Inside the Market’s roundup of some of today’s key analyst actions
He was one of several equity analysts to express concern about the state of the company’s Burger King U.S. operations following Friday’s premarket release of “mixed” third-quarter financial results, which sent its TSX-lised shares down 2.4 per cent during the trading day.
“Investors were mixed on shares heading into the print, with many still believing in the long-term global unit growth/BK turnaround story, but cognizant of the weakening U.S./global backdrop — and results generally delivered on that mixed bag, with comp growth decelerating on 1-year/vs. 2019 basis in key segments but upside in total adjusted EBITDA ,” said Mr. Tower.
“As the chilly winds of 4Q FY23 stir, Canadian banks are preparing to unveil their tales, starting with BNS on November 28 and concluding with CWB on December 8,” he said. “Banks are like the haunted houses of the market, with shadows of an impending recession spooking investors. Their flight from this sector is hardly surprising given the gloomy memories of banks’ past performance during recessions.
“It has been tough slogging for VET this year as it struggled with a protracted outage of the Wandoo offshore platform in Australia, wildfire-related downtime in Canada and the planned 3Q23 turnaround at Corrib in Ireland. However, operational momentum has clearly shifted in the company’s favour, with several important growth projects on the horizon,” he said.
“Since the transaction announcement in September, the company has pre-funded approximately $8.3 billion of the $12.8 billion cash consideration through the issuance of roughly $4.6 billion of common shares, US$2.0 billion of hybrid subordinated notes in the U.S., as well as $1.0 billion of hybrid subordinated notes in Canada,” he added.
That led him to lower his target for Enbridge shares to $55 from $60 with an “outperform” rating . The average is $53.23. “TVA will phase out production activities as they are outsourced to external suppliers. This process will take time and move at a pace dictated by current program schedules.”
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