Analyst Michael Van Aelst from TD Cowen maintained a Buy rating on George Weston and increased the price target to C$108.00 from C$105.00.
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Michael Van Aelst has given his Buy rating due to a combination of factors, including the anticipated upside in both Loblaw and Choice Properties, which positively impacts George Weston’s valuation. The firm is expected to return significant capital to shareholders, and Van Aelst sees a potential contraction in the holding company discount, making Weston shares more attractive compared to Loblaw.
The price target for George Weston has been increased to C$108.00, reflecting the recent upward revisions in the price targets for Loblaw and Choice Properties. Despite flat corporate free cash flow projections, the company is expected to maintain its dividend and share repurchase activities, supported by proceeds from Loblaw’s NCIB. These factors contribute to a favorable outlook for George Weston, justifying the Buy rating.
In another report released on November 3, RBC Capital also maintained a Buy rating on the stock with a C$108.00 price target.
Based on the recent corporate insider activity of 112 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WN in relation to earlier this year.