Canaccord upgrades North American Construction on ‘deep value potential’

As previously reported, Canaccord upgraded North American Construction (NOA) to Buy from Hold with an unchanged price target of C$20. The firm cites valuation for the upgrade following the stock’s 27% drop post earnings. The analyst sees “deep value potential” in the stock. While there is still some risk associated with the Fargo infrastructure project, it is manageable, the analyst tells investors in a research note. Canaccord says that despite North American Construction’s Q4 miss, its 2026 and 2027 EBITDA forecasts are largely unchanged. The selloff “creates an opportunity for highly risk tolerant, patient investors to buy on the cheap,” contends the firm.