MDA Space (TSE:MDA) Given New C$59.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce cut its price target on MDA Space from C$67.00 to C$59.00, though that still implies about 26.8% upside from the previous close.
• Analyst sentiment remains broadly positive: the stock has a consensus Buy rating, with an average price target of C$63.80 and multiple firms recently lifting or trimming targets.
• MDA Space shares fell 2.4% to C$46.52, despite reporting quarterly EPS of C$0.38 and revenue of C$464.1 million in its latest earnings release.

MDA Space (TSE:MDA - Get Free Report) had its price objective dropped by equities researchers at Canadian Imperial Bank of Commerce from C$67.00 to C$59.00 in a research report issued on Wednesday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's price target indicates a potential upside of 26.83% from the stock's previous close.

MDA has been the topic of several other reports. Desjardins lifted their price target on shares of MDA Space from C$66.00 to C$70.00 and gave the stock a "buy" rating in a research note on Monday, June 22nd. BMO Capital Markets lifted their price objective on shares of MDA Space from C$53.00 to C$68.00 and gave the company an "outperform" rating in a research note on Monday, June 22nd. ATB Cormark Capital Markets cut their price target on MDA Space from C$67.00 to C$62.00 and set a "sector perform" rating for the company in a research note on Monday, June 22nd. Scotiabank increased their price target on shares of MDA Space from C$70.00 to C$71.00 and gave the stock a "sector outperform" rating in a report on Monday, June 22nd. Finally, Scotia raised their target price on MDA Space from C$53.00 to C$70.00 and gave the company a "sector outperform" rating in a report on Thursday, May 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of C$63.80.

MDA Space Stock Down 2.4%

MDA stock traded down C$1.14 during trading on Wednesday, hitting C$46.52. 814,696 shares of the company's stock were exchanged, compared to its average volume of 1,195,452. The business has a 50-day moving average price of C$54.67 and a two-hundred day moving average price of C$43.92. The stock has a market capitalization of C$6.46 billion, a price-to-earnings ratio of 58.63 and a beta of -0.34. MDA Space has a 52-week low of C$20.85 and a 52-week high of C$67.90. The company has a current ratio of 0.80, a quick ratio of 1.00 and a debt-to-equity ratio of 20.62.

MDA Space (TSE:MDA - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported C$0.38 EPS for the quarter. MDA Space had a net margin of 6.02% and a return on equity of 7.24%. The company had revenue of C$464.10 million for the quarter. As a group, equities research analysts expect that MDA Space will post 0.9605084 EPS for the current year.

Insider Activity at MDA Space

In related news, insider Guillaume Lavoie sold 1,500 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of C$52.63, for a total transaction of C$78,945.00. Following the completion of the sale, the insider directly owned 6,257 shares of the company's stock, valued at approximately C$329,305.91. This represents a 19.34% decrease in their position. Also, insider Luigi Pozzebon sold 31,686 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of C$52.90, for a total value of C$1,676,189.40. Insiders have sold 119,269 shares of company stock worth $6,318,903 in the last 90 days. Company insiders own 12.60% of the company's stock.

About MDA Space

Building the space between proven and possible, MDA Space (TSX:MDA; NYSE:MDA) is a trusted mission partner to the global defence and space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The global MDA Space team of more than 4,000 space experts has the knowledge and know-how to turn an audacious customer vision into an achievable mission - bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that's been in our DNA since day one.

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