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RBC Capital, BMO Boost Toromont Industries Price Target

Benzinga · 04/29/2022 16:29
  • Toromont Industries Ltd (TSX:TIH) (OTC:TMTNF) price target has been raised to C$130 from C$126 by BMO Capital analyst Devin Dodge with an OUTPERFORM RATING for the shares.
  • Dodge stated that the demand backdrop remains very favorable for Toromont, and they expect activity levels in TIH's territories to gain momentum through 2022.
  • Supply chain challenges tempers near-term optimism, mentions the analyst.
  • Dodge says TIH remains a preferred idea among the heavy equipment dealers, but there is a growing risk that the ramp-up in earnings may be more weighted to 2023 (vs. 2022).
  • RBC Capital analyst Sabahat Khan also raised Toromont Industries’ price target to C$129 from C$126 while reiterating the Outperform rating on the shares.
  • Given the strong demand environment (record backlog) and another successful quarter of execution amid a challenging supply backdrop, the analyst retains a positive outlook on TIH post Q1/22 results.
  • Price Action: TIH shares closed lower by 6.30% at C$113.09 on TSX, and TMTNF lower by 5.06% at $89.11 on Friday.