UPDATE: Raymond James Upgrades Stantec to Outperform Following Strong Q2

Raymond James raised its rating on Stantec

from Market Perform to Outperform following an outstanding performance in the second quarter. Raymond James noted, "I[W]e have elected to upgrade our rating for several reasons. First, Stantec has proved over the last few quarters (indeed, over the last few years) that it is managing the prevailing economic challenges very well. …While the activity in this segment will likely slow down, the company is well-positioned to benefit from growth in other markets. This very effective diversification is key to understanding Stantec's long-term success. The other important part of the formula—and the second reason why we think investors should buy the stock—is execution." Stantec closed at $31.69 on Monday.