Canadian Imperial Bank of Commerce Forecasts Strong Price Appreciation for ATCO (TSE:ACO.X) Stock

Key Points

• Canadian Imperial Bank of Commerce raised ATCO’s price target from C$85 to C$88, implying 8.78% potential upside from the prior close.
• Analyst sentiment remains cautious: ATCO has one Buy rating and five Holds, with a consensus rating of “Hold” and an average target price of C$76.86.
• ATCO shares rose to C$80.90, near their 52-week high of C$81.07; the company recently reported quarterly EPS of C$1.01, with analysts forecasting full-year EPS of approximately C$4.20.

ATCO (TSE:ACO.X - Get Free Report) had its price target raised by stock analysts at Canadian Imperial Bank of Commerce from C$85.00 to C$88.00 in a research note issued to investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price target indicates a potential upside of 8.78% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Royal Bank Of Canada increased their target price on shares of ATCO from C$66.00 to C$71.00 and gave the stock a "sector perform" rating in a report on Thursday, May 7th. Scotia upped their price target on shares of ATCO from C$67.00 to C$70.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 7th. National Bank Financial increased their price objective on shares of ATCO from C$62.00 to C$69.00 and gave the stock a "sector perform" rating in a research note on Monday, June 1st. Finally, Scotiabank raised their price objective on shares of ATCO from C$70.00 to C$79.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 21st. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, ATCO currently has an average rating of "Hold" and a consensus target price of C$76.86.

ATCO Stock Performance

TSE ACO.X traded up C$2.59 on Thursday, hitting C$80.90. 130,572 shares of the company traded hands, compared to its average volume of 275,116. The business's 50 day moving average price is C$73.48 and its 200-day moving average price is C$67.88. ATCO has a 52-week low of C$47.52 and a 52-week high of C$81.07. The company has a current ratio of 1.42, a quick ratio of 1.48 and a debt-to-equity ratio of 131.63. The company has a market capitalization of C$8.17 billion, a price-to-earnings ratio of 58.20, a P/E/G ratio of 3.80 and a beta of 0.35.

ATCO (TSE:ACO.X - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported C$1.01 EPS for the quarter. ATCO had a return on equity of 8.54% and a net margin of 8.16%. Equities analysts expect that ATCO will post 4.1980634 earnings per share for the current year.

About ATCO

Atco Ltd is a Canadian holding company that offers gas, electric, and infrastructure solutions. The largest subsidiary of the company is Canadian utilities, which operates natural gas, electricity, and logistical services. Atco's primary segments include Structures and Logistics; Utilities; Energy Infrastructure; Neltume Ports and Corporate and Other. It generates maximum revenue from the Utilities segment. Geographically, it derives most of its revenue from Canada.

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