BMO Capital Markets Upgrades AutoCanada (TSE:ACQ) to "Outperform"

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.

AutoCanada (TSE:ACQ - Get Free Report) was upgraded by BMO Capital Markets from a "market perform" rating to an "outperform" rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has a C$40.00 price objective on the stock, up from their previous price objective of C$20.00. BMO Capital Markets' price target indicates a potential upside of 29.07% from the stock's previous close.

Several other research analysts also recently issued reports on the stock. Royal Bank Of Canada upped their price target on shares of AutoCanada from C$18.00 to C$27.00 in a report on Tuesday, July 22nd. Cibc World Mkts upgraded shares of AutoCanada from a "strong sell" rating to a "hold" rating in a report on Thursday, May 15th. 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 report on Monday, July 14th. Finally, CIBC upped their price target on shares of AutoCanada from C$23.00 to C$27.50 in a report on Thursday, July 17th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of C$32.21.

AutoCanada Price Performance

ACQ traded down C$0.33 during trading on Thursday, hitting C$30.99. 155,667 shares of the stock traded hands, compared to its average volume of 28,884. AutoCanada has a twelve month low of C$13.75 and a twelve month high of C$33.87. The company has a market cap of C$721.19 million, a price-to-earnings ratio of -14.30, a PEG ratio of 0.30 and a beta of 2.54. The company has a debt-to-equity ratio of 451.54, a current ratio of 1.03 and a quick ratio of 0.25. The business has a 50 day moving average price of C$24.97 and a 200 day moving average price of C$20.22.

Insider Buying and Selling at AutoCanada

In other AutoCanada news, insider EdgePoint Investment Group Inc. acquired 4,880 shares of AutoCanada stock in a transaction that occurred on Wednesday, May 21st. The shares were bought at an average price of C$19.78 per share, with a total value of C$96,548.36. Insiders have acquired a total of 7,440 shares of company stock valued at $151,743 over the last quarter. Insiders own 4.90% of the company's stock.

AutoCanada Company Profile

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.