Raymond James upgraded North American Construction (NOA) to Strong Buy from Outperform with an unchanged price target of C$40. The shears remain “far too inexpensive” in light of the company’s improving business prospects domestically, the analyst tells investors in a research note. The firm expects 2025 to go down as one of North American Construction’s best ever. The recently acquired Australian business is demonstrating “profitable and exceptionally consistent” growth, the 2025 guidance leaves room for upside surprises, contends Raymond James.
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