National Bank Financial Issues Pessimistic Forecast for Wajax (TSE:WJX) Stock Price

Key Points

• National Bank Financial cut its price target for Wajax to C$34.00 (from C$37.00) while maintaining an "outperform" rating, implying about a 15.8% upside from the current price.
• Consensus among analysts is largely cautious — one Buy and four Hold — giving Wajax an average rating of "Hold" and an average price target of C$34.40, after several firms trimmed targets recently.
• Wajax traded at C$29.36 on heavy volume (185,452 shares), with a market cap of C$640.6M, a P/E of 11.38, and recent quarterly EPS of C$0.65 (net margin 2.68%).

Wajax (TSE:WJX - Get Free Report) had its price objective cut by investment analysts at National Bank Financial from C$37.00 to C$34.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. National Bank Financial's target price would suggest a potential upside of 15.80% from the company's current price.

Several other research firms have also weighed in on WJX. TD Securities upped their target price on shares of Wajax from C$28.00 to C$34.00 and gave the stock a "hold" rating in a report on Wednesday, March 4th. TD lowered their target price on shares of Wajax from C$35.00 to C$33.00 and set a "hold" rating on the stock in a report on Wednesday. BMO Capital Markets lowered their target price on shares of Wajax from C$40.00 to C$34.00 and set a "market perform" rating on the stock in a report on Wednesday, March 4th. Finally, Scotiabank lowered their target price on shares of Wajax from C$38.00 to C$37.00 and set a "sector perform" rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Wajax currently has an average rating of "Hold" and an average price target of C$34.40.

Wajax Stock Performance

TSE:WJX traded up C$0.06 during trading hours on Wednesday, hitting C$29.36. 185,452 shares of the company traded hands, compared to its average volume of 61,493. The stock has a market capitalization of C$640.58 million, a price-to-earnings ratio of 11.38, a P/E/G ratio of 0.50 and a beta of 0.59. Wajax has a twelve month low of C$20.61 and a twelve month high of C$34.88. The firm has a 50-day moving average of C$32.29 and a 200 day moving average of C$29.14. The company has a current ratio of 2.14, a quick ratio of 0.71 and a debt-to-equity ratio of 78.49.

Wajax (TSE:WJX - Get Free Report) last released its earnings results on Monday, May 4th. The company reported C$0.65 EPS for the quarter. The firm had revenue of C$502.07 million during the quarter. Wajax had a net margin of 2.68% and a return on equity of 10.91%. On average, analysts forecast that Wajax will post 3.4850136 EPS for the current year.

About Wajax

Wajax Corp is a Canadian distributor of industrial components. The company's core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes. It sells to leading manufacturer brands such as Hitachi, JCB, Bell, Hyster, Palfinger and other similar industries.

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