Canadian Imperial Bank of Commerce Has Lowered Expectations for Ag Growth International (TSE:AFN) Stock Price

Key Points

• Canadian Imperial Bank of Commerce cut its price target for Ag Growth from C$32.00 to C$18.00, implying roughly a 1.87% upside from the current share price.
• The stock carries a consensus "Hold" rating with a consensus target of C$28.75 (three Buys and five Holds), reflecting mixed analyst views.
• Shares traded at C$17.67 on heavy volume; the company reported negative EPS (C($2.62)) last quarter, has a high debt-to-equity ratio (307.12), and a market cap of about C$332 million, indicating financial pressure.

Ag Growth International (TSE:AFN - Get Free Report) had its price objective cut by Canadian Imperial Bank of Commerce from C$32.00 to C$18.00 in a research note issued to investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's target price suggests a potential upside of 1.87% from the stock's current price.

AFN has been the topic of several other reports. TD Securities set a C$41.00 price objective on Ag Growth International and gave the company a "buy" rating in a research note on Tuesday, January 13th. Raymond James Financial lowered their price target on shares of Ag Growth International from C$30.00 to C$25.00 in a report on Thursday. Cormark set a C$35.00 price target on Ag Growth International and gave the company a "hold" rating in a report on Monday, January 12th. ATB Cormark Capital Markets lowered shares of Ag Growth International from a "strong-buy" rating to a "moderate buy" rating and set a C$36.00 price target for the company. in a research note on Wednesday. Finally, Desjardins reduced their target price on Ag Growth International from C$47.00 to C$40.00 and set a "buy" rating on the stock in a report on Monday, January 12th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of C$28.75.

Ag Growth International Price Performance

AFN traded up C$0.78 during midday trading on Thursday, reaching C$17.67. 313,221 shares of the company's stock were exchanged, compared to its average volume of 145,626. Ag Growth International has a 1-year low of C$13.60 and a 1-year high of C$44.84. The company has a debt-to-equity ratio of 307.12, a current ratio of 1.70 and a quick ratio of 0.84. The business's 50-day moving average price is C$27.98 and its 200 day moving average price is C$29.15. The stock has a market capitalization of C$332.36 million, a PE ratio of -36.81, a P/E/G ratio of 1.30 and a beta of 0.52.

Ag Growth International (TSE:AFN - Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The company reported C($2.62) earnings per share (EPS) for the quarter. The company had revenue of C$395.77 million during the quarter. Ag Growth International had a negative net margin of 0.66% and a negative return on equity of 3.11%. As a group, equities analysts anticipate that Ag Growth International will post 6.5761006 EPS for the current fiscal year.

About Ag Growth International

Ag Growth International Inc manufactures portable and stationary grain handling, storage, and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment, and grain drying systems. The company operates mainly in Portable handling, permanent handling, storage and conditioning, livestock, and manufacturing sectors. Some of its brands are batco, wheatheart, westfield, storm, rem, hi roller, union iron, hsi, tramco, ptm, vis, nuvision, twister, grain guard, airlanco, westeel, frame, and entringer.

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