AutoCanada (TSE:ACQ) Sets New 52-Week High on Analyst Upgrade

AutoCanada Inc. (TSE:ACQ)’s stock price hit a new 52-week high during trading on Tuesday after CIBC upgraded the stock from a neutral rating to an outperform rating. CIBC now has a C$38.00 price target on the stock, up from their previous price target of C$32.50. AutoCanada traded as high as C$32.81 and last traded at C$32.66, with a volume of 36323 shares trading hands. The stock had previously closed at C$31.85.

Several other research firms have also recently issued reports on ACQ. Canaccord Genuity Group raised their price target on AutoCanada from C$24.00 to C$28.00 and gave the company a “buy” rating in a report on Monday, July 14th. Cibc World Mkts upgraded shares of AutoCanada from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 15th. Acumen Capital lifted their price target on shares of AutoCanada from C$30.50 to C$39.00 and gave the stock a “speculative buy” rating in a research report on Thursday, August 14th. National Bankshares increased their price objective on shares of AutoCanada from C$28.00 to C$36.00 and gave the company an “outperform” rating in a report on Thursday, August 14th. Finally, ATB Capital raised their price objective on shares of AutoCanada from C$25.00 to C$32.00 and gave the company a “sector perform” rating in a research note on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of C$33.71.

AutoCanada Price Performance

The company has a market capitalization of C$768.20 million, a P/E ratio of -15.23, a price-to-earnings-growth ratio of 0.30 and a beta of 2.54. The company has a fifty day moving average price of C$26.09 and a 200 day moving average price of C$20.76. The company has a debt-to-equity ratio of 451.54, a current ratio of 1.03 and a quick ratio of 0.25.

About AutoCanada

AutoCanada Inc operates car dealerships in Canada. The company offers new and used vehicles, spare parts, maintenance services, and customer financing. AutoCanada retails brands such as Chrysler, Dodge, Jeep, Ram, Cadillac, Chevrolet, Buick, GMC, Audi, Volkswagen, BMW, Mini, Infiniti, Nissan, Hyundai, Kia, Fiat, Mitsubishi, and Subaru.