Two More Stifel’s Ian Gillies to $172 from $152 with a “buy” rating.
“The acquisition further enhances WSP’s leading position in the E&C environmental vertical, said Mr. Gillies. “This transaction is on strategy, at a reasonable valuation metric and does not stretch the balance sheet. It is another reminder of why WSP is considered a best-in-class E&C firm.”
* BMO’s Devin Dodge to $180 from $170 with an “outperform” rating.
“We believe the acquisition of E&I significantly advances WSP’s efforts to achieve its 2024 and longer-term goals, including establishing the firm as the leader in the environmental sector, exceeding $10-billion of net revenues (12 months ahead of plan) and supporting upside to adjusted EBITDA margins,” said Mr. Dodge.
“We raised our target price by almost 6 per cent to $180 and believe the current valuation represents an attractive entry point into a premier franchise in the sector.”