MTY Food Gets a Hold Rating from Scotiabank

By Austin Angelo

MTY Food (TSX: MTY), the Services sector company, has received a rating update from a Wall Street analyst on October 10. The company received a Hold on October 10 from Scotiabank’s analyst George Doumet, with a C$48 price target.

Doumet has an average return of 29.5% when recommending MTY Food.

According to TipRanks.com, Doumet is ranked #981 out of 4694 analysts.

Currently, the analyst consensus on MTY Food is Hold and the average price target is C$47, representing a -1.3% downside.

In a report issued on October 11, TD Securities also reiterated a Hold rating on the stock with a C$46 price target.

Based on MTY Food’s latest earnings report for the quarter ending August 31, the company posted quarterly revenue of C$73.61 million and quarterly net profit of C$15.08 million. In comparison, last year the company earned revenue of C$52.89 million and had a net profit of C$16.52 million.

MTY Food Group, Inc. operates as a franchisor of the restaurant industry. It activities include franchising multiple concepts in the quick service restaurant and causal dining segments of the restaurant industry.

The company’s shares closed on Thursday at C$47.62.