Upswing The second-quarter earnings season is approaching an end.
Approximately 80 per cent of companies in the S&P/TSX Composite Index have reported their quarterly earnings results. Since the start of the earnings season, target prices have remained relatively stable for most companies in the TSX Index. Roughly 57 per cent of companies have seen their average target prices revised either up or down by a maximum of 3 per cent. However, there were some standouts.
Outliers to the upside include: Stelco Holdings Inc. (STLC-T), NFI Group Inc. (NFI-T), CES Energy Solutions Corp. (CEU-T), Colliers International Group Inc. (CIGI-T), Celestica Inc. (CLS-T), Gildan Activewear Inc. (GIL-T), Kinross Gold Corp. (K-T), SilverCrest Metals Inc (SIL-T), Sleep Country Canada Holdings Inc. (ZZZ-T), Lundin Gold Inc (LUG-T), Wesdome Gold Mines Ltd. (WDO-T), Aritzia Inc. (ATZ-T) and Stella-Jones Inc. (SJ-T).
\During the quarter, both Stelco and Sleep Country received takeover offers at premiums to where the share price was trading prior to the acquisition announcements, which resulted in increases to their target prices. The remaining companies listed saw their average target prices rise by between 10 per cent and 18 per cent.