RE:National Bank Lowers TargetsI think there are those who remember Jan 1 2019 to Jan 1, 2021. Stock went from $20-$46. Still imprinted on the mind, with a wish to return to days of the past.
But since then, things have changed. Higher interest rates, geo-political concerns.
The sector is normalizing after steep gains of the past. A recalibration is currently in progress. It's not that the sector is in decline, but the mechanics of the stockmarket are at play. A quick high flying sector a few years ago (and maybe too much too fast), can and has, lead to a correction.
Northland is holding up well even at $33 when all of this started at $20 in 2019. And maybe the analysts are correct with $45 estimates, but maybe in a few years forward. These estimates are not necessarily near-term targets.
Project pipeline is good, but not all will be developed. Guessing which project will progress forward or be subject to selldown, is haphazard at best. Back a while it was said that if the pipeline is developed, then a X amount of benefit to earnings. But now the pipeline "offers options" and no guarantees a project will be developed. This I feel could also be impacting the stock price.