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In a report published Friday, Canaccord Genuity analyst Sara Elford downgraded the rating on Stantec
STN from Buy to Hold, but reiterated the C$44.50 price target.
In the report, Elford noted, “There is no change to our DCF-derived target price of C$44.50, but we are lowering our rating to HOLD (from Buy) based on the ~3% implied total return potential over the coming year. Stantec has a clear and consistent strategy and game plan, no lack of opportunities to drive average annual revenue and earnings growth of ~15% for the foreseeable future, and a long track record of very disciplined and consistent execution. We expect investors to also enjoy consistent dividend growth over the coming years. On this basis, we have always viewed the stock as a core, long-term holding – and that view has not changed – but we would prefer to add to positions on weakness, if possible.”
Stantec closed on Thursday at $43.30.
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