Inside the Market’s roundup of some of today’s key analyst actions
) reported in-line third-quarter results and expressed caution on the pace of its recovery on Wednesday, Desjardins Securities analyst Jerome Dubreuil warned a recent rally has brought its shares “close to being fairly valued as it approaches key resistance levels.”
While he reduced his forecast for both 2024 and 2025 to reflect management’s comments, the analyst raised his target price for CGI shares to $172 from $166 as a result of the positive steps on capital allocation.” The average target on the Street is $164.77, according to LSEG data. Mr. Merer also emphasized its backlog dropped from the previous quarter , driven by a drop-off in truck orders, and he sees headwinds and tailwinds to growth.
“A significant miss vs expectations led to management taking further action to stop the downslide,” said Mr. Poirier. “While we believe that the newly implemented action plan should help alleviate the balance sheet situation in the short term, we prefer to remain on the sidelines until we see less volatility in financial results and more clarity on the outlook for future bookings and deliveries.
Mr. Murray’s lukewarm stance on WSP’s investment proposition stems largely from that softness in Asia. While he noted booking trends in the region remained healthy during the quarter, he lowered his organic growth and margin expectations in the region, citing management’s commentary around more challenging market conditions.
“Management’s body language regarding the ability to get to 20-per-cent EBITDA margins from the current 18.3 per cent 2024 guide seems to be even more confident given the supportive macro backdrop, internal improvements and leveraging of tech tools and design center capabilities,” he said. “With that, the capacity to do larger M&A has also been elevated on top of an accelerating organic growth profile. WSP remains a must-own in the space.
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