managing costs, improving working capital efficiency, planning to ramp buybacks post-4Refuel sale) while the macro is not going “wrong” (i.e., 7-per-cent/11-per-cent new equipment/product support growth, record backlog, strong/stable commodity prices), which is a potent combination for a stock that is perennially discounted,“ said Mr. Goldman. ”We expect momentum to continue in key regions, namely South America where customer tone is increasingly positive underpinned by strong copper prices and royalty certainty; while mining customers in Western are starting to ramp maintenance spend. We don’t expect Canada PS to grow at quite the same clip as 1Q, but we now expect growth this year whereas the outlook previously called for ‘stable demand for product support’. Moreover, we are seeing early signs that new leadership in Canada is leveraging the U.K. playbook to optimize the cost structure and re-energize sales efforts.”
* TD Cowen’s Cherilyn Radbourne to $57 from $50 with a “buy” rating.
“Finning’s stock popped 14 per cent on strong Q1/25 results,“ she said. ”The backlog includes more than 100 ultraclass trucks, which represents a very meaningful addition to Finning’s installed base/ future product support annuity. We expect that it will take 1-2 more quarters of continued strong performance to support a re-rating, but we find the stock very inexpensive vs. the improvements to the underlying business model.”
* Canaccord Genuity’s Yuri Lynk to $60 from $55, keeping a “buy” rating.
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In other analyst actions:
* CIBC’s Nik Priebe downgraded Power Corp. of Canada (POW-T) to “neutral” from “outperformer” with a $55 target (unchanged). Analysts making target changes include: * Scotia’s Phil Hardie to $57 from $61 with a “sector outperform” rating and TD Cowen’s Graham Ryding to $56 from $54 with a “buy” rating. The average is $55.86.
“Power Corporation reported a straightforward quarter, devoid of any surprises or material updates,” he said. “However, we are downgrading the stock to Neutral (from Outperformer). The downgrade is not related in any way to the quarter itself. Since upgrading the stock in early February, the NAV discount has narrowed from the high end of the historical trading range to the low end. Furthermore, with trade war fears easing and markets veering back into risk-on mode, we believe there could be a continued rotation out of defensive names like POW into more cyclical exposures. Excess liquidity is also more modest and may rely on monetization events to sustain the current level of buybacks in future quarters.”
* Scotia’s Orest Wowkodaw cut his Cameco Corp. (CCO-T) target to $80, below the $80.89 average, from $81 with a “sector outperform” rating.
* National Bank’s Zachary Evershed raised his target for Chemtrade Logistics Income Fund (CHE.UN-T) to $17 from $16.50 with an “outperform” rating. Other changes include: CIBC’s Hamir Patel to $12.50 from $10.50 with a “neutral” rating, Raymond James’ Steve Hansen to $15 from $14 with an “outperform” rating and Desjardins Securities’ Gary Ho to $15.50 from $15 with a “buy” rating. The average target on the Street is $14.32.
“Given the broadly positive outlook on supply/demand and management alignment on addressing compressed valuation through the NCIB, we reiterate our Outperform rating, and CHE remains one of our top picks for 2025,” said Mr. Evershed.
* Jefferies’ Samad Samana hiked his target for Constellation Software Inc. (CSU-T) to $5,850 from $5,350 with a “buy” rating. The average is $5,267.
* Scotia’s Mario Saric moved his Dream Office REIT (D.UN-T) target to $17.50 from $20.50 with a “sector perform” rating. The average is $18.06.
* Canaccord Genuity’s Robert Young cut his Dye & Durham Ltd. (DND-T) target to $16, below the $17.27 average, from $19 with a “buy” rating. Other changes include: CIBC’s Scott Fletcher to $17 from $21 with an “outperformer” rating, BMO’s Thanos Moschopoulos to $16 from $20 with an “outperform” rating and Scotia’s Kevin Krishnaratne to $14 from $18 with a “sector outperform” rating.
“We remain Outperform on DND and have reduced our target price following Q3/25 results that were below consensus on revenue, EBITDA and cash flow,“ said Mr. Moschopoulos. ”We’ve reduced our FY2025/26 EBITDA forecasts due to a more challenging outlook for real estate transaction volumes, as well as DND’s target for a 50-55-per-cent EBITDA margin with respect to balancing its reinvestment in the business. While there are clearly several moving parts to the story, we view the risk/reward as attractive, particularly given the potential for asset divestitures and deleveraging.”
* National Bank’s Shane Nagle bumped his target for Vancouver-based EMX Royalty Corp. (EMX-X) to $4.75 from $4.50 with an “outperform” recommendation. The average is $4.75.
“Our O/P rating for EMX remains based on revenue generation and growth from large-scale, long-life assets in Caserones and Timok with impactful revenue generated from its royalty origination business,“ he said. ”We view an asset like Timok as having world-class potential forming the basis for much of our valuation (37 per cent of NAV). The company has the ability to add royalty interests owing to its exploration partnership agreement and debt facility from Franco-Nevada."
* TD Cowen’s Jonathan Kelcher increased his Extendicare Inc. (EXE-T) target to $15, exceeding the $13.67 average, from $13 with a “hold” rating.
“EXE delivered another quarter of strong operating results. Management expects that growth in the Home Health Care segment will continue and is exploring more acquisition opportunities that can help expand its geographic reach. LTC redevelopments continue with six active projects in its Axium JV, and the potential for 12 additional projects in the future. Our estimates/TP increase on the back of the strong Q,” he said.
* Scotia’s Eric Winmill reduced his Foran Mining Corp. (FOM-T) target to $4 from $4.25 with a “sector outperform” rating. The average is $5.17.
* National Bank’s Don DeMarco increased his Lundin Gold Inc. (LUG-T) target to $67.75 from $66.50 with an “outperform” rating, while TD Cowen’s Steven Green raised his target to $65 from $58 with a “buy” rating. The average is $54.06.
“LUG’s strong FCF supports an industry-leading dividend yield, and FDN has considerable exploration upside, including the recently discovered Trancalomo copper/gold porphyry which could be transformational,” said Mr. Green.
* Expecting costs to decline in the second half of the year, Mr. DeMarco hiked his Torex Gold Resources Inc. (TXG-T) target to a Street-high $70 from $61.50 with an “outperform” rating. The average is $54.29.
* RBC’s Michael Harvey raised his Paramount Resources Ltd. (POU-T) target to $21 from $19 with a “sector perform” rating. The average is $25.
“The company delivered solid Q1/25 numbers and reiterated the annual outlook as Paramount’s next phase of growth shifts into focus,” he said. “Following several strong dry gas appraisal rates at Sinclair, POU is now reviewing the potential to build a 400 mmcf/d facility with a decision pending for later this year and commissioning date potentially in 2027 (if the project goes ahead).”
* Desjardins Securities’ Gary Ho moved his Superior Plus Corp. (SPB-T) target to $10 from $9.25 with a “buy” rating. The average is $9.89.
“A combination of colder weather and benefits accruing from Superior Delivers drove a 1Q beat vs our estimates and consensus,” he said. Other initiatives are underway that should provide US$40-million in run-rate synergies exiting 2025. The current buyback pace should provide support while leverage declined faster than expected, although guidance was unchanged. Certarus remains on our watchlist given slower 2Q/3Q demand."
* RBC’s Keith Mackey increased his Trican Well Service Ltd. (TCW-T) target to $6 from $5.50 with an “outperform” rating.
“Trican’s 1Q25 EBITDA was slightly ahead of our estimates. As the only Canadian-focused company in our coverage group, we think Trican offers exposure to diverging E&P activity trends across the US/Canada border. We remain bullish on TCW over the next 12-months given its peer-leading FCF and shareholder return metrics,” said Mr. Mackey.
* National Bank’s Adam Shine lowered his target for shares of VerticalScope Holdings Inc. (FORA-T) by $1 to $8 with a “sector perform” rating. The average is $8.63.
“With its 4Q24 on March 13, FORA noted ongoing momentum into 2025 with Adj. EBITDA margin expected to exceed 40 per cent and MAU [monthly active users] to grow double digits organically after an initial flat 1Q,” said Mr. Shine. “On April 8, it changed course stating that besides reflecting on a ‘very murky’ macroeconomic outlook of late, it highlighted unfolding challenges in recent weeks which impacted video advertising and traffic trends in 1Q that likely continue through the year while management works to rectify the problems. FORA said last month that it expected Adj. EBITDA to drop in the range of $21-$24-million with FCF of $20-$22-million. Street estimates and targets were materially revised.”