Element Fleet upgraded to Buy from Hold at Jefferies

Jefferies upgraded Element Fleet (ELEEF) to Buy from Hold with an unchanged price target of C$41. The firm says that while the company’s vehicles under management had remained flat through the first half of the year, fiscal Q3 “showed life.” It expects this to continue in Q4 and reaccelerate in 2026. Element shares are down over 10% since its last quarter reporting, which offers a “compelling entry point,” the analyst tells investors in a research note.