December 12 Price Targets: The North West Company, Keyera, First Quantum Minerals & More
Good morning,
Below is a summary of the price target updates for stocks traded on the S&P/TSX Composite Index. In total, 14 ratings were provided by eight brokerages covering eight stocks.
The North West Company
Both BMO Capital Markets and Royal Bank of Canada lowered their price targets on The North West Company to $30. The stock is currently trading at $27.47, representing an implied 9.21% upside. Here are the past calls by BMO Capital Markets:
And here are the past calls by Royal Bank of Canada:
As you can see, the price targets set by both brokerages have been pretty much the same. Notably, however, BMO Capital Markets set its price target below the share price on June 14, 2019, correctly calling a decline in the stock.
Keyera
Tudor Pickinerg & Holt just initiated coverage of the stock so we do not have any history for them. Raymond James and BMO Capital Markets have routinely updated their price targets though. Below is the history for Raymond James:
And here are the results for BMO Capital Markets:
From the tables above, you can see that BMO Capital Markets sort of broke away from their peers at Raymond James and drastically lowered their price target on November 7, 2018. This proved to be a more accurate move, as the share price has not moved much in the last couple of years.
First Quantum Minerals
Scotiabank reinitiated coverage of one of the most covered stocks on the TSX: First Quantum Minerals. They had usually set their price targets a fair bit above the share price at the time (average of 18%), however the last call they made in May, 2018 went the other way, as the share price began to fall substantially. The most recent price target of $16.50 represents an implied 18.19% upside - par for the course in my estimation.
That’s it for today! Be sure to check keep checking back for more price target updates and analysis, and please subscribe if you’d like access to some of our fundamental and technical reports.
Happy Investing!