National Bank Raises Target National Bank’s Maxim Sytchev raised his North American Construction Group Ltd. target to $47 from $46, reiterating an “outperform” recommendation. The average is $44.
“Too much attention was attributed to utilization rate, a percentage that bounces around A LOT depending on fleet movements (as was the case in the quarter between 2 mines in Canada),” he said. “We believe the market should be paying for EBITDA, not one of a myriad of KPIs. With reiterated guidance and focus on deleveraging, we are again very constructive on the name and buyers at this level as the market is trying to figure out what to do with the name.”