CIBC cut shares of AutoCanada (TSE:ACQ – Free Report) from a neutral rating to an underperform rating in a research note released on Friday morning, BayStreet.CA reports. CIBC currently has C$18.00 price objective on the stock, down from their prior price objective of C$25.00.
A number of other brokerages have also issued reports on ACQ. Scotiabank increased their price target on AutoCanada from C$26.00 to C$28.00 and gave the stock an outperform rating in a research note on Friday, March 8th. National Bankshares decreased their target price on AutoCanada from C$24.50 to C$22.00 and set a sector perform rating on the stock in a research note on Friday, March 8th. BMO Capital Markets dropped their price target on AutoCanada from C$24.00 to C$23.00 and set a market perform rating for the company in a research note on Friday, March 8th. Acumen Capital cut shares of AutoCanada from a speculative buy rating to a hold rating and reduced their price objective for the company from C$24.50 to C$21.50 in a research report on Friday. Finally, Canaccord Genuity Group decreased their price target on shares of AutoCanada from C$20.00 to C$18.00 and set a hold rating on the stock in a research note on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, AutoCanada presently has a consensus rating of Hold and a consensus price target of C$23.00.
Read Our Latest Analysis on ACQ
AutoCanada Trading Up 3.5 %
AutoCanada (TSE:ACQ – Get Free Report) last released its earnings results on Thursday, March 7th. The company reported C$0.69 EPS for the quarter, topping analysts’ consensus estimates of C$0.56 by C$0.13. The company had revenue of C$1.48 billion for the quarter, compared to analysts’ expectations of C$1.43 billion. AutoCanada had a net margin of 0.78% and a return on equity of 10.23%. Sell-side analysts forecast that AutoCanada will post 3.0424469 EPS for the current year.
Insiders Place Their Bets
In other news, insider EdgePoint Investment Group Inc. purchased 21,200 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were acquired at an average price of C$26.64 per share, with a total value of C$564,865.52. Insiders have bought 34,650 shares of company stock worth $885,855 in the last ninety days. 4.70% of the stock is owned by company insiders.
About AutoCanada
AutoCanada Inc, through its subsidiaries, operates franchised automobile dealerships and related business. The company offers a range of automotive products and services, including new and used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, and extended service contracts; and vehicle protection, after-market products, and auction services.
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