FINWIRES · TerminalLIVE
FINWIRES

Boyd Group Services Price Target Lowered at CIBC, TD

By

Analysts at CIBC Capital Markets and TD Securities lowered their price targets on Boyd Group Services Inc. (BYD.TO) to $205 from $275, and to $190 from $270, respectively.

The Winnipeg, Manitoba-based collision repair centre operator reported quarterly results on Wednesday,

The stock declined $18.32, or 12%, to $134.54 on the Toronto Stock Exchange.

CIBC Analyst Krista Friesen maintained an Outperform rating on BYD.

"While absolute earnings from BYD were solid, the miss on SSSG relative to expectations resulted in the stock stepping down nearly 12%," Friesen said in a note to clients.

"With two consecutive quarters of SSSG coming in below expectations, we believe the market is calling into question near-term and medium-term visibility on the name," the analyst said.

TD analyst Derek J. Lessard maintained a Buy rating on the stock.

"We struggle to reconcile investor reactions: the stock is being punished for modest SSSG - impacted by well-telegraphed winter storms - while overlooking ~200bps of y/y margin expansion from solid execution," Lessard said in a note to clients.

"While we've trimmed our multiple to reflect sentiment, we remain confident BYD can deliver near double-digit EBITDA growth over our forecast horizon."

Related Articles

Research

Keyera Maintained at Buy at TPH Following Q1 Results; Price Target at C$62.00

Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Keyera (KEY.TO) with a C$62.00 price target after the oil and gas processing and infrastructure company reported first-quarter results."Q1'26 results came in below Street and TPH expectations on a standalone basis, with Adj. EBITDA of C$203MM compared to TPHe of C$222MM and consensus of C$216MM. Excluding acquisition related costs, the results would've been a slight beat at C$232MM. Segment realized margins were mixed versus our estimates, with G&P of C$118MM (TPHe C$119MM), Liquids Infrastructure of C$141MM (TPHe C$139MM), and Marketing of C$13MM (TPHe C$10MM). Net processing throughput across KEY's G&P systems came in at 1,545 MMcf/d versus TPHe of 1,632 MMcf/d, with the shortfall partly attributable to our model assumptions around the recently acquired Simonette East plants. Notably, G&P delivered a record quarter on realized margin, driven by record throughput at Wapiti and incremental Simonette East contributions. The Marketing segment was heavily impacted by the AEF outage, which has been offline since early January, along with C$163MM in unrealized hedging losses tied to butane inventory as Middle East supply disruptions pushed energy prices higher in March," analyst AJ O'Donnell wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $53.35, Change: $+0.33, Percent Change: +0.62%

$KEY.TO
Research

Research Alert: Klar Beats Q1 Expectations On Revenue Acceleration

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:KLAR delivered strong Q1 results with revenue of $1.01B (+44% Y/Y) vs. $944M expected, while reporting an LPS of $0.01 vs. the prior year's LPS of $0.26, beating by $0.16. Transaction Margin Dollars reached $389M (+44%), matching revenue growth and demonstrating consistent unit economics as Fair Financing adoption accelerated (+138% GMV growth). The network expansion to 119M active consumers (+21%) and 1.075M merchants (+49%) supports the investment thesis, while major PSP partnerships with Stripe, Nexi, Worldpay, and JPMorgan provide access to over $9T in payment volumes. Management expects provisions to rise modestly in Q2-Q4 2026 due to seasonality but emphasized stable underlying credit trends. We believe the deposit-funded model with 90% funding from $12.3B in consumer deposits provides structural advantages, while operating leverage accelerated with 630 bps margin expansion to 6.7% as AI-enabled productivity gains drove expenses up only 20% vs. 44% revenue growth.

$KLAR
Research

Research Alert: Versant Media Revenue Drops On Lower Ad Sales

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Versant Media Group reported first quarter results with revenues of $1.69B, down 1.1% Y/Y, and diluted EPS of $1.99 versus $2.55 in the prior year. The decline reflected continued challenges in linear operations, with distribution revenues falling 7.3% and ad revenues down 5.2%, partially offset by strong Platforms growth of 9.5%. When adjusted for estimated standalone operating costs, Adjusted EBITDA grew 4.8%, showing operational improvement despite headwinds. Management committed to shareholder returns with $100M in share buybacks and plans an additional $100M accelerated repurchase program. The company is launching several D2C products in 2026, including CNBC and MS NOW subscription services, targeting revenue diversification from 19% non-pay TV revenue in 2025 to 33% within three-to-five years. Tracking progress on this revenue mix shift and platform business performance against management's high single-digit organic growth targets will be key focus areas going forward.

$VSNT