Stifel Citing EV headwinds, Stifel’s Justin Keywood cut his target for ATS Corp. to $68 from $73 with a “buy” rating. The average is $65.43.
“ATS has lost 1/4 of market cap in three months (vs. S&P/TSX up 4 per cent), following mixed FQ3 results on EV, a negative broker initiation report and secondary sale from the largest shareholder at $46.55,” he said. “ATS now trades at 11 times NTM [next 12-month] EBITDA vs. a three-year low at 10 times, comps at 15 times and a buyback has been activated at $46, 10-per-cent higher.”