In a report released today, Graham Ryding from TD Cowen maintained a Buy rating on Element Fleet Management, with a price target of C$42.00.
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Graham Ryding’s rating is based on Element Fleet Management’s consistent performance and potential for future growth. Despite softer originations, the company showed improvement in VUM growth, which was positively received. Element has a strong history of meeting its guidance and achieving earnings growth, which instills confidence in its ability to capitalize on the self-managed fleet market opportunity.
Moreover, the company’s financial results were largely in line with expectations, with revenue and EPS meeting consensus estimates. The adjusted operating margin exceeded expectations, supported by cost discipline and leveraging Autofleet. Additionally, the free cash flow per share surpassed estimates, indicating strong financial health. These factors contribute to Ryding’s decision to maintain a Buy rating with a target price of $42.
In another report released on October 27, National Bank also maintained a Buy rating on the stock with a C$48.00 price target.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is neutral on the stock.