Raymond James Financial Increases Toromont Industries (TSE:TIH) Price Target to C$250.00

Key Points

• Raymond James raised Toromont Industries’ price target to C$250 from C$235 while maintaining an “outperform” rating, implying 17.33% potential upside.
• Analyst sentiment is broadly positive: seven analysts rate the stock a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and average target of C$246.89.
• Toromont shares rose 3.0% to C$213.08, while the company recently reported quarterly revenue of C$1.60 billion and earnings of C$2.20 per share.

Toromont Industries (TSE:TIH - Get Free Report) had its price target upped by investment analysts at Raymond James Financial from C$235.00 to C$250.00 in a report released on Thursday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Raymond James Financial's target price would suggest a potential upside of 17.33% from the stock's current price.

Several other equities analysts also recently commented on the company. Canaccord Genuity Group increased their price target on Toromont Industries from C$240.00 to C$260.00 and gave the company a "buy" rating in a report on Thursday. BMO Capital Markets boosted their price objective on shares of Toromont Industries from C$247.00 to C$248.00 and gave the stock an "outperform" rating in a research note on Thursday. National Bank Financial upped their price objective on shares of Toromont Industries from C$259.00 to C$261.00 and gave the stock an "outperform" rating in a report on Thursday. Scotia raised their target price on shares of Toromont Industries from C$208.00 to C$229.00 and gave the company a "sector perform" rating in a research note on Thursday, April 30th. Finally, Canadian Imperial Bank of Commerce lifted their target price on shares of Toromont Industries from C$240.00 to C$242.00 in a report on Thursday. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Toromont Industries has a consensus rating of "Moderate Buy" and an average target price of C$246.89.

Toromont Industries Stock Up 3.0%

Shares of TIH traded up C$6.27 during trading hours on Thursday, hitting C$213.08. 213,740 shares of the company were exchanged, compared to its average volume of 272,155. The company has a debt-to-equity ratio of 25.19, a quick ratio of 1.38 and a current ratio of 3.17. The company has a market cap of C$17.37 billion, a PE ratio of 33.88, a PEG ratio of 3.72 and a beta of 0.98. The firm's 50 day moving average is C$224.43 and its 200-day moving average is C$207.86. Toromont Industries has a 52 week low of C$137.41 and a 52 week high of C$243.50.

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 return on equity of 16.06% and a net margin of 9.64%.The business had revenue of C$1.60 billion for the quarter. On average, equities research analysts forecast that Toromont Industries will post 6.5892495 EPS for the current fiscal year.

Toromont Industries Company Profile

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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