EYE ON EQ UITIES

CANADIAN NATIONAL (CNR-TS X) CLOSE $146.01, DOWN $4.31

TD Securities’ Cherilyn Radbourne thinks the financial targets laid out in Canadian National Railway Co.’s strategic plan “will put a floor under the stock to some degree, and increase investors’ assessment of the company’s multiyear earnings potential.” Seeing its operating leverage “poised to improve,” she upgraded its stock to “buy” from “hold.” Target: Ms. Radbourne raised her target to $175 from $165. The consensus target on the Street is $153.

IMPERIAL OIL (IMO-TS X) CLOSE $34.01, DOWN 58¢

Citi analyst Prashant Rao raised his financial expectations for Imperial Oil Ltd. in response to an expectation for tighter than previously anticipated Canadian crude differentials over the next 12 to 18 months, reduced longerterm global refining expectations and higher implied weighted average cost of capital.

Target: Keeping a “neutral” recommendation, he cut his target for its shares to $38 from $44. Consensus is $41.47.

RITC H IE BROS. (RBA-NYSE) CLOSE US$61.41, DOWN 16¢

RBC Dominion Securities analyst Sabahat Khan thinks Ritchie Bros. Auctioneers Inc. is “positioning itself for growth across multiple channels.” He initiated coverage with a “sector perform” recommendation, adding it has “undergone a significant transition over the last decade as it has increasingly evolved from an auctioneer of heavy equipment to a technology-led marketplace.” Target: Mr. Khan set a target of US$65 a share. Consensus is US$62.67.

NFI GROUP (NFI-TS X) CLOSE $22.81, DOWN $7.05

ATB Capital Markets’ Chris Murray sees NFI Group Inc.’s supplychain issues as “a significant, albeit manageable, near-term headwind.” However, he admitted he was “surprised” by the reduction to its full-year 2021 financial guidance. “Longer term we see the company having a dominant position in electric vehicles in its class for several years,” he noted.

Target: Keeping an “outperform” rating, he lowered his target to $34 from $38. Consensus is $32.31.

AGF MANAGEMENT (AGF.B-TS X) CLOSE $7.42, DOWN 33¢

Ahead of the release of its thirdquarter results, Desjardins Securities analyst Gary Ho reaffirmed AGF Management Ltd. as his “top asset manager pick.” “Continued retail sales momentum, the DSC ban tailwind benefiting EPS and FCF, and management’s pivot to growth through expanding its private alts platform should further rerate the stock higher, in our view,” he said.

Target: Maintaining a “buy” rating, his target increased to $10.50 from $9.75. Consensus is $8.96.