CIBC Thinks Chemtrade Logistc’s Stock is Going to Recover

By Ryan Adsit

Yesterday, an analyst has provided a rating update for the Consumer Goods sector company, Chemtrade Logistc (TSX: CHE.UN). Analyst Jacob Bout from CIBC rated Chemtrade Logistc (TSX: CHE.UN) a Buy, setting a C$22 price target.

According to TipRanks.com, Bout is ranked #1678 out of 4850 analysts.

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The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Chemtrade Logistc with a C$18.60 average price target, representing a 22.9% upside. In a report released yesterday, GMP FirstEnergy also reiterated a Buy rating on the stock with a C$18 price target.

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Based on Chemtrade Logistc’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$6.92 million. In comparison, last year the company had a net profit of C$61.95 million.

Chemtrade Logistics Income Fund engages in the provision of portfolio of industrial chemicals and value-added services. It operates through the following segments: Sulphur Products & Performance Chemicals, Water Solutions & Specialty Chemicals, Electrochemicals, and Corporate.

The company’s shares closed on Friday at C$15.14, close to its 52-week low of C$14.38.