Morgan Stanley on Tuesday lowered the price target for propylene and polypropylene products company Advanced Petrochemical Co. (SASE:2330) to 23.50 Saudi riyals from 27.50 riyals and reiterated its underweight rating.
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Wells Fargo Downgrades Nurix Therapeutics to Equal Weight From Overweight, Adjusts Price Target to $25 From $28
National Bank Financial on Monday reiterated its outperform rating on the shares of TerraVest Industries (TVK.TO) and its C$170.00 price target following a report Quebec securities regulators are alleging its executive chair gave insider information to his family and acquaintances ahead of a major acquisition."The morning of June 5, an article concerning the details of an investigation into Chairman Charles Pellerin for the transfer of privileged information on TVK, were revealed. As of the time of this publication, there have yet to be any charges announced by the AMF. Our $170 target is based on 12.5x 2027e EV/EBITDA, inclusive of a 2x M&A premium, without which our target would fall to $135, still representing a ~25% return to target. We are not changing our outlook on M&A or valuation method at this time as we believe in a likely outcome where TVK's growth strategy remains business as usual. In the unlikely scenario where M&A is halted, we continue to flag organic growth catalysts over the horizon in the freight inflection and the capture of excess data centre demand that provide upside to the shares even in an organic-growth-only situation, and thus maintain our Outperform rating," analyst Nathan Po 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: $114.57, Change: $+6.17, Percent Change: +5.69%
BNP Paribas Initiates Blackstone Digital Infrastructure Trust With Outperform Rating, $26 Price Target