More Raised Targets BMO’s tienne Ricard raised his EQB Inc. target to $97 from $93 with an “outperform” rating. Other changes include: Scotia’s Meny Grauman to $100 from $89 with a “sector outperform” rating and KBW’s Mike Rizvanovic to $101 from $93 also with an “outperform” recommendation. The average is $87.38.
“Despite a tough day in the market, we believe that EQB’s Q2 result highlights the resiliency of the Canadian economy, but is also reflective of the company’s own unique growth drivers including better-than-expected synergies from the Concentra acquisition,” said Mr. Grauman. “The bottom line is that we view this quarter’s big beat as sustainable. Yet while our forward estimates and valuation multiple head higher, our new price target is still based on a very conservative outlook for both. Put it all together and despite the fact that EQB is (by far) the best performing name in our entire coverage universe so far this year, we believe that it still has significant upside even in this still uncertain economic environment.”