Analysts at Desjardins and Raymond James adjusted their price targets on Aecon Group (ARE.TO) to C$55 from C$52, and to C$52 from C$54, respectively, on Friday.
On Thursday, Aecon announced its acquisition of Oaktree's convertible preferred equity investment in Aecon Utilities.
Desjardins analyst Benoit Poirier maintained a Hold rating on shares of the Canadian construction and infrastructure development company.
"We support the transaction as Aecon now regains strategic and operational control of the full upside potential of the utilities business," Poirier said in a note to clients.
Raymond James analyst Frederic Bastien maintained a Market Perform rating on the stock.
"While the implied $1.5 billion enterprise value for the utilities business was broadly in line with our valuation, the agreed cash consideration for Oaktree's stake exceeded our expectations, prompting us to lower our target price," the analyst said.
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Price: $44.71, Change: $+0.95, Percent Change: +2.17%