-- APi (APG) is expanding through strategic acquisitions with market-tailored integration approaches, supporting the company's revenue target of $10 billion by 2028, RBC Capital Markets said in a Thursday note.
The company's recently announced acquisition of Ireland-based Wtech Fire strengthens its fire sprinkler and suppression capabilities across Europe, RBC said. Meanwhile, the acquisition of Onyx-Fire Protection Services positions the company in the Canadian fire and life safety and electronic security market, RBC said.
With APi forecasting Q2 net revenue of $2.18 billion to $2.23 billion and adjusted earnings before interest, taxes, depreciation and amortization of $300 million to $310 million, RBC said that the company's guidance is supported by a robust backlog demand, continued pricing power and the full quarterly impact of the February CertaSite acquisition.
RBC maintained the company's outperform rating with a $53 price target.
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