Boyd Group Fund Gets a Hold Rating from Scotiabank

By Carrie Williams

The Services sector company, Boyd Group Fund (TSX: BYD.UN), has received a rating update from a Wall Street analyst today. Analyst Vincent Perri from Scotiabank rated Boyd Group Fund (TSX: BYD.UN) a Hold, setting a C$106 price target.

Currently, the analyst consensus on Boyd Group Fund is Strong Buy and the average price target is C$104.60, representing a 7.3% upside.

In a report released yesterday, RBC Capital also reiterated a Hold rating on the stock with a C$105 price target.

Based on Boyd Group Fund’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$379 million and quarterly net profit of C$15.01 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 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 Tuesday at $97.45, close to its 52-week high of $100.75.