TSX:ARE - Post Discussion
Post by
maplak on Mar 07, 2024 8:10am
Don’t wiggle your tail too much…
Aecon Group Price Target Raised to $13 at RBC
MIDNIGHTTRADER - Updated 7 minutes ago
08:00 AM EST, 03/07/2024 (MT Newswires) -- RBC Capital Markets raised its price target on Aecon Group Inc. (ARE.TO) to $13 from $10.
Analyst Sabahat Khan maintained a Sector Perform rating on shares of the Canadian construction and infrastructure development company.
Aecon reported quarterly results after market close on Tuesday.
The stock rose $1.72, or approximately 12%, to $16.25 on the Toronto Stock Exchange Wednesday.
"Aecon reported Q4 2023 results that were above RBC/consensus forecasts, while the balance sheet is also in a clean position," Khan said in a note to clients.
"While there has been progress on the financial performance, we are maintaining a cautious view over the near-to-medium term due to risks and uncertainties associated Aecon's four legacy fixed-price contracts," the analyst said.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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