RBC Capital initiated coverage of Element Fleet (ELEEF) with an Outperform rating and C$43 price target The company operates in an attractive industry characterized by high barriers to entry with elevated switching costs, rational pricing driven by a favorable competitive landscape, long-term contracts with low client turnover, and an attractive total addressable market highlighted by an opportunity to gain market share from self-managed fleets, the analyst tells investors in a research note. Element benefits disproportionately from these positive characteristics given its market-leading positioning, RBC added.
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