07:51 AM EDT, 07/20/2023 (MT Newswires) -- CIBC Capital Markets upgraded SNC-Lavalin Group Inc. (SNC.TO) to Outperformer from Neutral.
Analyst Jacob Bout raised his price target on shares of the Montreal-based engineering and construction company to $44 from $36.
"With ~75% of SNC's end-markets tied to public-sector work (higher-than-peer average), we do not see governments pulling back on infrastructure and energy transition spending any time soon, and expect SNC's core Services business to remain resilient in a possible economic slowdown scenario," Bout said in a note to clients.
"We would not be surprised to see the company raise Services revenue growth guidance along with Q2/23 results," the analyst said.
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