RBC Capital, BMO Boost Toromont Industries Price Target - Toromont Industries (OTC:TMTNF)

Toromont Industries Ltd TIH TMTNF price target has been raised to C$130 from C$126 by BMO Capital analyst Devin Dodge with an Outperform rating for the shares.
Dodge stated that the demand backdrop remains very favorable for Toromont, and they expect activity levels in TIH's territories to gain momentum through 2022.
Supply chain challenges tempers near-term optimism, mentions the analyst.
Dodge says TIH remains a preferred idea among the heavy equipment dealers, but there is a growing risk that the ramp-up in earnings may be more weighted to 2023 (vs. 2022).
RBC Capital analyst Sabahat Khan also raised Toromont Industries’ price target to C$129 from C$126 while reiterating the Outperform rating on the shares.
Given the strong demand environment (record backlog) and another successful quarter of execution amid a challenging supply backdrop, the analyst retains a positive outlook on TIH post Q1/22 results.
Price Action: TIH shares closed lower by 6.30% at C$113.09 on TSX, and TMTNF lower by 5.06% at $89.11 on Friday.