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On Friday, Superior Plus Corp (TSX:SPB:CN) (OTC: SUUIF) received an upgraded stock rating from Raymond (NSE:RYMD) James, moving from Market Perform to Outperform. The firm also raised the price target for the company’s shares to C$9.50, up from the previous C$9.00.
The upgrade was prompted by several key factors identified by Raymond James. These include an improvement in propane fundamentals due to colder weather, which is expected to drive demand. Additionally, the company has made faster-than-anticipated progress on its ’Superior Delivers’ initiative, a strategic plan aimed at improving operations and financial performance.
Moreover, Superior Plus has reported better-than-expected results from Certarus, a provider of compressed natural gas solutions, along with a positive outlook for the future. This performance has contributed to the analyst’s optimistic view of the company’s prospects.
Another contributing factor to the upgrade is the acceleration of share buybacks by Superior Plus. The company has been actively repurchasing its shares, a move that is often interpreted as a sign of confidence by management in the company’s value and future performance.
Lastly, Raymond James highlighted the stock’s heavily discounted valuation as a reason for the upgrade. The analyst believes that the current share price does not fully reflect the company’s intrinsic value, presenting an attractive opportunity for investors.
Superior Plus Corp, with this new rating and price target, is positioned by Raymond James as a favorable option for investors, based on the firm’s analysis of the company’s improved fundamentals and strategic progress.
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