Royal Bank of Canada Increases AutoCanada Inc. (ACQ.TO) (TSE:ACQ) Price Target to C$24.00

AutoCanada Inc. (ACQ.TO) (TSE:ACQ) had its price objective hoisted by research analysts at Royal Bank of Canada from C$21.00 to C$24.00 in a report issued on Monday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 8.50% from the stock’s current price.

Several other research firms have also recently weighed in on ACQ. Cormark boosted their price target on AutoCanada Inc. (ACQ.TO) from C$20.25 to C$27.00 in a research note on Monday, October 19th. CIBC raised AutoCanada Inc. (ACQ.TO) from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from C$9.00 to C$17.00 in a research report on Monday, August 17th. Canaccord Genuity raised their price target on shares of AutoCanada Inc. (ACQ.TO) from C$18.00 to C$22.00 in a report on Wednesday, October 7th. Scotiabank lifted their price target on shares of AutoCanada Inc. (ACQ.TO) from C$13.00 to C$18.50 in a research note on Friday, July 24th. Finally, National Bank Financial downgraded shares of AutoCanada Inc. (ACQ.TO) from a “sector perform” rating to an “underperform” rating and set a C$14.00 price objective on the stock. in a research report on Monday, September 21st.

ACQ stock traded down C$0.22 on Monday, reaching C$22.12. 159,494 shares of the company traded hands, compared to its average volume of 163,402. The firm has a fifty day simple moving average of C$18.68 and a 200-day simple moving average of C$12.33. The company has a debt-to-equity ratio of 472.98, a current ratio of 0.97 and a quick ratio of 0.25. The company has a market cap of $613.46 million and a P/E ratio of -6.90. AutoCanada Inc. has a one year low of C$4.60 and a one year high of C$23.09.

AutoCanada Inc. (ACQ.TO) (TSE:ACQ) last issued its earnings results on Tuesday, August 11th. The company reported C($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of C($0.18) by C$0.06. The firm had revenue of C$727.45 million during the quarter, compared to the consensus estimate of C$597.03 million. On average, sell-side analysts forecast that AutoCanada Inc. will post 1.08 EPS for the current year.

AutoCanada Inc. (ACQ.TO) Company Profile

AutoCanada Inc, through its subsidiaries, operates franchised automobile dealerships in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, and New Brunswick, Canada; and Illinois, the United States. The company offers a range of automotive products and services, including new and used vehicles, vehicle leasing, vehicle parts, vehicle maintenance and collision repair services, extended service contracts, and vehicle protection and other after-market products.

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