Since Laurentian Bank will ultimately not be sold – for the moment at least – the financial institution’s stock has just lost the most important vector of appreciation of its stock in the short term.
Analysts from National Bank, TD Bank, CIBC and the Cormark firm are no longer proposing the purchase of Laurentian’s shares since management announced Thursday that the review of its strategic options is complete and that the bank will continue its path independently.
Out of 11 analysts who officially follow the stock, there is now not a single one who recommends buying the stock.
Montreal portfolio manager Stephen Takacsy, at Gestion Lester, believes that Laurentian will need to improve its return on equity and specialize in certain niches to become more attractive to a potential buyer. “We sold our shares because it will take time, but we will monitor developments over the next year to see if we buy back. »
Stingray gained a new follower this week. Desjardins Securities launched official coverage of the activities of the Montreal music services provider on Tuesday by proposing the purchase. Analyst Jérôme Dubreuil points out that the stock trades like a stock in the traditional media sector, which, according to him, does not reflect the reality of the company, in addition to neglecting the attractive prospects that emanate from growth projects at Stingray. There are now six analysts following the stock. They all suggest buying.
CN gained new support this week. Despite the impact of weaker harvest prospects for Canadian farmers after a difficult summer marked by extreme heat and drought, analyst Steve Hansen of Raymond James now suggests buying the rail carrier’s stock Montrealer. He believes the worst of the freight recession is now over and the stock’s recent pullback offers an attractive entry point.
BRP received an additional recommendation at the start of the week. Analyst James Hardiman at Citi has been recommending the purchase of the Valcourt-based recreational vehicle manufacturer since Tuesday. There are now only two analysts out of 19 who do not recommend buying.
The chief financial officer of Transcontinental has just purchased a little more than $50,000 in shares of the Montreal printer specializing in flexible packaging. Donald LeCavalier purchased a block of 4,100 shares on Tuesday at a price of $12.30 per share.
Two Quebec companies are part of the list published this week of the 30 best-performing companies on the Toronto Stock Exchange over a three-year period. Bombardier and Aya Gold
SNC-Lavalin shares will trade tomorrow in Toronto under the symbol “ATRL” following the announcement this week of the company’s name change to AtkinsRéalis. You’ll have to get used to it. This modification is another step in the transformation and repositioning of the firm. “The company is changing its name to signal its confidence that past problems are well and truly behind it,” comments TD analyst Michael Tupholme.
Quebec stocks Dollarama, SNC-Lavalin, Groupe Colabor, Alimentation Couche-Tard, WSP and CAE all reached a 52-week high on the Toronto Stock Exchange this week.
In contrast, Fiera Capital and PyroGenèse slipped again this week to a new 52-week low.