Very positive re-ratings... CIBC’s Krista Friesen increased her Martinrea International Inc. target to $16 from $15 with a “neutral” rating. Others making changes include: TD Securities’ Brian Morrison to $21 from $16 with an “action list buy” rating, BMO’s Peter Sklar to $18 from $15 with an “outperform” rating and Raymond James’ Michael Glen to $20 from $16.50 with an “outperform” rating. The average is $16.56.
“MRE reported solid Q4 results, coming in above our and Street expectations,” said Ms. Friesen. “After a difficult 2+ years, the company is looking to be getting back on track. Supply chain issues appear to be easing, leading to improved operational efficiencies, and commercial settlements in the face of higher costs have been a tailwind. MRE maintained its guidance for 2023, and with its leverage declining to below 2.0 times and being well within its 3.0 times covenant, it noted that it would be re-introducing its buyback in May.”