CIBC cut shares of AutoCanada (TSE:ACQ – Free Report) from a neutral rating to an underperform rating in a research note issued to investors on Friday morning, BayStreet.CA reports. They currently have C$18.00 target price on the stock, down from their previous target price of C$25.00.
Several other research analysts have also weighed in on the company. National Bankshares lowered their price objective on AutoCanada from C$24.50 to C$22.00 and set a sector perform rating for the company in a research report on Friday, March 8th. Acumen Capital lowered shares of AutoCanada from a speculative buy rating to a hold rating and cut their target price for the stock from C$24.50 to C$21.50 in a research note on Friday. Scotiabank raised their target price on AutoCanada from C$26.00 to C$28.00 and gave the company an outperform rating in a research note on Friday, March 8th. BMO Capital Markets decreased their target price on AutoCanada from C$24.00 to C$23.00 and set a market perform rating for the company in a research report on Friday, March 8th. Finally, Canaccord Genuity Group dropped their price objective 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 equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of C$23.50.
Read Our Latest Stock Report on ACQ
AutoCanada Trading Down 1.2 %
AutoCanada (TSE:ACQ – Get Free Report) last issued its earnings results on Thursday, March 7th. The company reported C$0.69 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.56 by C$0.13. AutoCanada had a net margin of 0.78% and a return on equity of 10.23%. The firm had revenue of C$1.48 billion for the quarter, compared to analyst estimates of C$1.43 billion. Equities research analysts forecast that AutoCanada will post 3.0424469 earnings per share for the current fiscal year.
Insider Activity
In other AutoCanada news, insider EdgePoint Investment Group Inc. bought 3,750 shares of AutoCanada stock in a transaction dated Wednesday, March 13th. The stock was bought at an average cost of C$23.92 per share, with a total value of C$89,694.38. Insiders bought a total of 34,650 shares of company stock worth $885,855 over the last quarter. Insiders own 4.70% of the company’s stock.
AutoCanada Company Profile
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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