Investment firm CIBC has increased its price target for Linamar Corp (TSE:LNR) from C$88.00 to C$99.00, as reported in a research note issued to investors on Monday, October 16, 2023. This adjustment reflects CIBC’s confidence in the company’s performance, maintaining an “outperform” rating on the stock.
Several other analysts have also recently provided updates on Linamar’s stock. Scotiabank raised its price target from C$80.00 to C$83.00 on October 17, while TD Securities increased its target from C$85.00 to C$96.00 in a report released on November 13. Currently, one analyst has given Linamar a “Strong Buy” rating, two have assigned a “Buy” rating, and two have issued a “Hold” rating. According to data from MarketBeat, Linamar has a consensus rating of “Moderate Buy” with a target price averaging C$87.60.
Recent Earnings Performance
Linamar released its latest earnings results on November 12, 2023, reporting earnings per share (EPS) of C$2.51 for the quarter. The company achieved a return on equity of 10.73% and a net margin of 5.58%. Revenue for the quarter reached an impressive C$2.54 billion. Analysts project that Linamar will post an EPS of approximately 11.43 for the current fiscal year, indicating continued growth potential.
Linamar Corp is a diversified global manufacturing company specializing in highly engineered products. The company operates through two main segments: Industrial and Mobility. The Industrial segment includes the Skyjack and MacDon brands, which manufacture products for the aerial work platform and agricultural industries, respectively. In the Mobility segment, Linamar integrates expertise in light metal casting, forging, machining, and assembly of components for both electric and traditional vehicle applications. Additionally, McLaren Engineering and eLIN Product Solutions Group offer design, development, and testing services within the Mobility sector.
With these adjustments in price targets and positive earnings results, Linamar continues to attract interest from investors looking for growth opportunities in the manufacturing sector.
