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Toromont Industries Upgraded to Outperform at Raymond James

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Toromont Industries (TIH.TO) was upgraded to Outperform from Market Perform at Raymond James on Thursday.

Analyst Steve Hansen raised his price target on shares of the Canadian heavy equipment dealer to $235 from $190 following its business update.

Hansen said it "reinforced our conviction in the durability of the firm's Power Systems (including AVL) growth outlook."

"Specifically, management announced that its Power Systems division has accumulated ~$1.0 billion in firm orders, with deliveries expected substantially throughout 2027," the analyst said in a note to clients.

''We believe this update further validates the durability of AVL's data centre-driven growth opportunity and augments TIH's long-term earnings visibility," Hansen said.

(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)

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