Inside the Market’s roundup of some of today’s key analyst actions
National Bank Financial analysts Shane Nagle and Ravi Nizami see lower copper prices driving a “softer EBITDA outlook” for base metals companies in the third quarter and expect the Street’s estimates to decline as earnings season approaches.
In a research report released Tuesday, the analysts also warned that “unplanned downtime and ramp-up delays put 2024 guidance at risk for some.” Mr. Nagle: “While our current Q3 estimate is below Consensus, management has been forthcoming with processing a higher proportion of stockpiles at Constancia in Q3 and elevated grades in Q4. HBM is also the most torqued name to gold prices and when combined with improving gold grades at Lalor, we see one of the most significant jumps in EBITDA into Q4 in our coverage to US$344-million .”
“Forecast adjustments for Air Canada include the incorporation of reduced ‘24E/’25E available seat mile or ASM growth, higher, ‘25E passenger yield growth and higher, pilots’ agreement-driven, ex-fuel cost per available seat mile or CASM, ex-fuel into our model. .
Mr. Li compared 345 items across 11 categories at Dollarama stories in Toronto against competitors Walmart and Amazon . He said his findings are “consistent” with past surveys and support his third-quarter fiscal 2025 same-store sales growth forecast of 3.0 per cent, down from 4.7 per cent in the second quarter and 11.3 per cent during the same period a year ago. That projection falls in line with the consensus on the Street.
Maintaining his “buy” rating and “positive long-term view,” Mr. Li raised his target to $147 from $143. The average on the Street is $142.45.
Ero Target Guidance Dividend View Agreement Quarter First Quantum Minerals Ltd. DOL National Bank
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