Raising his forecast for its second quarter, ATB Capital Markets analyst Tim Monachello raised his target for Ag Growth International Inc. shares to $59 from $57, keeping an “outperform” rating. The average on the Street is $51.40.
“While AFN continues to face a strong fundamental outlook, and is relatively insulated from a slowing broad market economy given the low demand elasticity of its end markets, its shares have remained pressured since its Q1/22 results (down 16 per cent),” he said. “We believe strengthening results and upside to consensus estimates for 2022 are likely catalysts for AFN shares, and its current valuation represents a strong buying opportunity prior to Q2 results.”