What Will Happen to Toromont Industries Ltd Next? The Stock Just Reaches 52-Week High

 What Will Happen to Toromont Industries Ltd Next? The Stock Just Reaches 52 Week High

The stock of Toromont Industries Ltd (TSE:TIH) hit a new 52-week high and has $62.51 target or 50.00% above today’s $41.67 share price. The 5 months bullish chart indicates low risk for the $3.37B company. The 1-year high was reported on Nov, 16 by Barchart.com. If the $62.51 price target is reached, the company will be worth $1.69B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 93,181 shares traded hands or 9.63% up from the average. Toromont Industries Ltd (TSE:TIH) has risen 26.93% since April 12, 2016 and is uptrending. It has outperformed by 22.24% the S&P500.

Toromont Industries Ltd (TSE:TIH) Ratings Coverage

Out of 7 analysts covering Toromont Industries Ltd. (TSE:TIH), 2 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 29% are positive. $43 is the highest target while $32.50 is the lowest. The $38.14 average target is -8.47% below today’s ($41.67) stock price. Toromont Industries Ltd. has been the topic of 19 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The rating was maintained by RBC Capital Markets on Tuesday, January 19 with “Outperform”. The firm has “Outperform” rating by RBC Capital Markets given on Tuesday, November 8. The stock has “Neutral” rating given by Dundee Securities on Tuesday, August 4. The firm has “Hold” rating given on Friday, July 22 by Canaccord Genuity. On Tuesday, November 8 the stock rating was maintained by Scotia Capital with “Sector Perform”. RBC Capital Markets upgraded Toromont Industries Ltd (TSE:TIH) rating on Wednesday, July 29. RBC Capital Markets has “Outperform” rating and $37 price target. The rating was maintained by TD Securities on Wednesday, November 9 with “Hold”. The rating was upgraded by BMO Capital Markets on Wednesday, July 29 to “Outperform”.

Another recent and important Toromont Industries Ltd (TSE:TIH) news was published by Marketwired.com which published an article titled: “Toromont Industries Ltd. – Normal Course Issuer Bid” on August 26, 2016.

Toromont Industries Ltd. is a Canada company, which operates through two divisions: Equipment Group and CIMCO. The company has a market cap of $3.37 billion. The Company’s Equipment Group is involved in supply of specialized mobile equipment and industrial engines. It has a 21.19 P/E ratio. It consists of businesses, including Toromont CAT, Battlefield-The CAT Rental Store, Sitech Mid-Canada Ltd., Toromont Energy Ltd. and AgWest Ltd.

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