AutoCanada (TSE:ACQ) Upgraded by BMO Capital Markets to Outperform Rating

Key Points

• AutoCanada has been upgraded by BMO Capital Markets from a "market perform" to an "outperform" rating, with a new price target of C$40.00, suggesting a potential upside of 26.14% from its current stock price.
• Other analysts have also raised their price targets for AutoCanada, with the consensus target price now at C$29.58 and a general rating of "Moderate Buy" from various investment firms.
• Shares of AutoCanada increased by 8.5% on Thursday, pushing the stock price to C$31.71 amid increasing trading volumes and positive analyst sentiment.

BMO Capital Markets upgraded shares of AutoCanada (TSE:ACQ - Free Report) from a hold rating to an outperform rating in a research report sent to investors on Thursday morning, MarketBeat reports. The brokerage currently has C$40.00 price target on the stock, up from their prior price target of C$20.00.

A number of other equities analysts also recently weighed in on ACQ. Canaccord Genuity Group upped their price target on shares of AutoCanada from C$24.00 to C$28.00 and gave the stock a "buy" rating in a research note on Monday, July 14th. CIBC increased their target price on shares of AutoCanada from C$23.00 to C$27.50 in a research note on Thursday, July 17th. Cibc World Mkts upgraded shares of AutoCanada from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Royal Bank Of Canada raised their price target on shares of AutoCanada from C$18.00 to C$27.00 in a report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, AutoCanada has an average rating of "Moderate Buy" and a consensus price target of C$32.21.

AutoCanada Price Performance

ACQ traded down C$0.95 during trading on Thursday, reaching C$31.40. The stock had a trading volume of 40,191 shares, compared to its average volume of 29,784. The firm has a market capitalization of C$730.73 million, a price-to-earnings ratio of -14.49, a price-to-earnings-growth ratio of 0.30 and a beta of 2.54. The company has a quick ratio of 0.25, a current ratio of 1.03 and a debt-to-equity ratio of 451.54. AutoCanada has a 1-year low of C$13.75 and a 1-year high of C$33.87. The stock has a 50 day moving average of C$25.34 and a two-hundred day moving average of C$20.39.

Insider Transactions at AutoCanada

In other news, insider EdgePoint Investment Group Inc. purchased 4,880 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were acquired at an average price of C$19.78 per share, with a total value of C$96,548.36. Over the last three months, insiders acquired 7,440 shares of company stock worth $151,743. 4.90% of the stock is owned by company insiders.

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.