Scotiabank Issues Pessimistic Forecast for Finning International (TSE:FTT) Stock Price

Key Points

• Scotiabank has lowered the price target for Finning International's stock from C$65.00 to C$64.00, while maintaining an "outperform" rating, indicating a potential upside of 11.01%.
• Finning International's shares decreased by 0.8%, closing at C$57.65, amidst mixed analyst ratings with an average target price of C$59.44.
• Several firms, including BMO Capital Markets and Raymond James Financial, have increased their target prices, indicating a more optimistic view on the stock despite Scotiabank's recent downgrade.

Finning International (TSE:FTT - Get Free Report) had its price target dropped by equities research analysts at Scotiabank from C$65.00 to C$64.00 in a research report issued on Thursday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Scotiabank's target price indicates a potential upside of 11.01% from the stock's previous close.

FTT has been the topic of several other reports. BMO Capital Markets raised their target price on Finning International from C$57.00 to C$66.00 in a research report on Tuesday, July 22nd. Canaccord Genuity Group raised their target price on Finning International from C$55.00 to C$60.00 and gave the company a "buy" rating in a research report on Thursday, May 22nd. Royal Bank Of Canada increased their price target on Finning International from C$49.00 to C$61.00 in a research note on Thursday, May 22nd. Raymond James Financial increased their price target on Finning International from C$56.00 to C$68.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, TD Securities increased their price target on Finning International from C$50.00 to C$57.00 and gave the company a "buy" rating in a research note on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$59.44.

Finning International Stock Down 0.8%

Shares of TSE FTT traded down C$0.48 on Thursday, hitting C$57.65. The company had a trading volume of 578,828 shares, compared to its average volume of 494,242. The firm has a market capitalization of C$7.92 billion, a P/E ratio of 16.12, a PEG ratio of 0.56 and a beta of 1.55. Finning International has a 12-month low of C$34.59 and a 12-month high of C$62.78. The company has a quick ratio of 0.59, a current ratio of 1.65 and a debt-to-equity ratio of 98.14. The business has a 50 day moving average of C$57.51 and a two-hundred day moving average of C$46.91.

Insiders Place Their Bets

In related news, Senior Officer Kevin Parkes sold 600 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of C$51.42, for a total transaction of C$30,852.00. Also, Senior Officer Kieran Colquhoun Holm sold 1,413 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of C$50.98, for a total value of C$72,034.46. Insiders have sold 17,628 shares of company stock worth $926,016 over the last three months. Company insiders own 0.10% of the company's stock.

About Finning International

Finning International Inc sells, services, and rents heavy equipment, engines, and related products in Canada, Chile, Bolivia, the United Kingdom, Argentina, Ireland, and internationally. The company offers articulated trucks, asphalt pavers, backhoe loaders, cold planers, compactors, dozers, drills, electric rope shovels, excavators, hydraulic mining shovels, material handlers, motor graders, off-highway trucks, pipelayers, road reclaimers, skid steer and compact track loaders, track loaders, underground-hard rock, wheel loaders, and wheel tractor-scrapers, as well as mobile and stationary generator sets.

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