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Workers tap deep into North Dakota’s Bakken formation, on a Precision Drilling rig.Nathan VanderKlippe/The Globe and Mail

Inside the Market's roundup of some of today's key analyst actions. This file will be updated during the trading day. For breaking analyst actions prior to market open every day, read our Before the Bell morning report.

Canaccord Genuity analyst Scott Chan upgraded IGM Financial Inc. to "buy" from "hold," believing that the stock's underperformance relative to peers so far this year has created a buying opportunity.

IGM stock has fallen 4 per cent this year, while the TSX composite has gained 8 per cent. "We believe (this) represents an attractive entry point, as average assets under management growth increased 3.8 per cent in the first quarter of 2014," Mr. Chan said in a research note.

IGM shares trade at 14.6 times forward earnings, below about 17 times at CI Financial and for U.S. peers, despite IGM having higher-than-peer-average earnings per share growth expectations of 14 per cent in 2014, Mr. Chan said.

He thinks improving fundamentals at IGM's Mackenzie Financial unit -- which should benefit from a recent industry shift to non-domestic equity funds -- will act as a catalyst for a rally in IGM stock.

Mr. Chan hiked his price target on IGM Financial to $60 (Canadian) from $56. The analyst consensus price target over the next year is $59.61, according to Thomson Reuters.

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Analysts are predicting more price gains ahead for shares of Precision Drilling Corp. after the company Monday boosted its capital spending plans amid rising demand for its most advanced rigs.

BMO Nesbitt Burns hiked its price target to $17 (Canadian) from $15 and reiterated an "outperform" rating. AltaCorp Capital raised its target to $18 (Canadian) from $17 and maintained an "outperform" rating.

Precision said it now aims to spend $833-million this year, up from its initial budget of $634-million. The increase will accommodate rising demand for the most complex rigs it builds, its Super Series, which are used in horizontal drilling. In total, it will now build 16 of those rigs this year after nine new orders were announced in conjunction with Precision's first-quarter results on Monday.

"Precision's high spec rig fleet continues to enjoy very strong demand as evidenced by the new build announcements and the solid North American utilization levels in Q1/14," commented BMO Nesbitt Burns analyst Michael Mazar. "With high-spec rigs essentially at full utilization rates and the potential for increased exploration and production capex budgets, we see very solid market conditions developing in H2/14 and into 2015."

He thinks Precision Drilling is "an excellent way" to gain exposure to the resurgence in the oil patch, as well as gaining possible exposure to the burgeoning liquefied natural gas industry.

The stock trades at 7.0 times estimated 2015 earnings before interest, taxes, depreciation and amortization, a reasonably attractive metric given expectations for strong drilling activity over the next year and a half and increasing earnings estimates, rising profitability and the additional contract wins, he said.

The analyst consensus price target is $13.97.

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The recent fall in Thomson Reuters Corp.'s stock price offers a good entry point for an otherwise healthy company, according to RBC Dominion Securities analyst Drew McReynolds.

While he expects the stock to remain range bound for the first half of 2014, he believes an improving margin story for 2015 remains intact.

"While some patience is required, we continue to believe the pullback in the shares post Q4/13 results represents an attractive entry point given improving underlying trends, an active [normal course issuer bid] and a healthy 3.8 per cent dividend yield," he says.

Mr. McReynolds maintained his "outperform" rating and raised his target price by $1 to $39 (U.S.). The analyst consensus price target over the next year is $37.29.

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A 40 per cent plunge in the share price for Transition Therapeutics Inc. over the past two weeks has led to a ratings upgrade from RBC Dominion Securities analyst Douglas Miehm.

"We are upgrading our view on Transition Therapeutics based on valuation," says Mr. Miehm.  "We believe the shares had been overvalued due to the shift in timelines for clinical results, inherent risk of running Alzheimer's trials, cancellation of the Bipolar trial and the likely need for additional financing."

The stock, which has plunged to about $5.57 from $8.75, is now trading at "close to fair value" in his view.

Mr. Miehm upgraded the stock to "sector perform" from "underperform" and maintained his target price of $5.50 (Canadian).

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CIBC World Markets analyst Brad Sturges is initiating coverage on Plaza Retail REIT with a "sector outperformer" rating.

The Canadian company owns, develops and redevelops retail assets, predominantly in Eastern and Central Canada, and has established a "solid track record of creating unitholder value with an approximately 14 per cent annualized total return from 2000 to 2013," said Mr. Sturges.

He set a price target of $4.50 (Canadian). The analyst consensus price target over the next year is $4.92, according to Thomson Reuters.

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In other analyst actions:

Canaccord Genuity downgraded Gluskin Sheff to "hold" from "buy" and hiked its price target to $32.50 (Canadian) from $31.75. It cited the stock's 122 per cent surge over the past year, which it believes leaves little upside over the next 12 months.

BMO Nesbitt Burns downgraded Capital Power to "market perform" from "outperform" and cut its target to $25.50 (Canadian) from $26.50, citing Alberta pricing trends.

CIBC World Markets upgraded AuRico Gold to "sector outperformer" from "sector performer" and maintained a $6.50 (Canadian) price target.

Global Hunter downgraded Cenovus Energy to "buy" from "neutral" and cut its price target to $36 (U.S.) from $40.

Global Hunter upgraded Anadarko Petroleum to "accumulate" from "neutral" and raised its price target to $115 (U.S.) from $108.

Global Hunter downgraded Hess to "neutral" from "accumulate" with a price target of $85 (U.S.).

BMO Nesbitt Burns downgraded Tyson Foods to "market perform" from "outperform" and kept a $43 (U.S.) price target.

Barclays upgraded Choice Hotels to "equalweight" from "underweight" and raised its target to $47 (Canadian) from $44.

Pacific Crest upgraded Hewlett-Packard to "outperform" from "sector perform" with a price target of $37 (U.S.).

Nomura Securities downgraded Coca-Cola Enterprises to "reduce" from "neutral" and cut its price target to $41 (U.S.) from $44.50.

Credit Suisse upgraded Boardwalk Pipeline Partners to "outperform" from "underperform" and raised its price target to $20 (U.S.) from $15, on growing demand for pipeline reversals.

Global Hunter Securities downgraded National-Oilwell Varco to "neutral" from "buy" and cut its price target to $80 (U.S.) from $90.

Jefferies upgraded El Paso Electric to "buy" from "hold" and raised its price target to $41.50 (U.S.) from $37.50.

Sterne Agee upgraded Intuitive Surgical to "neutral" from "underperform" and raised its price target to $380 (U.S.) from $360.

For more analyst actions, breaking investing news and analysis, follow Darcy Keith on Twitter at @eyeonequities

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