Price: $147.20, Change: $+4.20, Percent Change: +2.94%
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Mining & Metals
CIBC Raises Calian Group's Price Target to C$90.00 From C$76.00
CIBC Capital Markets retained its outperformer rating on the shares of Calian Group (CGY.TO) and raised its price target to C$90.00 from C$76.00 after the company reported its fiscal second-quarter results."Calian was up ~20% today following an FQ2 beat, with revenue 6% above the Street and adj. EBITDA 26% above," said CIBC in the May 14 note.CIBC raised its full-year estimates to reflect the increased 2026 guidance, though it expects a portion of the FQ2 strength was pulled forward from H2.CIBC now expects 13% F2026 revenue growth (vs. 10% prior) and 19% adj. EBITDA growth (16% prior).With FQ2 bookings up 29% Y/Y and organic growth accelerating to 12% from 6% in FQ1, CIBC continues to see Calian as "well positioned" to benefit from defense-spending tailwinds.Canada's focus on defense spending continued to be a tailwind in the quarter, with the government focused on hitting its 2% of GDP target before its March 31 fiscal year end, noted CIBC."Additionally, Calian is seeing good growth in Europe and is investing further for growth," noted CIBC. "Calian is focused on leveraging long-term customer relationships and bidding on larger opportunities as a prime vendor to drive growth."CIBC expects the FQ2 beat was helped by better-than-expected growth in IT & Cyber in what is a "seasonally strong quarter", as well as defence spending ahead of the government's fiscal year end. CIBC expects some pull forward from H2 contributed to the beat, but view the raised full-year guide as a net positive.CIBC is forecasting slower adj. EBITDA growth in H2 vs. a strong H1 as Calian ramps up investments in Europe to continue to capitalize on defence spending tailwinds in the region.CIBC noted, Calian's capital allocation priority remains M&A, with a robust pipeline and multiple discussions underway. It expects Calian to focus on adding capabilities and expanding in Europe.Calian paid out dividends equal to 17% of its operating FCF in H1, below its 20%-25% target, and management noted it will review its dividend level, said CIBC and added that the company will also now execute on share repurchases opportunistically after pausing share repurchases in FQ2."We see Calian as attractively valued at 9x FY2 EBITDA vs. Aerospace & Defence peers at 13x," added CIBC. "We retain our Outperformer rating and raise our price target to $90 (prior $76) as we increase our target multiple on the Defence & Space business to 12x (prior 10x)."Price: $79.84, Change: $-2.40, Percent Change: -2.92%
$CGY.TO
Mining & Metals
Stifel Canada Raises Bird Construction Price Target to $64.00 on New Opportunities
Stifel Canada hiked its price target on the shares of Bird Construction (BDT.TO) by $9.00 to $64.00 and maintained its buy rating.Analyst Ian Gillies says Bird's 2027 is shaping up to be better than expected given the recent data center announcement with BCE (BCE.TO) and further developments for the Ring of Fire in northern Ontario.Gillies is now forecasting 20% organic growth in 2027E. Gillies also believes the company may exceed its2027E EBITDA margin target of 8.0%.The results of these changes is 2027 EBITDA estimate of 9.7% and EPS estimate rising to 20.4%.Price: $58.09, Change: $+7.00, Percent Change: +13.70%
$BDT.TO
Mining & Metals
Diagnamed Closed the Acquisition of the Colchester East Natural Hydrogen Project in Nova Scotia
Diagnamed (DMED.CN) on Friday said it closed its acquisition of the Colchester East Natural Hydrogen Project, consisting of 30 licenses totaling 2,104 claims located within the Cumberland Basin in Nova Scotia.The company acquired the property by paying $10,000 in cash, and issuing 10-million shares with a deemed price of $0.06..The two arm's length vendors of the property each received 5-million shares. The vendors were also granted a 2.0% gross revenue royalty on hydrogen, helium or any other mineral product sold from the property.The company may buy, at its sole option, 50% of the royalty at any time for $2 million, it added.Shares of the company were last seen down $0.005 at $0.065 on the Canadian Securities Exchange.Price: $0.07, Change: $-0.01, Percent Change: -7.14%
$DMED.CN