Intertape Polymer Gets a Buy Rating from TD Securities

By Jason Carr

Intertape Polymer (TSX: ITP), the Services sector company, was revisited by a Wall Street analyst on June 12. TD Securities’ analyst Damir Gunja reiterates their Buy rating on the shares, with a C$28 price target.

Gunja noted:

“We are encouraged by the acquisition activity at Intertape as the company transitions to a growth phase.”

Gunja has an average return of 3.2% when recommending Intertape Polymer.

According to TipRanks.com, Gunja is ranked #2291 out of 4578 analysts.

Currently, the analyst consensus on Intertape Polymer is Strong Buy and the average price target is C$28.50, representing a 16.7% upside.

In a report issued on June 12, Scotiabank also maintained a Buy rating on the stock with a C$29 price target.

Based on Intertape Polymer’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$274 million and quarterly net profit of C$17.82 million. In comparison, last year the company earned revenue of C$262 million and had a net profit of C$13.09 million.

Intertape Polymer Group, Inc. engages in development, manufacture, and sale of paper and film based pressure-sensitive, water-activated tapes, polyethylene, polyolefin films, woven coated fabrics, and complementary packaging systems for industrial and retail use. Its products include air pillows, carton sealing machines, carton seating tape, and double coated, duct, and electrical tape. The company was founded by Melbourne F. Yull in 1981 and is headquartered in Montréal, Canada.

The company’s shares closed last Tuesday at $24.42.