Inside the Market’s roundup of some of today’s key analyst actions
) fourth-quarter 2022 financial report resulted in “straight-forward strong results” and a “solid” outlook for the current fiscal year.
With his higher estimates, Mr. Shreedhar raised his target for Loblaw shares to $137 from $134, keeping an “outperform” rating. The average target on the Street is $138.65, according to Refinitiv data.* CIBC’s Mark Petrie to $149 from $145 with an “outperformer” rating.Citing cable “pressure” and recent share price appreciation, Canaccord Genuity analyst Aravinda Galappatthige downgraded) to “hold” from “buy” after its fourth-quarter financial results fell below his expectations.
He added: “With the incorporation of the proposed Freedom acquisition , our estimates are materially changed. On an underlying basis , we have made moderate reductions to our F2023 and F2024 estimates to factor in weakness in Media and pressure on broadband subs. All in, we still see a path to over $3 per share in FCF in F2023 and F2024. Excluding the spectrum auction, we have QBR’s leverage exiting 2023 at 3.8 times.
“While the entire engineering consulting cohort has printed strong Q4/22 and provided positive 2023 organic growth commentary, a dividend increase, more significant beat vs. Street , puts STN’s performance in a favourable light ,” the analyst said. “As mentioned previously, over-indexed exposure even vs. some south of the border or international peers to the U.S., is a net positive for the company while Water/Environmental skew is structurally advantageous. Net debt to adjusted EBITDA of 1.
“We adjusted our numbers to reflect high-single-digit organic growth for the year as well as EBITDA margin between 16-17 per cent, along with low teens EPS growth,” he said. “We are still below the midpoint of the guide, despite STN beating this year’s guide as we err on the side of caution. Growth in the U.S. should drive the momentum in organic growth.
Following Wednesday’s release of weaker-than-anticipated quarterly results, Mr. Sytchev thinks “moderation” in capital expenditures is likely to help sequential margin expansion and sees free cash flow generation supporting shareholder returns. “Since downgrading to Underperform on January 13, 2023, shares of LUN are down 9 per cent relative to the S&P Global Base Metals Index down 5 per cent,” he said. “Over that time, the company reported a softer three-year operating outlook, lower reserves and revised technical reports highlighting lower production growth in the near term.
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