08:07 AM EST, 11/04/2024 (MT Newswires) -- Aecon Group Inc. (ARE.TO) was upgraded to Buy from Hold at TD Securities on Monday.
Analyst Michael Tupholme raised his price target on shares of the Canadian construction and infrastructure development company to $35 from $23 following its Q3 results.
"Concerns regarding ARE's fixed-price legacy projects kept us cautious," Tupholme said in a note to clients.
"However, ARE's recent quantification of maximum potential legacy project risks and a clean Q3/24 provide us considerable comfort," the analyst said.
"Meanwhile, a solid revenue growth outlook and ARE's compelling valuation support our upgrade."
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