Inside the Market\u2019s roundup of some of today\u2019s key analyst actions<\/p>\n
Automotive Properties Real Estate Investment Trust (APR-UN-T<\/a>)\u2019s recent uptick in acquisition activity and its first-ever distribution bump \u201care a breath of fresh air for a stock that has taken an unfair hit from tariff concerns,\u201d said Desjardins analyst Lorne Kalmar as he reiterated a \u201cbuy\u201d rating after quarterly earnings.<\/p>\n Mr. Kalmar, who raised his price target to C$13 from C$12, said second quarter results were largely in line with expectations, and he found further reasons to be bullish thanks to future plans. <\/p>\n \u201cWe are also encouraged by management\u2019s bullish acquisition outlook, in part due to the expanded opportunity set. Our forecast calls for about a 7% average annual FFOPU growth (a version of cash flow) through 2027, although there could be upside if acquisitions exceed our expectations,\u201d he said.<\/p>\n APR announced its first distribution bump of 2.2%, effective August 2025, reflecting the board\u2019s confidence in the business outlook. \u201cWhile we had not modelled an increase previously, we expect it to become an annual occurrence (we model +2.2% in 2026\/27),\u201d said the analyst.<\/p>\n Meanwhile, Allied management said it has yet to see tariffs have any direct impact on its tenants. While the composition of new models sold could change, vehicle sales are expected to remain largely unaffected. Combined with strong used car sales, service revenue and dealer performance during previous down cycles, we have no concerns about tenants\u2019 ability to pay rents,\u201c Mr. Kalmar said.<\/p>\n ***<\/p>\n Desjardins Securities analyst Gary Ho bumped up his price target on Chemtrade Logistics Income Fund (CHE-UN-T<\/a>) following a second quarter earnings beat, a raise in guidance for EBITDA and a new water treatment acquisition. <\/p>\n \u201cWe are hopeful that continued execution and a balanced capital allocation strategy, including aggressively buying back stock, should drive a valuation re-rate,\u201d Mr. Ho told clients. <\/p>\n He raised his estimates and introduced his forecasts for 2027. That resulted in his price target going to C$16 from C15.50. He reiterated a \u201cbuy\u201d rating. <\/p>\n \u201cOur positive view is based on: (1) multiple chemicals in CHE\u2019s portfolio having relatively recession-resistant attributes; (2) tremendous ultra-pure, water and hydrogen opportunities; and (3) consistent execution and a repaired balance sheet should restore investor confidence and warrant a valuation re-rate,\u201d he said.<\/p>\n Elsewhere, Raymond James raised its target to C$16 from C$15.<\/p>\n ***<\/p>\n Raymond James analyst Daryl Swetlishoff lowered his price target on Conifex Timber Inc. (CFF-T<\/a>) to 75 cents from 85 cents as maintenance downtime weighs on results for the forestry products firm. <\/p>\n Conifex reported second quarter earnings on Thursday after market close, posting negative EBITDA of $3.2 million vs. consensus of negative $3.6 million. <\/p>\n Mr. Swetlishoff believes that Conifex could emerge as a key beneficiary of Canada\u2019s $1.25 billion support package for the forestry industry, with earmarked loan guarantees \u201cpotentially meaningful relative to the current market cap.\u201d <\/p>\n \u201cThat said, there is risk for package benefits to be offset by \u201csuper duties\u201d (i.e., higher than expected Sec 232 tariffs,” the analyst cautioned. <\/p>\n Meanwhile, he notes current trading levels remain well below his risk-adjusted net asset value estimate \u2014 with the market assigning negative value to Conifex\u2019s lumber platform \u2014 and sit dramatically below tangible book value. <\/p>\n \u201cWe contend that Conifex maintains several positive attributes, including: 1) a high degree of timber self-sufficiency, 2) improved lumber sales realizations following the transition to high-value green timber harvesting, and 3) the cash flow diversification provided by its Bioenergy operations, balanced by 4) temporary single shift ops at the Mackenzie sawmill,\u201d he said.<\/p>\n Mr. Swetlishoff is maintaining a \u201cmarket perform\u201d rating \u201cwhile we assess how equilibrium lumber pricing settles out post-duty imposition.\u201d<\/p>\n **<\/p>\n At least two analysts cut their price targets on Bird Construction Inc (BDT-T<\/a>) following a second quarter earnings miss and a cautious 2025 outlook. <\/p>\n CIBC trimmed its target price to C$33 from C$35 while TD Cowen went to C$31 from C$34.<\/p>\n TD analyst Michael Tupholme maintained a \u201cbuy\u201d rating, commenting that he remains constructive on Bird\u2019s long-term outlook. He believes the stock\u2019s current trading level offers good value. <\/p>\n Bird\u2019s second quarter adjusted EBITDA was $54.9 million, about 4% below consensus, as lower-than-expected revenue was partially offset by better-than-expected margins. Factors behind softer first half 2025 revenue are seen persisting into the second half of this year, with margins also expected to be under pressure. <\/p>\n **<\/p>\n BMO analyst Fadi Chamoun downgraded CSX Corp. (CSX-Q<\/a>) to \u201cmarket perform\u201d from \u201coutperform\u201d after the stock\u2019s recent rally ignited by speculation of merger interest in the rail industry.<\/p>\n His price target remains at US$38.<\/p>\n Last month, reports circulated that Goldman Sachs was advising CSX on its merger options. CSX has not commented. <\/p>\n \u201cWith rail mergers becoming a major factor influencing short- to medium-term implications for stocks in the sector, we have considered a wide range of potential consolidation scenarios and their implications for investment cases,\u201d the BMO analyst said. \u201cWhile the instinct might be to favour the target in an M&A deal, we believe there is significant uncertainty surrounding key details of any potential deal involving CSX.\u201d<\/p>\n \u201cAfter a 20% appreciation in the stock since speculation about potential deal started, we now view the risk\/reward profile as more balanced,\u201d he said. <\/p>\n **<\/p>\n Beacon analyst Russell Stanley initiated coverage on McCoy Global Inc. (MCB-T<\/a>) with a \u201cbuy\u201d rating and C$5.50 price target. <\/p>\n McCoy Global develops and sells equipment used for tubular running services in the oil and gas industry. <\/p>\n \u201cWhile McCoy has a long history providing traditional TRS equipment, the company has developed a next generation product suite (smartProducts) that incorporates advanced sensors and software, enabling greater automation and reducing onsite labour requirements. These tools support significant improvements in operating efficiency\/consistency, safety performance and data capture,\u201d Mr. Stanley said in his initiation note.<\/p>\n **<\/p>\n In other analyst actions:<\/p>\n TD Cowen cut its target target on Berkshire Hathaway, going to US$718,000.00 from US$727,000.00 on class A shares (BRK-A-N<\/a>) and to US$479 from US$485 on class B shares (BRK-B-N<\/a>).<\/p>\n Cenovus Energy Inc (CVE-T<\/a>): Jefferies raises target price to C$25 from C$24 <\/p>\n NGEX Minerals Ltd (NGEX-T<\/a>): CIBC raises target price to C$23 from C$19 <\/p>\n Suncor Energy Inc (SU-T<\/a>): Jefferies raises target price to C$57 from C$53 <\/p>\n