Ahead of the May 9 release of its first-quarter results, National Bank Financial analyst Adam Shine reduced his projections for), deciding his forecast had “elevated too bullishly above consensus and required pruning, especially amid aggressive competitive dynamics across the sector.”
Mr. Shine did emphasize Quebecor’s plans for its discount wireless brand Fizz continue to “evolve” with beta testing having concluded, noting his revenue estimate for its Mobile Service division is projected to jump by over 107 per cent year-over-year. “Crude prices have surprised to the upside despite some initial concerns on the demand side of the equation rolling into 2024,” he said. “Year-to-date, spot WTI prices have increased 20 per cent to over US$85 per barrel. In our view, the market sits in tight balance, albeit artificial to some extent considering the 5.9 mmbbl/d of OPEC+ cuts that could be returned to market.
With the price forecast adjustments, Mr. Mueller raised his 2024 and 2025 cash flow yield projections by 9 per cent and 12 per cent, respectively. His net asset value estimates were also adjustments.) to “hold” from “buy” with a $27 target, up from $25 but 63 cents below the consensus on the Street. In a research report released Wednesday, Mr. Baretto updated his targets for the majority of the stocks in his coverage universe to reflect his current outlook.
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