Raymond James analyst Steve Hansen downgraded Toromont Industries to Market Perform from Outperform with a C$135 price target. The firm cites the stock’s outsized move over the past three months and limited remaining upside to its target for the downgrade. While Raymond James continues to admire the firm’s fortress balance sheet, intense operating discipline, and long-term growth prospects, the firm believes the near-term risk-reward has diminished following the stock’s healthy surge, the analyst tells investors in a research note.
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