WSP Global (TSE:WSP) has been upgraded by ATB Capital Markets from a “hold” rating to a “strong-buy” rating, according to a research note released to investors on Thursday. This change comes as part of a broader trend among financial analysts reassessing the stock’s potential amid shifting market conditions.
Multiple brokerage firms have recently updated their ratings and price targets for WSP Global. Canaccord Genuity Group raised its price objective from C$305.00 to C$335.00, reflecting a positive outlook on the stock, while also assigning a “buy” rating. Similarly, National Bankshares adjusted their target from C$297.00 to C$299.00 and classified the company as “outperform” in their latest report.
In a separate announcement, Scotiabank increased its price target from C$306.00 to C$308.00, and BMO Capital Markets lifted its estimate from C$330.00 to C$335.00. In contrast, the Royal Bank of Canada reduced its target from C$318.00 to C$316.00. Notably, two analysts have given WSP Global a “strong buy” rating, while eight others have rated it as a “buy.” According to data from MarketBeat, WSP Global holds an average rating of “buy” with a consensus target price of C$318.42.
Recent Insider Activity
In addition to the upgrades, insider trading activity has drawn attention. On August 14, 2023, Director Alexandre L’heureux sold 25,000 shares at an average price of C$280.25, totaling C$7,006,250.00. Following this sale, L’heureux retained 37,809 shares, valued at approximately C$10,595,972.25, marking a 39.80% reduction in his ownership stake.
Another insider, Philippe Fortier, sold 7,000 shares on the same day at an average price of C$280.43, accumulating C$1,963,010.00 from the transaction. Post-sale, Fortier holds 1,747 shares valued at around C$489,911.21, which constitutes an 80.03% decrease in his position.
In the past 90 days, insiders have sold a total of 78,781 shares valued at approximately C$22,092,534. Currently, insiders own only 0.06% of the company’s stock.
Company Overview
WSP Global Inc. is an international firm that provides engineering and design services across several sectors, including Transportation & Infrastructure, Property and Buildings, Environment, Power and Energy, and Resources. The company operates through four segments: Canada, Americas (including the US and Latin America), EMEIA (Europe, the Middle East, India, and Africa), and APAC (Asia Pacific, encompassing Australia, New Zealand, and Asia).
As the market continues to evolve, WSP Global’s strategic positioning and the recent upgrades by financial analysts indicate a potentially promising outlook for investors.
