Wall Street analyst has provided a review for the Services company today, but retained the same rating on the stock. Canaccord Genuity’s analyst Doug Taylor reiterates their Buy rating on the shares of Chorus Aviation (TSX: CHR), with a C$10 price target.
Taylor wrote:
“Q2 profitability was roughly in line with our estimates. CHR shares traded up 1-2% after the release. The company did not complete any additional lease transactions during the quarter but remains optimistic about the near-term pipeline of opportunities. Deployment of the capital already raised to fund its leasing operation is highly accretive to the Chorus model. The 6% dividend yield continues to compensate investors as Chorus transitions its business and ultimately we expect this will lead to a higher valuation. Given the compelling risk/reward profile we are maintaining a BUY rating; however a slower deployment of capital than previously modeled leads us to trim our target to C$10.00 (from C$10.50).”
According to TipRanks.com, Taylor is ranked #1248 out of 4850 analysts.
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The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Chorus Aviation with a C$9.75 average price target.
Based on Chorus Aviation’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$5.05 million. In comparison, last year the company had a net profit of C$40.81 million.
Chorus Aviation, Inc. is a holding company, which provides aviation services. It offers ground handling, airline training, operational start-up assistance, consultancy and operational support services through its subsidiary, Jazz Aviation LP. Chorus Aviation was founded on September 27, 2010 and is headquartered in Toronto, Canada.
The company’s shares closed on Thursday at C$7.24, close to its 52-week low of C$6.77.
