Cascades (TSE:CAS) Upgraded by Canadian Imperial Bank of Commerce to Strong-Buy Rating

Key Points

• Canadian Imperial Bank of Commerce upgraded Cascades from hold to strong-buy, adding to a generally positive analyst outlook on the stock.
• Other brokerages have been mixed but mostly constructive: the consensus rating is Moderate Buy with an average price target of C$13.93, while some firms recently cut targets and others maintained buy ratings.
• Cascades shares were down 0.2% in Tuesday trading, and the company recently reported C$0.07 EPS on C$1.12 billion in revenue for the quarter.

Cascades (TSE:CAS - Get Free Report) was upgraded by stock analysts at Canadian Imperial Bank of Commerce from a "hold" rating to a "strong-buy" rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also commented on CAS. National Bank Financial dropped their price target on shares of Cascades from C$14.00 to C$13.00 and set a "sector perform" rating for the company in a research report on Friday, May 8th. Royal Bank Of Canada decreased their price target on shares of Cascades from C$15.00 to C$14.00 and set an "outperform" rating on the stock in a report on Friday, May 8th. Desjardins lowered their price objective on shares of Cascades from C$15.00 to C$13.00 and set a "hold" rating for the company in a research note on Monday, April 13th. Scotiabank dropped their price objective on Cascades from C$16.75 to C$14.50 and set an "outperform" rating for the company in a report on Monday, April 13th. Finally, TD increased their target price on Cascades from C$13.00 to C$15.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Cascades has an average rating of "Moderate Buy" and an average price target of C$13.93.

Cascades Stock Down 0.2%

CAS opened at C$12.39 on Tuesday. The company has a debt-to-equity ratio of 113.03, a current ratio of 1.53 and a quick ratio of 0.86. The stock has a market capitalization of C$1.26 billion, a price-to-earnings ratio of 12.39, a price-to-earnings-growth ratio of 0.56 and a beta of 1.03. The business has a 50-day moving average of C$11.23 and a two-hundred day moving average of C$11.80. Cascades has a 12 month low of C$8.90 and a 12 month high of C$14.20.

Cascades (TSE:CAS - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported C$0.07 earnings per share for the quarter. Cascades had a net margin of 2.15% and a return on equity of 5.95%. The business had revenue of C$1.12 billion for the quarter. On average, research analysts expect that Cascades will post 1.2959309 earnings per share for the current year.

Insiders Place Their Bets

In other Cascades news, insider Laurent Lemaire purchased 23,302 shares of Cascades stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of C$10.52 per share, with a total value of C$245,137.04. Following the completion of the transaction, the insider directly owned 7,837,637 shares in the company, valued at approximately C$82,451,941.24. This represents a 0.30% increase in their position. 23.78% of the stock is currently owned by company insiders.

Cascades Company Profile

Founded in 1964, Cascades offers sustainable, innovative and value-added solutions for packaging, hygiene and recovery needs. The company employs approximately 9,000 talented people across a network of 60 production units in North America. With its participative management, half a century of experience in recycling, and ongoing efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet.

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