Two Raised Targets Desjardins Securities’ Chris MacCulloch bumped his Spartan Delta Corp. (SDE-T) target to $21 from $19 with a “buy” rating, while BMO’s Mike Murphy also raised his target to $21 from $19 with an “outperform” rating. The average is $21.04.
“[Wednesday] morning, Spartan Delta announced the initiation of a strategic repositioning process to enhance shareholder value,” Mr. MacCulloch said. “Although the process may go in several directions, in our view it was refreshing to see a Canadian producer adopt a pragmatic approach to creating shareholder wealth given the stock continues to trade at a material discount vs peers. Meanwhile, we have bumped our target to $21 (from $19), reflecting positive estimate revisions stemming from the 2023 guidance release.”