Canaccord Genuity Group Issues Pessimistic Forecast for Toromont Industries (TSE:TIH) Stock Price

Key Points

• Canaccord Genuity cut its price target on Toromont Industries to C$250 from C$260, while maintaining a Buy rating; the new target implies 24.74% upside from the prior close.
• Analyst sentiment remains broadly positive: eight analysts rate the stock Buy and two rate it Hold, with a consensus “Moderate Buy” rating and an average target of C$246.60.
• Toromont shares fell C$8.98 to C$200.42 on Wednesday. The company recently reported quarterly EPS of C$2.33 and revenue of C$1.65 billion.

Toromont Industries (TSE:TIH - Get Free Report) had its price objective decreased by analysts at Canaccord Genuity Group from C$260.00 to C$250.00 in a research note issued to investors on Wednesday, BayStreet reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would suggest a potential upside of 24.74% from the stock's previous close.

Other analysts have also recently issued reports about the company. National Bank Financial boosted their price target on Toromont Industries from C$259.00 to C$261.00 and gave the stock an "outperform" rating in a report on Thursday, July 30th. Scotiabank raised shares of Toromont Industries from a "hold" rating to an "outperform" rating and boosted their target price for the stock from C$238.00 to C$239.00 in a report on Thursday, July 30th. BMO Capital Markets raised their price target on shares of Toromont Industries from C$247.00 to C$248.00 and gave the company an "outperform" rating in a research note on Thursday, July 30th. Stifel Nicolaus set a C$250.00 price target on shares of Toromont Industries and gave the stock a "buy" rating in a report on Wednesday, September 30th. Finally, Canadian Imperial Bank of Commerce lifted their price target on shares of Toromont Industries from C$240.00 to C$242.00 in a report on Thursday, July 30th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Toromont Industries presently has a consensus rating of "Moderate Buy" and an average price target of C$246.60.

Toromont Industries Price Performance

Shares of TSE:TIH traded down C$8.98 during trading on Wednesday, hitting C$200.42. 232,629 shares of the company were exchanged, compared to its average volume of 280,274. Toromont Industries has a 1-year low of C$155.85 and a 1-year high of C$243.50. The company has a market capitalization of C$16.35 billion, a P/E ratio of 31.91, a price-to-earnings-growth ratio of 3.72 and a beta of 0.83. The company has a quick ratio of 1.38, a current ratio of 2.73 and a debt-to-equity ratio of 24.76. The business's 50 day moving average is C$209.47 and its 200-day moving average is C$209.53.

Toromont Industries (TSE:TIH - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The company reported C$2.33 earnings per share for the quarter. Toromont Industries had a return on equity of 15.53% and a net margin of 9.26%. The company had revenue of C$1.65 billion for the quarter. Equities analysts forecast that Toromont Industries will post 6.59 earnings per share for the current year.

Toromont Industries Company Profile

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.

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