On Friday, BMO Capital Markets updated its outlook on Toromont Industries (TIH:CN) (OTC: TMTNF), increasing the price target to Cdn$143.00, up from the previous Cdn$136.00. The firm maintained an Outperform rating for the company's stock.
The adjustment came after BMO Capital hosted meetings earlier this week with Toromont's top executives, President & CEO Michael McMillan and CFO John Doolittle, where they engaged with investors. During these discussions, insights into the company's current challenges and future prospects were shared.
Despite acknowledging some headwinds faced by Toromont Industries this year, BMO Capital expressed a positive stance on the company's outlook for 2025. The firm anticipates this outlook will underpin a resurgence in earnings per share (EPS) growth over the upcoming quarters.
BMO Capital's maintained Outperform rating reflects their confidence in Toromont's ability to navigate through present challenges. The firm's commentary highlighted expectations of the company's strong performance in the medium term, which is anticipated to drive the forecasted EPS growth.
The new price target of Cdn$143.00 represents BMO Capital's updated valuation of Toromont Industries based on the firm's analysis and the information presented by the company's management during the recent investor meetings.
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