Inside the Market’s roundup of some of today’s key analyst actions
Citing “oil softness driven in large part by refinery margin compression, demand weakness, and potential oversupply dynamics into 2025,” RBC’s Global Energy Research team reduced their oil and natural gas projections through next year on Tuesday.
“From where we sit, the themes of capital discipline, balance sheet deleveraging via absolute debt reduction, and shareholder returns—with an emphasis on share buybacks—will extend into 2025 as producers approach their net debt targets,” he said. “BLDP is making the right moves to ensure its long-term position as a leader in fuel cells, and if the market takes shape, we believe it will be well positioned. However, considering the slow adoption rate, we maintain our SP rating,” he concluded.“The transaction should translate into a healthy unit price re-rate for ERE, in our view, as it expects to monetize half its portfolio at a slight premium to IFRS , while the stock trades at a material 34-per-cent discount to BVPU ,” he said.
Naming the Vancouver-based company one of the firm’s “Canada Best Ideas”, Mr. Lessard acknowledged investor concerns are focused on its “relatively high leverage and low FCF in recent years, both of which are primarily attributable to an historic capital investment cycle , albeit nearing the end.” “CLS’s hyperscaler customers are in an arms race to establish GenAI leadership, despite concerns relating to the ROI of AI infrastructure investments. We continue to believe Celestica is well positioned for continued growth from AI infrastructure investments, supported by its leading communications portfolio and server expertise with key partner relationships. We also believe there is upside to 2025 consensus estimates.
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