Elsewhere, other analysts making target changes include:
* BMO’s Devin Dodge to $60 from $56 with a “market perform” rating.
“In our view, the Investor Day presentations and discussions with management highlighted meaningful opportunities for growth in its core regions and end-markets,” said Mr. Dodge. “The company is aiming for attractive margin expansion over the next 3-4 years while near-term M&A prospects appear to be improving. However, with the PS&PM [Professional Services & Project Management] division trading at a premium to its closest peers (2025 P/E: 18 times vs. peers at 16.5 times), we believe this optimism is increasingly reflected in valuation.”
* ATB Capital Market’ Chris Murray to $70 from $63 with an “outperform” rating.
“The outlook was better than expected, particularly in Nuclear, and we see the valuation gap to peers continuing to close on M&A and margin expansion. We would continue to add shares at current levels,” said Mr. Murray.
* CIBC’s Jacob Bout to $68 from $64 with an “outperformer” rating.
“Overall, we view this as a positive update highlighting expectations for strong organic revenue growth, overall margin expansion and improved FCF generation (allowing for M&A and future capital returns to shareholders). We are raising our 2025 estimates slightly, which may be conservative given the potential for M&A. Along with a slightly higher multiple reflecting the improved longer-term outlook, our price target increases,” said Mr. Bout.