Canadian Tire and Boyd Group Services are among stocks featured
He was one of at least three analysts who raised their price targets after reviewing the results. Mr. Li’s went to C$175 from C$165; CIBC raised its target to C$160 from C$153; and Jefferies raised its target to C$126 from C$121.
Canadian Tire’s same-store sales were down 5.6%, but it improved within the quarter and in July they only slipped 2%, partly due to easier comparisons with a year ago, Mr. Li noted. After the stock’s nearly 8% gain on Thursday, it now trades at about 11.5 times Desjardins’ earnings estimates for the next 12 months - still slightly below its average of 12 times, he noted. “Improvement in macro conditions and earnings visibility should support a reversion to the average,” he said.National Bank of Canada cut its target price to C$270 from C$310; CIBC cut its target to C$268 from C$290; Jefferies cut its target to C$300 from C$325; and RBC cut its target to C$306 from C$308.
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