CIBCAgree that there is no significant reason for the drop in SP and note that the analyst did not change his target. GLTA
09:31 AM EDT, 08/30/2021 (MT Newswires) -- NFI Group Inc. (NFI.TO) was downgraded to Neutral from Outperformer at CIBC World Markets.
Analyst Kevin Chiang maintained a $34 price target on shares of the Winnipeg, Manitoba-based manufacturer of transit buses and motorcoaches.
Chiang said the downgraded is due to the outperformance of NFI shares since the company reported second quarter results on August 4.
"We maintain a positive long-term outlook on NFI given the healthy funding environment for public transit agencies, especially as we continue to see strong support for the transition towards ZEBs (zero-emission buses)," the analyst said in a note to clients. "We view NFI as well-positioned to leverage this tailwind given its leading market share in its key end markets (U.S., Canada, U.K.)."
"We also remain concerned around supply chain disruptions impacting near-term visibility which adds another element of uncertainty as NFI's earnings recover from the depths of the pandemic," Chiang 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)
Price: 30.52, Change: -1.03, Percent Change: -3.25