Element Fleet upgraded to Outperform from Sector Perform at Scotiabank

Scotiabank upgraded Element Fleet to Outperform from Sector Perform with a C$26 price target. The company has demonstrated “solid earnings momentum with strong growth expected for 2024 and 2025,” but the stock price has weakened and lagged year-to-date and over the last six months, notes the analyst, who believes Element Fleet offers “a relatively rare combination of resilience and attractive growth potential.”