CIBC upgraded North American Construction (NOA) to Outperformer from Neutral with a price target of C$38, up from C$30, as the analyst took over coverage of the stock. The firm, which expects that the annual oil sands re-contracting cycle will be “an ongoing uncertainty,” sees North American Construction Group’s business being “difficult for customers to displace” and views the company as “an underappreciated growth story.”
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- North American Construction Group Lands Major Contract
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