BMO Capital downgraded Canadian Tire (CDNAF) to Market Perform from Outperform with a price target of C$175, down from C$191. The firm now feels more cautious towards the opex outlook at CTC going forward, which has lowered the firm’s estimates, and feels the stock will likely trade rangebound until there is better visibility on the progression of True North spend and subsequent benefits, or this trajectory unfolds better than assumed.
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Read More on CDNAF:
- Canadian Tire price target raised to C$201 from C$181 at TD Securities
- Canadian Tire price target raised to C$204 from C$173 at National Bank
- Canadian Tire price target raised to C$191 from C$175 at BMO Capital
- Positive Outlook for Canadian Tire: Buy Rating Backed by SSS Growth and Share Repurchases