Canaccord Genuity Sticks to Their Hold Rating for Toromont Industries

By Austin Angelo

In a latest note to investors, a research analyst has provided a rating update for the Services sector company, Toromont Industries (TSX: TIH). Canaccord Genuity’s analyst Yuri Lynk reiterates their Hold rating on the shares, with a C$50 price target.

According to TipRanks.com, Lynk is a 3-star analyst with an average return of 3.4% and a 45.3% success rate. Lynk covers the Basic Materials sector, focusing on stocks such as Enterprise Products Partners LP, Badger Daylighting Ltd, and Aecom Technology Corp.

Toromont Industries has an analyst consensus of Hold, with a price target consensus of C$49.83.

Based on Toromont Industries’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of C$531 million and quarterly net profit of C$40.46 million. In comparison, last year the company earned revenue of C$511 million and had a net profit of C$38.41 million.

Toromont Industries Ltd. operates as an investment holding company with interests in distributing construction equipment, power systems, and refrigeration systems. The company through its subsidiaries operates under two segments: Equipment Group and CIMCO.

The company’s shares closed on Monday at C$49.94, close to its 52-week high of C$50.45.