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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2020-11-03 C$ 19.21
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Globe says SNC reviewing all outstanding legal issues

2020-11-03 07:44 ET - In the News

The Globe and Mail reports in its Tuesday, Nov. 3, edition that SNC-Lavalin Group swung to an unexpected loss in its latest quarter, stung by a series of fixed-price contracts that it is trying to close. The Globe's Darcy Keith writes in the Eye On Equities column that an arbitration ruling that went against SNC-Lavalin on a decade-old unnamed resources project cost it $57.9-million, contributing to a loss of $85.1-million or 48 cents a share for the third quarter. SNC said it is now doing a review of all outstanding legal issues on its legacy projects to get a better handle on the remaining risk. BMO cut its target price on SNC to $24 from $26. ATB Capital Markets trimmed its share target to $41 from $42. CIBC cut its share target to $30 from $35. Desjardins Securities shaved its target to $34 from $36. RBC lowered its share target to $32 from $33. Finally, Scotiabank cut its target by a loonie to $38. Canaccord Genuity analyst Yuri Lynk reiterated a "buy" rating and $40 share target. He says, "Despite the disappointing quarter, we continue to see a compelling value opportunity. ... We believe SNC has ample financial flexibility to see [its] transition to a pure-play services firm through to the end."

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