AutoCanada (TSX:ACQ) Subject of New Buy Recommendation from Canaccord Genuity - Research Report Discussed in Video on Investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, January 18, 2013 - Investment firm Canaccord
Genuity, issued a new report for AutoCanada Inc. (TSX:ACQ). Analyst Derek Dley
reiterated his buy rating, increasing his target price to $19.50 from $16.50.
This video, discussing the research report, is now available for viewing. If
this link is not enabled, please visit www.investmentpitch.com and enter
"AutoCanada" in the search box.
AutoCanada is one of Canada's largest multi-location automobile dealership
groups, and the only publically traded dealership group in Canada. The company
operates 27 franchised dealerships throughout British Columbia, Alberta,
Manitoba, Ontario, New Brunswick, and Nova Scotia, with heavy exposure to
Alberta and British Columbia. The company sells numerous different brands, with
Chrysler Group sales accounting for the bulk of revenue.
Canaccord believes "AutoCanada is well positioned to capitalize on a healthy new
car sales market, and should remain one of the industry's primary consolidators
as the market for public ownership opens up. In the meantime, investors should
be rewarded with a healthy current dividend yield of 3.9%, and the likelihood of
increasing dividends, as the company has increased its dividend for the last
seven years."
The company recently completed the purchase of the assets of a Volkswagen
dealership known as People's Automotive Ltd, located in Grande Prairie, Alberta,
to be continued under the name of Grande Prairie Volkswagen.
Pat Priestner, CEO of AutoCanada commented, "The Volkswagen brand has been
gaining significant momentum in Canada over the past few years. We are very
proud to strengthen our partnership with Volkswagen Canada and share in the
continued growth and success of the brand."
2012 was an exceptional year for new car sales in Canada, with over 1.67 million
units sold, up 5.7% from 2011 levels, and just shy of the all-time record of
1.7 million units in 2002. According to industry insiders, 2013 is anticipated
to be another strong year, as there remains pent-up demand in Canada for new
cars, following the unwillingness of consumers to make large discretionary
purchases during 2009-2011.
AutoCanada currently trades at $17.70, and with approximately 20 million shares
outstanding, is capitalized at $354 million.
For more information about AutoCanada, please visit the company's website
www.autocan.ca, or contact Jeff Christie, the company's Vice-President of
Finance at 780-732-7164 or email jchristie(at)autocan.ca.
For a copy of Canaccord Genuity's research, contact your nearest Canaccord
Genuity office. Their branches are listed on their website at www.canaccord.com.
InvestmentPitch.com specializes in producing short three minute videos based on
research reports and significant news releases, as well as a producing a library
of educational video modules that can be filmed by financial advisors for use as
introductory and lead generation tools. The company also produces corporate
video interviews and captures live presentations at investment conferences and
other special venues.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1671621]
Unternehmensinformation / Kurzprofil:
Datum: 18.01.2013 - 21:54 Uhr
Sprache: Deutsch
News-ID 221117
Anzahl Zeichen: 4072
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 225 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"AutoCanada (TSX:ACQ) Subject of New Buy Recommendation from Canaccord Genuity - Research Report Discussed in Video on Investmentpitch.com"
steht unter der journalistisch-redaktionellen Verantwortung von
InvestmentPitch (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
