In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Bird Construction (TSX: BDT). Analyst Yuri Lynk from Canaccord Genuity remains bullish on the stock and has a C$11 price target.
Lynk noted:
“We are reiterating our BUY rating and C$11.00 one-year target price following weaker-than-expected Q2/2018 results. We believe Bird’s backlog has bottomed and should increase throughout H2/2018. While not in our forecast, a positive final investment decision (FID) on LNG Canada could dramatically improve Bird’s 2019 outlook as it holds the workforce accommodation construction contract. Lastly, we note Bird boasts a strong management team, 5.1% dividend yield, and C$26 million in net cash.”
According to TipRanks.com, Lynk is ranked #516 out of 4850 analysts.
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Currently, the analyst consensus on Bird Construction is a Moderate Buy with an average price target of C$11.
Based on Bird Construction’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of C$5.34 million. In comparison, last year the company had a net profit of C$2.5 million.
Bird Construction, Inc. operates as an investment holding company with interest in construction services. The company through its subsidiaries carries on business as a general contractor with offices in St. John’s, Wabush, Halifax, Saint John, Montreal, Toronto, Winnipeg, Calgary, Edmonton and Vancouver.
The company’s shares closed on Thursday at C$7.66.
