Canaccord Genuity Believes Aecon Group Inc. (TSX: ARE) Won’t Stop Here

By Jason Carr

In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Aecon Group Inc. (AREResearch Report). Analyst Yuri Lynk from Canaccord Genuity remains bullish on the stock and has a C$25 price target.

According to TipRanks.com, Lynk is a 4-star analyst with an average return of 6.8% and a 52.3% success rate. Lynk covers the Basic Materials sector, focusing on stocks such as SNC-Lavalin Group Inc, Stantec Inc, and Fluor Corp.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Aecon Group Inc. with a C$23.20 average price target, representing a 22.3% upside. In a report released yesterday, Raymond James also maintained a Buy rating on the stock with a C$23 price target.

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Based on Aecon Group Inc.’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of C$27.87 million. In comparison, last year the company earned revenue of C$685 million and had a net profit of C$21.1 million.

Aecon Group, Inc. engages in construction and infrastructure development. It operates through the following segments: Infrastructure, Industrial, and Concessions. The Infrastructure segment includes all aspects of the construction of both public and private infrastructure, primarily in Canada, and on a selected basis, internationally.

The company’s shares closed on Thursday at C$18.97, close to its 52-week high of C$19.79.