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Investing.com - Canaccord Genuity upgraded Bapcor Ltd. (ASX:BAP) from Hold to Buy on Thursday, while lowering its price target to AUD4.15 from AUD4.99.
The research firm cited potential for share price appreciation despite ongoing concerns about the company’s turnaround efforts. Canaccord noted the stock has "likely overreacted" to recent challenges, creating an opportunity particularly for investors without significant liquidity requirements.
The new price target represents approximately 14% upside from Thursday’s intraday price of AUD3.65, or about 17% when including dividends, according to Canaccord Genuity’s analysis.
Canaccord acknowledged that larger investors with substantial liquidity needs may require deeper insights into the turnaround strategy and its potential outcomes before committing to the stock. The firm also indicated these investors would benefit from better understanding recent changes to Bapcor’s board.
The automotive parts retailer has faced challenges in recent periods, though specific details about the company’s operational performance were not included in Canaccord’s commentary.
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