Boyd Group Services (TSE:BYD) Price Target Cut to C$170.00 by Analysts at Scotia

Key Points

• Scotia lowered its price target on Boyd Group Services from C$175 to C$170 but maintained an “outperform” rating; the new target implies 59.6% upside from the reported C$106.52 share price.
• Analyst views remain broadly positive, with a consensus “Buy” rating and average target of C$196.14, although several firms cut targets and CIBC downgraded the stock to “hold.”
• Boyd reported quarterly revenue of C$1.44 billion and EPS of C$0.97. An insider also bought 350 shares at an average price of C$111.17.

Boyd Group Services (TSE:BYD - Get Free Report) had its target price lowered by investment analysts at Scotia from C$175.00 to C$170.00 in a research report issued to clients and investors on Friday, BayStreet reports. The firm presently has an "outperform" rating on the stock. Scotia's price objective would indicate a potential upside of 59.59% from the company's current price.

Other equities analysts have also issued research reports about the company. BMO Capital Markets reduced their target price on Boyd Group Services from C$200.00 to C$190.00 in a research note on Thursday, August 13th. Canadian Imperial Bank of Commerce lowered shares of Boyd Group Services from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Mizuho set a C$120.00 target price on Boyd Group Services and gave the stock an "outperform" rating in a research note on Friday, September 18th. Jefferies Financial Group lowered their price objective on Boyd Group Services from C$250.00 to C$225.00 in a report on Thursday, August 13th. Finally, National Bank Financial decreased their price target on shares of Boyd Group Services from C$270.00 to C$175.00 and set an "outperform" rating on the stock in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of C$196.14.

Boyd Group Services Stock Up 0.2%

Shares of BYD stock traded up C$0.26 during mid-day trading on Friday, hitting C$106.52. 106,510 shares of the stock traded hands, compared to its average volume of 105,499. The stock's fifty day moving average is C$116.01 and its two-hundred day moving average is C$154.63. The company has a debt-to-equity ratio of 117.12, a current ratio of 0.58 and a quick ratio of 0.30. Boyd Group Services has a 52-week low of C$105.65 and a 52-week high of C$248.23. The stock has a market cap of C$2.97 billion, a P/E ratio of 236.71, a P/E/G ratio of -56.72 and a beta of 1.20.

Boyd Group Services (TSE:BYD - Get Free Report) last issued its quarterly earnings results on Wednesday, November 11th. The company reported C$0.97 earnings per share (EPS) for the quarter. Boyd Group Services had a return on equity of 0.61% and a net margin of 0.26%. The business had revenue of C$1.44 billion for the quarter. Equities analysts predict that Boyd Group Services will post 7.15 EPS for the current year.

Insider Buying and Selling at Boyd Group Services

In related news, insider Jeff Murray purchased 350 shares of the company's stock in a transaction on Monday, September 28th. The stock was acquired at an average cost of C$111.17 per share, for a total transaction of C$38,909.50. Following the completion of the transaction, the insider directly owned 7,700 shares in the company, valued at approximately C$856,009. The trade was a 4.76% increase in their ownership of the stock. 0.37% of the stock is currently owned by corporate insiders.

More Boyd Group Services News

Investors following BYD have been watching these news items:

• Neutral Sentiment: National Bank Financial, RBC and ATB Cormark lowered their price targets but kept “outperform” ratings; Desjardins retained “buy” and Raymond James retained “strong-buy.” Their revised targets remain well above the cited share price, though the cuts signal reduced expectations. National Bank Financial recommendations RBC recommendations
• Neutral Sentiment: Third-quarter revenue was C$1.44 billion, and a separate report put sales growth at 28.2% to US$1.01 billion. Boyd reported C$0.97 in EPS; the results provide evidence of sales growth, but the figures alone do not establish whether results beat expectations. Boyd Group Third Quarter Sales Rise 28.2%
• Negative Sentiment: CIBC downgraded Boyd from “strong-buy” to “hold” and set a C$125 price target, adding to concerns about near-term upside. Multiple firms also cut targets, even while maintaining bullish ratings. CIBC downgrade and price target

About Boyd Group Services

Boyd Group Services Inc. is a Canadian corporation and controls The Boyd Group Inc. and its subsidiaries. Boyd Group Services Inc. shares trade on the Toronto Stock Exchange (TSX) under the symbol BYD.TO and the New York Stock Exchange (NYSE) under the symbol BGSI. For more information on The Boyd Group Inc. or Boyd Group Services Inc., please visit our website at https://www.boydgroup.com .

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