The Globe and Mail reports in its Thursday edition that Raymond James analyst Andrew
Bradford hiked his share target for
Enerflex to $22 from $21.50. The Globe's David Leeder writes in the Eye On Equities column that Mr. Bradford says in a note: "We believe that Enerflex's acquisition of Mesa Compression LLC represents attractive value for investors, especially given the stability of its cash flow. Mesa's market focus is different than EFX's traditional mid-stream orientation, which makes it difficult for us to comment on the acquisition's strategic value with any confidence. That said, our expectation is that EFX will have little trouble growing Mesa's core business, and perhaps will broaden the service offering to larger-scale mid-stream contract compression services as well." Mr. Bradford continues to rate the shares "outperform." Analysts on average target the shares at $24.39. CIBC World Markets' Jon Morrison raised his share target by 50 cents to $25 with an "outperformer" rating. Mr. Morrison says, "We view the Mesa acquisition as a solid transaction that is on point with Enerflex's long-term corporate strategy and is being completed at what we consider as an attractive and logical purchase price."
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