GMP FirstEnergy Believes Boyd Group Fund (TSX: BYD.UN) Still Has Room to Grow

By Carrie Williams

In a new note to investors today, an analyst has provided a rating update for the Services sector company, Boyd Group Fund (TSX: BYD.UN). The company received a Buy rating from GMP FirstEnergy’s analyst Stephen Harris, with a C$104 price target.

Harris has an average return of 6.4% when recommending Boyd Group Fund.

According to TipRanks.com, Harris is ranked #637 out of 4561 analysts.

Currently, the analyst consensus on Boyd Group Fund is Strong Buy and the average price target is C$100.40, representing an 11.4% upside.

In a report issued on May 12, BMO Capital also reiterated a Buy rating on the stock with a C$98 price target.

Based on Boyd Group Fund’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of C$360 million and quarterly net profit of C$8.4 million. In comparison, last year the company earned revenue of C$350 million and had a net profit of C$282K.

Boyd Group Income Fund is a closed-end investment trust. The company, through its operating subsidiary, The Boyd Group, Inc. operates non-franchised collision repair centers. The Boyd Group operates as a retail auto glass operator in the U.S. through Boyd Autobody & Glass, Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority and Autoglassonly.com trade names. Its third party administrator, Gerber National Claim Services offers first notice of loss, glass and related services. Boyd Group Income Fund was founded on December 16, 2002 and is headquartered in Winnipeg, Canada.

The company’s shares closed last Monday at $90.15, close to its 52-week high of $92.75.