Toromont Industries (TSE:TIH) Given New C$242.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• CIBC raised Toromont Industries’ price target to C$242 from C$240, implying 13.57% potential upside. Analysts collectively rate the stock “Moderate Buy,” with a consensus target of C$246.89.
• Other brokerages also adjusted their views, including RBC’s C$256 “outperform” target and Canaccord Genuity’s upgrade to “buy.” Overall, seven analysts rate the stock Buy and two rate it Hold.
• 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 target price upped by equities researchers at Canadian Imperial Bank of Commerce from C$240.00 to C$242.00 in a research note issued to investors on Thursday,BayStreet.CA reports. Canadian Imperial Bank of Commerce's target price suggests a potential upside of 13.57% from the company's current price.

Several other brokerages also recently commented on TIH. Scotia raised their target price on shares of Toromont Industries from C$208.00 to C$229.00 and gave the stock a "sector perform" rating in a report on Thursday, April 30th. Canaccord Genuity Group raised shares of Toromont Industries from a "hold" rating to a "buy" rating and increased their price objective for the stock from C$200.00 to C$235.00 in a research report on Monday, April 27th. Royal Bank Of Canada raised their price objective on shares of Toromont Industries from C$234.00 to C$256.00 and gave the stock an "outperform" rating in a report on Thursday, June 18th. Scotiabank boosted their price objective on shares of Toromont Industries from C$229.00 to C$238.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 7th. Finally, BMO Capital Markets upped their target price on shares of Toromont Industries from C$215.00 to C$228.00 in a research note on Wednesday, April 29th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$246.89.

Toromont Industries Trading Up 3.0%

Shares of Toromont Industries stock traded up C$6.27 during trading hours 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 company has a market capitalization of C$17.37 billion, a PE ratio of 33.88, a price-to-earnings-growth ratio of 3.72 and a beta of 0.98. The company has a debt-to-equity ratio of 25.19, a current ratio of 3.17 and a quick ratio of 1.38. The stock has a 50 day moving average of C$224.43 and a 200 day moving average of C$207.86. Toromont Industries has a 12 month low of C$137.41 and a 12 month high of C$243.50.

Toromont Industries (TSE:TIH - Get Free Report) last released 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. Analysts predict that Toromont Industries will post 6.5892495 earnings per share 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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