AltaCorp Captial Reiterates Their Buy Rating on New Flyer Industries

By Carrie Williams

New Flyer Industries (TSX: NFI), the Services sector company, has received a rating update from a Wall Street analyst today. The company received a Buy rating from AltaCorp Captial’s analyst Chris Murray, with a C$66 price target.

Murray has an average return of 36.3% when recommending New Flyer Industries.

According to TipRanks.com, Murray is ranked #262 out of 4561 analysts.

Currently, the analyst consensus on New Flyer Industries is Strong Buy and the average price target is C$61, representing an 11.5% upside.

In a report issued on May 12, Scotiabank also maintained a Buy rating on the stock with a C$57 price target.

Based on New Flyer Industries’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$757 million and quarterly net profit of C$50.16 million. In comparison, last year the company earned revenue of C$760 million and had a net profit of C$31.03 million.

New Flyer Industries, Inc. manufactures heavy duty transit buses in the U. S. and Canada. The company operates through two segments: Bus and Coach Manufacturing Operations and Aftermarket Operations. The Bus and Coach Manufacturing Operations segment designs, manufactures and sells heavy-duty transit buses of various body lengths with diverse propulsion systems. The Aftermarket Operations segment supports all post-sale activities, which includes parts distribution, field services, support documentation and training. Its services include clean running, fuel efficient hybrid buses, zero-emission electric trolley, buses with alternative fuels, like hydrogen and CNG and clean diesel buses. New Flyer Industries was founded by John Coval in 1930 and is headquartered in Winnipeg, Canada.

The company’s shares closed last Monday at $54.70, close to its 52-week high of $57.70.