More ReactionsStifel bucks the trend by raising its target. GLTA
CIBC’s Jacob Bout lowered his target for Bird Construction Inc. to $29.50 from $31 with a “neutral” rating. Other changes include: Stifel’s Ian Gillies to $38 from $37 with a “buy” rating and National Bank’s Maxim Sytchev to $29 from $28 with a “sector perform” rating. The average is $34.31. “The company continues to execute well, no question there; the current backdrop also appears to be supportive of the company’s 2027E ambitions,” said Mr. Sytchev. “What’s interesting, of course, is the cognitive dissonance we get from the equipment space which, in all fairness, benefited from unsustainable pricing power during COVID — that cohort is now under pressure, and we do believe lower immigration intake in Canada is bound to trickle down, eventually, to the construction industry. Yes, of course, we are still catching up to years of underinvestment but in the world of linear projections, budgets can swing from one year to the next. The entire space is trading like it’s 2006 / 2007. We remain patient and opportunistic, where we have conviction.”