Goldman Sachs upgraded Boyd Group Services (BYDGF) to Neutral from Sell with a C$231 price target after assuming coverage of the name. The company’s same-store sales trends are unlikely to improve materially in the near term, but are also unlikely to soften significantly, the analyst tells investors in a research note. Goldman does not expect a material multiple re-rating for the shares to occur until there is a clear line of sight for Boyd to return to a mid-single-digit growth rate.
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