Adentra initiated with a Strong Buy at Raymond James

Raymond James last night initiated coverage of Adentra (HDIUF) with a Strong Buy rating and C$60 price target representing a 60% total return from the December 17 closing price. Adentra is well positioned to deliver “outsized growth” given its market position, financial liquidity and acquisition pipeline, and strong U.S. macro tailwinds, the analyst tells investors in a research note. The firm says that after closing on 16 acquisitions since 2011, Adentra’s management has transformed the company from a hardwoods building materials distributor to a specialty provider of architectural products with improved value-added capabilities.