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Altus Group Ltd
Symbol AIF
Shares Issued 45,867,817
Close 2024-01-26 C$ 45.15
Market Cap C$ 2,070,931,938
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Globe says Tse keeps Altus Group at "sector perform"

2024-01-26 07:33 ET - In the News

The Globe and Mail reports in its Friday, Jan. 26, edition that National Bank Financial analyst Richard Tse has reaffirmed his "sector perform" recommendation and $50 share target for Altus Group. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $52.06. Mr. Tse says in a note: "We're expecting in-line FQ4 results from Altus, albeit with continued headwinds in bookings care of ongoing macro uncertainty (pronounced in CRE industry). Per Altus's Q4 2023 CRE Industry Conditions and Sentiment Survey, firms with more than $5-billion in assets plan to be net sellers in both the U.S. (down 18 per cent) and Canada (down 9 per cent). We believe this has the potential to limit cross-/up-selling opportunities. We believe the above coupled with a deceleration in AA [Altus Analytics] revenue growth in FQ3 (up 9 per cent year-over-year vs approximately 20 per cent in H1 '23) adds risk to the $400-million AA revenue target this year. For reference, Altus would have to grow AA revenue by 15 per cent year-over-year in FQ4 to achieve that target." The Globe reported on Nov. 10 that Mr. Tse continued to rate Altus Group "sector perform." The shares could then be had for $38.25.

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