Canaccord Genuity cut its price target to C$89 from C$90; CIBC cut its target to C$84 from C$88; Desjardins raised its target to C$85 from C$82; National Bank of Canada cut its target to C$87 from C$89; TD Securities raised its target to C$88 from C$86; and Scotia cut its target to C$85 from C$87. The quarterly results were a mixed bag that was aided by strong fuel margins but hindered by declines in same-store sales.
“Merchandise same-store sales growth decelerated in all geographies – with the U.S. posting flat comps and Europe and (especially) Canada showing a more pronounced slowdown. While tobacco continues to be a culprit, we have also seen softness in the consumer. Net/net we have reduced our merchandise comps and raised our fuel margin assumptions; estimates and target are down modestly,” said Scotia analyst George Doumet.. His advice to investors: “We would take advantage of any pullback to add to the shares as longer-term tailwinds should position the company to grow ad
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