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Investing.com - BMO Capital has raised its price target on Goeasy Ltd (TSX:GSY) (OTC:EHMEF) to C$228.00 from C$200.00 while maintaining an Outperform rating on the stock.
The price target increase comes as BMO anticipates Goeasy’s second-quarter results to demonstrate continued execution toward the company’s three-year forecasts and potential stability in net charge-offs and delinquencies.
BMO noted that Goeasy shares have risen more than 25% over the past three months, likely reflecting improved confidence in the trade and macroeconomic outlook. The stock’s valuation has normalized to 9.7 times earnings from a trough of approximately 7.5 times earnings.
The C$28 per share increase in BMO’s target price includes C$25 attributable to rolling forward the valuation base by two quarters and C$3 from modest upward revisions to estimates.
BMO’s target price is based on a 9.5 times earnings multiple, representing approximately a 5% discount to the historical average, which the firm says reflects continued macroeconomic uncertainty despite forecasting mid-teens earnings compound annual growth rate through 2027.
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