Heroux-Devtek (HRX) Got Some Good News

By Carrie Williams

Heroux-Devtek (HRXResearch Report) has received a rating update from a Wall Street analyst yesterday. The company received a Buy rating from Scotiabank’s analyst Turan Quettawala, with a C$16.50 price target.

According to TipRanks.com, Quettawala is a 3-star analyst with an average return of 0.7% and a 59.7% success rate. Quettawala covers the Services sector, focusing on stocks such as WestJet Airlines Ltd, Union Pacific Corp, and Canadian Railway.

Currently, the analyst consensus on Heroux-Devtek is a Strong Buy with an average price target of C$18, implying a 46.2% upside from current levels. In a report released yesterday, TD Securities also upgraded the stock to Buy with a C$17.50 price target.

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Based on Heroux-Devtek’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of C$3.55 million. In comparison, last year the company had a net profit of C$3.16 million.

Héroux-Devtek, Inc. engages in the design, development, manufacture and overhaul of landing gear systems and components. It also includes electronic enclosures, heat exchangers and cabinets for airborne radar, electro-optic systems, and aircraft controls through its Magtron operations as well as fluid filters products.

The company’s shares closed on Monday at C$12.31, close to its 52-week low of C$11.91.