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On Monday, TerraVest Industries Inc (TVK:CN) received an upgrade from National Bank Financial, with analyst Zachary Evershed changing the stock rating from Sector Perform to Outperform. Accompanying this upgrade is a significant increase in the price target, set at C$190.00, a leap from the previous C$134.00.
The upgrade follows a series of marketing events hosted by National Bank on April 28 and 30, which introduced institutional investors in Montreal and New York to TerraVest’s management team, including CEO Dustin Haw and Executive Chairman Charles Pellerin. These meetings allowed investors to engage in discussions about TerraVest’s recent acquisition of Entrans and the potential tariff risks associated with it.
Evershed’s positive outlook is based on a comprehensive analysis of TerraVest’s end markets and the growth opportunities that have emerged from the investor meetings. The revised estimates reflect a heightened confidence in the company’s prospects, leading to an increased base multiple from 9.5x to 10.5x. The model has also been rolled out one year further, which adjusts the target price to reflect an 11.5x 2027 estimated EV/EBITDA ratio, up from the previous 10.5x 2026 estimate.
TerraVest’s track record of successful mergers and acquisitions, coupled with its ability to drive organic growth in industries that typically see low growth, supports the analyst’s decision to upgrade the stock to Outperform. This strategic positioning by TerraVest appears to be a driving factor behind the analyst’s revised price target and optimistic rating.
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