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On Friday, RBC Capital Markets initiated coverage on High Liner Foods Inc. (HLF:CN) (OTC:HLNFF), assigning the company a ’Sector Perform’ rating with a price target of C$20.00. The decision comes amidst a period where High Liner Foods has experienced a notable share price increase over the trailing twelve months.
The analyst from RBC Capital noted that despite facing industry challenges, High Liner Foods is poised to benefit from the growing seafood consumption in North America. The company’s management has been actively pursuing a profitable growth strategy, which includes expanding distribution networks and introducing innovative products.
The analyst acknowledged the impressive share price performance of High Liner Foods, which saw an increase of 37% in the trailing twelve months. This surge has also led to a re-rating in the company’s forward twelve-month enterprise value to EBITDA (EV/EBITDA) multiple, moving from 5.0x to 6.0x.
Despite the positive aspects, RBC Capital has decided to maintain a cautious stance. The firm attributes this to the current demanding market conditions and the need for clearer indicators of potential catalysts that could further drive the company’s performance.
RBC Capital’s coverage initiation reflects an analysis of High Liner Foods’ market position and future prospects, as the company navigates through the complexities of the food industry while striving to maintain its growth trajectory.
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