National Bank Financial Forecasts Strong Price Appreciation for Toromont Industries (TSE:TIH) Stock

Key Points

• National Bank Financial raised Toromont Industries’ price target to C$261 from C$259 and maintained an “outperform” rating, implying 22.49% upside from the reported share price.
• Analyst sentiment is broadly positive: seven analysts rate the stock a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average target price of C$246.89.
• Toromont reported quarterly revenue of C$1.60 billion and earnings of C$2.20 per share, with a 9.64% net margin and 16.06% return on equity.

Toromont Industries (TSE:TIH - Get Free Report) had its target price upped by investment analysts at National Bank Financial from C$259.00 to C$261.00 in a report issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. National Bank Financial's target price would suggest a potential upside of 22.49% from the stock's current price.

TIH has been the topic of a number of other research reports. Scotia increased their target price on Toromont Industries from C$208.00 to C$229.00 and gave the company a "sector perform" rating in a report on Thursday, April 30th. Canaccord Genuity Group upgraded Toromont Industries from a "hold" rating to a "buy" rating and upped their price objective for the company from C$200.00 to C$235.00 in a research report on Monday, April 27th. Royal Bank Of Canada increased their price objective on Toromont Industries from C$256.00 to C$265.00 and gave the company an "outperform" rating in a research note on Thursday. Scotiabank lifted their price objective on Toromont Industries from C$229.00 to C$238.00 and gave the stock a "sector perform" rating in a research report on Tuesday, July 7th. Finally, Raymond James Financial raised shares of Toromont Industries from a "market perform" rating to an "outperform" rating and boosted their target price for the company from C$190.00 to C$235.00 in a research note on Thursday, June 18th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Toromont Industries presently has a consensus rating of "Moderate Buy" and a consensus target price of C$246.89.

Toromont Industries Price Performance

Shares of TSE TIH traded up C$6.27 on Thursday, hitting C$213.08. The company's stock had a trading volume of 213,740 shares, compared to its average volume of 272,155. The stock has a 50 day moving average of C$224.43 and a 200-day moving average of C$207.86. The company has a market capitalization of C$17.37 billion, a price-to-earnings ratio of 33.88, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98. Toromont Industries has a 12-month low of C$137.41 and a 12-month high of C$243.50. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38.

Toromont Industries (TSE:TIH - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported C$2.20 earnings per share for the quarter. Toromont Industries had a net margin of 9.64% and a return on equity of 16.06%. The business had revenue of C$1.60 billion during the quarter. As a group, research analysts predict that Toromont Industries will post 6.5892495 EPS for the current year.

About Toromont Industries

Toromont operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba in addition to most of the territory of Nunavut. In addition, the Equipment Group includes industry leading rental operations, and a complementary material handling business.

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