North American Construction Price Target Lowered to $19 at TD

MT Newswires Live12-19

TD Securities lowered its price target on North American Construction Group Ltd. (NOA.TO) to $19 from $21 on Friday.

Analyst Aaron MacNeil maintained a Hold rating on shares of the Canadian construction engineering company.

NOA announced the acquisition of Iron Mine Contracting, disclosed asset transactions, and introduced 2026 guidance

"We view 2026 guidance as a negative surprise, presumably driven by the Canadian asset rationalization and pro forma Canadian outlook (although not directly addressed in release), in what should have been a positive M&A event," MacNeil said in a note to clients.

"...We expect the stock to underperform near-term."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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