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Tuesday Ticker: April 20, 2021

Toronto, Ontario ⁠— In this week’s Tuesday Ticker, Boyd Group Services gets an ‘outperform’ rating from CIBC, PPG makes major moves after exceeding Wall Street’s Q1 expectations and Tesla stock sees a drop following an alleged autopilot-involved accident in Texas.

Boost for Boyd

Boyd Group Services had its price target raised by stock analysts at CIBC to $270.00 in a report issued on Monday, according to Stock Target Advisor reports. 

The company currently has an ‘outperform’ rating on the stock. CIBC’s target price points to a potential upside of 17.22 percent from the stock’s previous close.

Several other research firms have also recently issued reports on Boyd Group Services. TD Securities raised its price objective on shares of Boyd from $250.00 to $260.00 and gave the stock a ‘buy’ rating in a research report on Thursday, March 25; Atb Cap Markets also gave the stock an ‘outperform’ rating in a report on Wednesday, March 24; BMO Capital Markets upped their price target on Boyd Group Services from $250.00 to $254.00 and gave the company a “strong-buy” rating in a research note on Thursday, March 25. 

The company currently has a consensus rating of ‘buy’ and a consensus target price of $255.20.

Shares of Boyd traded up $3.51 during mid-day trading Monday, reaching $230.33. 

Power moves from PPG

PPG has seen its shares rise more than 10 percent since last week, following the coatings company’s Q1 2021 financial results and Monday’s announcement that the company has acquired automotive coatings manufacturer Celeton. 

PPG reported its Q1 2021 financial results on April 15, beating out analyst estimates. Where Wall Street analysts predicted Q1 2021 net sales of US$3.67 billion, PPG said its first-quarter 2021 net sales were approximate US$3.9 billion⁠—15 percent higher than 2020’s Q1 numbers. 

Further, PPG yesterday announced the acquisition of Celeton, a manufacturer of coatings for automotive and light truck wheel applications. The deal saw 

“The strategic acquisition of Cetelon will allow PPG to further build upon its existing coatings product portfolio, liquid and powder coating technologies and colour matching capabilities,” said Rebecca Liebert, PPG executive VP.

Looking ahead, PPG said it expects “overall global coatings demand growth to be broad-based across most of the end-use markets that we supply, including an eventual replenishment of many of our customers’ inventories,” said Michael H. McGarry, PPG chairman and chief executive officer.

As of 11 a.m. ET Monday, PPG shares were trading at US$169.02.

For more information on PPG’s Q1 2021 financial results, click here.

Alleged autopilot accident

Tesla stock dropped four percent during mid-day trading on Monday following news of a fatal crash of a Tesla with no one driving it. 

Investigators say they are “100% sure” that no one was driving the 2019 Tesla Model S that ran off a suburban parkway, hit a tree and burst into flames, Harris County Precinct Four Constable Mark Herman said.

The Tesla was travelling from a cul-de-sac and “did not negotiate a curve,” authorities said. The vehicle crashed into a tree before bursting into flames. It took about four hours and roughly 32,000 gallons of water to put out the fire, according to the first responders’ report.

Two men died in the crash: one was sat in the front passenger seat and the other in the back seat.

Authorities are still trying to determine whether the vehicle was operating on Tesla’s Autopilot system or if Tesla’s ‘Full Self-Driving Capability’ system was engaged.

Tesla’s stock had rallied 9.3% last week, and soared 19.6% amid a three-week win streak, but was still down 12.4% over the past thre

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