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RBC Lifts Enerflex's Price Target to US$31 from US$26

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-- RBC Capital Markets on Friday raised Enerflex's (EFX.TO) price target to US$31 from $26 with an outperform rating.

Enerflex's adjusted EBITDA of $137 million increased 21% year over year in the first quarter, 7% above the Street forecast.

The company's free cash flow of $16 million was below RBC's forecast of $53 million estimate on increased working capital.

Oman and Bahrain accounted for 8% of Enerflex's revenue in the first quarter, and operations continue without interruption to-date.

"We remain bullish on EFX shares given exposure to positive macro trends, expanding ROCE/financial metrics, and self-help potential," RBC said.

Enerflex traded at $28.45 per share at last look Friday on New York Stock Exchange.

Price: $39.12, Change: $+0.38, Percent Change: +0.98%

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