-- CIBC Capital Markets maintained its neutral rating on the shares of Toromont Industries (TIH.TO) while raising its its price target to C$215 from C$200 after the company reported its first quarter financial results on Tuesday.
The company delivered a strong Q1, supported by growth at AVL as capacity continues to ramp, said CIBC. Construction activity also showed early signs of improvement, with momentum building toward quarter-end despite seasonal and macro headwinds, the bank noted.
"While we acknowledge the optimistic operating backdrop, we believe the valuation largely reflects these drivers and embedded growth assumptions, with the focus now shifting to long-term execution," said analyst Krista Friesen. "We have tweaked our estimates, having actualized Q1/26 earnings and to reflect management's commentary."
CIBC now expects 2026 earnings per share to be $7.08 from an earlier expectation of $6.96 and its 2027 EPS to be $8.09 from $7.88, expected earlier.
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Price: $212.02, Change: $+1.13, Percent Change: +0.54%