The Globe and Mail reports in its Thursday, Feb. 20, edition that on Tuesday Atkinsrealis Group announced an agreement to purchase a 70-per-cent interest in David Evans Enterprises, a Portland, Ore.-based engineering and staff augmentation services firm. The Globe's David Leeder writes in the Eye On Equities column that the news prompted Stifel analyst Ian Gillies to boost his share target to $102 from $98, while maintaining his "buy" recommendation. Analysts on average target the shares at $88.54. Mr. Gillies says in a note: "We are positively inclined by the acquisition because the company has purchased a high-quality medium-sized firm that will augment its service offering positively, while supporting the company's EBITDA margin goals. Moreover, this business is well functioning, which will increase the likelihood of success as it pertains to integration which we view favourably. In our view, management has done what they said they would." The Globe reported Jan. 24 that Canaccord rated Atkinsrealis Group "buy." It was then worth $81.26. The Globe reported on Feb. 4 that Mr. Gillies started coverage on Atkinsrealis Group with a "buy" recommendation and $98 share target. The shares could then be had for $74.36.
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