TD Securities raised its price target on Ag Growth International Inc. (AFN.TO) to $55 from $48 on Tuesday
Analyst Michael Tupholme maintained a Buy rating on shares of the Winnipeg, Manitoba-based farm machinery and equipment company.
"AFN has a favourable medium to long-term growth outlook,' Tupholme said in a note to clients. "The Commercial segment is growing strongly, while the Farm segment is poised to see meaningful upside as the agriculture cycle turns more positive."
"AFN has structurally improved its across-the-cycle margins, and a recovery in higher-margin Farm will further support profitability," the analyst said.
"AFN's valuation is attractive vs. historical levels and peers."
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