Loblaw and Bombardier among stocks featured
Loblaw reported adjusted EPS of $2.15, a penny better than consensus, and guidance was maintained. Revenue was $13.947 billion, below consensus at $14.166 billion.
The analyst slightly increased his earnings estimates for the company and noted that Loblaw “remains our preferred grocer given consistent execution and higher return on invested capital vs. peers.” “While many investors were curious as to why the company did not raise guidance on the back of these results, we note that pull-forward dynamics are at play and that 3Q consensus for deliveries will have to fall. While we are not concerned about BBD’s ability to reach its 2024 targets, 4Q will once again drive the show—we forecast FCF of -US$77m in 3Q and US$783m in 4Q,” said Mr. Poirier.
Mr. Poirier maintained a “buy” rating as well as a C$143 price target. At least one analyst did raise their price target, however: CIBC increased its to C$116 from C$102.Lithium Americas CorpAmerican Airlines
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