CIBC Capital Markets maintained its outperformer rating om the shares of Bird Construction (BDT.TO) while raising its price target to C$61.00 from C$52.00 while maintaining its outperformer rating after the company last week released first-quarter results and won a key data-center contract
The higher price target reflects an increase in CIBC's multiple to 9.0x from 8.5x as well as an increase in its estimates to the midpoint of its 2027 guidance range.
Bird has been selected as lead construction partner for Bell's 300-megawatt AI data center in Sherwood, Saskatchewan, which is expected to go online in phases starting in the first half of 2027.
Bird will also act as Bell's preferred construction partner for a broader and multi-year data center buildout in Canada linked to Bell's "fabric strategy".
"From a capabilities standpoint, this award aligns with BDT's strategy of expanding its self-platform offering across mission-critical infrastructure," CIBC said.
"Management continues to highlight its integrated electrical, mechanical, civil and systems capabilities as a differentiator, particularly on large-scale data center builds where execution certainty and schedule are key considerations," CIBC added.
Price: $58.66, Change: $+0.31, Percent Change: +0.53%