Multiple Raised TargetsBarry Schwartz also gave it another endorsement earlier today on BNN. Surprised that the SP wasn't more favourable following the earnings so initiated a position this morning. GLTA
National Bank’s Ahmed Abdullah raised his CCL Industries Inc. target to $87 from $84 with a “outperform” rating. Other changes include: Raymond James’ Michael Glen to $87 from $84 with an “outperform” rating, BMO’s Stephen MacLeod to $84 from $83 with an “outperform” rating, Scotia’s Jonathan Goldman to $84 from $80 with a “sector outperform” rating and TD Cowen’s Sean Steuart to $92 from $90 with a “buy” rating. The average is $85.
“Q2/24 was a beat vs. consensus (in-line with our estimates). Solid y/y growth was driven by CCL, Avery and Checkpoint. Management noted on the earnings call that it continues to feel constructive on the 2024E outlook, with an expectation for accelerated earnings growth. By segment: CCL outlook positive (CCL Label comps easy Q3, tougher Q4; Healthcare comps ease H2; Design recovery); Avery stable; Checkpoint positive (RFID growth to continue); Innovia positive (label materials demand, plant closure savings),” said Mr. MacLeod.