07:08 AM EDT, 03/21/2024 (MT Newswires) -- TD Securities said Alimentation Couche-Tard Inc. ( ANCTF ) shares will likely face more pressure following its quarterly results reported after market close on Wednesday.

Analyst Michael Van Aelst said the North American convenience store operator reported Q3 fiscal 2024 adjusted EPS of $0.65, compared with $0.74 last year and TD/consensus of $0.84.

"In our preview note, we highlighted risks to US SSSG and the likelihood that there would be a better entry point post-Q3/F24 results," Van Aelst said in a note to clients.

The analyst said ATD shares have declined approximately 3% since then and are down 5% from their February 22 peak.

"...We expect more near-term downside," Van Aelst said.

"Barring any surprising commentary on the conference call, we see near-term EBITDA estimates declining, although we do not believe that the company's five-year targets... are at risk, assuming weakness in consumer spending does not extend beyond this year."

TD maintained a Buy rating and $94 price target on the stock.

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