Toromont Industries (TSE:TIH) had its target price cut by research analysts at BMO Capital Markets from C$72.00 to C$70.00 in a research note issued on Wednesday. The firm currently has an “average” rating on the stock. BMO Capital Markets’ target price would indicate a potential upside of 17.47% from the company’s previous close.
A number of other analysts have also recently weighed in on the company. Raymond James raised their price target on Toromont Industries from C$67.00 to C$71.00 and gave the company an “outperform” rating in a research note on Thursday, July 26th. CIBC raised their price objective on Toromont Industries from C$61.00 to C$64.00 in a report on Thursday, July 26th. Royal Bank of Canada raised their price objective on Toromont Industries from C$60.00 to C$65.00 and gave the stock a “sector perform” rating in a report on Thursday, July 26th. National Bank Financial raised their price objective on Toromont Industries from C$63.00 to C$68.00 and gave the stock an “outperform” rating in a report on Thursday, July 26th. Finally, TD Securities raised their price objective on Toromont Industries from C$67.00 to C$70.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of C$66.25.
Toromont Industries stock opened at C$59.59 on Wednesday. Toromont Industries has a 1-year low of C$46.24 and a 1-year high of C$68.11.
Toromont Industries Ltd. provides specialized capital equipment in Canada, the United States, and internationally. It operates in two segments, Equipment Group and CIMCO. The Equipment Group segment is involved in the sale, rental, and service of mobile equipment for Caterpillar and other manufacturers; sale, rental, and service of engines used in a variety of applications, including industrial, commercial, marine, on-highway trucks, and power generation; and sale of complementary and related products, parts, and services.
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