20:42:56 EDT Thu 02 May 2024
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Globe says AG Growth maintained at "outperform"

2024-04-11 08:02 ET - In the News

The Globe and Mail reports in its Thursday, April 11, edition that National Bank Financial analyst Maxim Sytchev reports that both technical and sentimental indicators are "uniformly bullish" heading into first quarter earnings season for his industrial products coverage universe. The Globe's David Leeder writes in the Eye On Equities column that Mr. Sytchev says Ag Growth International is on his "best ideas" list. Mr. Sytchev continues to rate Ag Growth "outperform," with an $82 share target. Analysts on average target the shares at $82.44. Mr. Sytchev says in a note: "Our space continues to attract investor dollars as government spending remains robust while projected earnings are expected to outpace those of S&P 500 by 500 basis points in 2024 and 2025 amid positive earnings revision dynamic (on an annual basis). ... While many names in our universe are no doubt nominally more 'expensive' than before, the multiple expansion is at least partially justified with both nominal expected earnings growth and continued upward earnings revision." The Globe reported on Oct. 11, 2023, that Mr. Sytchev had reaffirmed his "outperform" recommendation for Ag Growth. The shares could then be had for $53.32.

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