LAVAL, Que. — Shares of Alimentation Couche-Tard rose more than five per cent to a record high after upgrades by several analysts following the convenience store retailer's investor day presentation.
The Quebec-based company's class-B shares were up C$2.61 or 5.6 per cent at C$49.02 in early afternoon trading after hitting $49.22 earlier in the day.
On Wednesday, the company discussed its growth strategy that was well-received by analysts.
It outlined how it would achieve its 2018 strategy of doubling its earnings before in interest, taxes, depreciation and amortization to US$6.3 billion by the end of fiscal 2023, with half coming from acquisitions and half from organic growth.
Analyst Irene Nattel of RBC Dominion Securities raised her target price 14 per cent to $65 from $57, saying the meeting gave her greater confidence in its ability to meet and exceed its growth target.
Despite maintaining its interest in acquisitions, she wrote in a report that management confirmed it is no longer interested in the grocery sector after the French government objected to its takeover bid for Carrefour.
This report by The Canadian Press was first published July 15, 2021.
Companies in this story: (TSX:ATD.B)
The Canadian Press