Analyst Frederic Bastien of Raymond James maintained a Buy rating on Bird Construction, reducing the price target to C$34.00.
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Frederic Bastien has given his Buy rating due to a combination of factors that highlight Bird Construction’s strong position despite current economic challenges. The company has demonstrated resilience with its solid third-quarter results, which exceeded consensus expectations, showcasing its ability to navigate through economic uncertainties. A significant factor contributing to this positive outlook is Bird Construction’s record backlog of $5.1 billion, which provides a clear path for long-term revenue growth.
Despite some headwinds, such as project delays and a potential impairment from a distressed client, Bastien remains optimistic about Bird Construction’s future. The company’s strong balance sheet, leading self-perform capabilities, and involvement in nation-building projects in Canada are seen as key drivers for future growth. Additionally, the strategic plan for 2025-2027 offers solid visibility, supporting the Buy rating even as the target price is adjusted to reflect near-term challenges.
In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a C$41.00 price target.