AutoCanada (TSE:ACQ) Upgraded by Cibc World Mkts to "Strong-Buy" Rating

Key Points

• AutoCanada has been upgraded from a "hold" rating to a "strong-buy" by investment analysts at Cibc World Markets, indicating strong confidence in the company's future performance.
• Multiple research analysts have revised their price targets for AutoCanada, with estimates ranging from C$28.00 to C$40.00, reflecting growing bullish sentiment among financial experts.
• AutoCanada's stock has seen significant movement, opening at C$33.85, and its average target price is now set at C$33.71, below its recent trading price.

Cibc World Mkts upgraded shares of AutoCanada (TSE:ACQ - Free Report) from a hold rating to a strong-buy rating in a research report report published on Monday,Zacks.com reports.

A number of other research firms have also commented on ACQ. ATB Capital raised their price objective on shares of AutoCanada from C$25.00 to C$32.00 and gave the company a "sector perform" rating in a research note on Thursday, August 14th. Royal Bank Of Canada lowered their price objective on shares of AutoCanada from C$27.00 to C$23.00 and set a "sector perform" rating on the stock in a research note on Friday, August 15th. Acumen Capital raised their price objective on shares of AutoCanada from C$30.50 to C$39.00 and gave the company a "speculative buy" rating in a research note on Thursday, August 14th. National Bankshares raised their price objective on shares of AutoCanada from C$28.00 to C$36.00 and gave the company an "outperform" rating in a research note on Thursday, August 14th. Finally, BMO Capital Markets upgraded shares of AutoCanada from a "hold" rating to an "outperform" rating and lifted their price target for the stock from C$20.00 to C$40.00 in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, AutoCanada has a consensus rating of "Buy" and a consensus target price of C$33.71.

AutoCanada Stock Performance

Shares of ACQ traded up C$0.07 during mid-day trading on Monday, reaching C$33.26. 19,760 shares of the company's stock traded hands, compared to its average volume of 30,838. The business's 50-day moving average price is C$27.05 and its 200-day moving average price is C$21.16. The stock has a market capitalization of C$769.97 million, a P/E ratio of -41.06, a price-to-earnings-growth ratio of 0.30 and a beta of 2.24. The company has a debt-to-equity ratio of 451.54, a quick ratio of 0.25 and a current ratio of 1.03. AutoCanada has a 12 month low of C$13.75 and a 12 month high of C$34.55.

About AutoCanada

AutoCanada Inc operates car dealerships in Canada. The company offers new and used vehicles, spare parts, maintenance services, and customer financing. AutoCanada retails brands such as Chrysler, Dodge, Jeep, Ram, Cadillac, Chevrolet, Buick, GMC, Audi, Volkswagen, BMW, Mini, Infiniti, Nissan, Hyundai, Kia, Fiat, Mitsubishi, and Subaru.