12:48 PM EDT, 09/04/2025 (MT Newswires) -- National Bank has upgraded Bird Construction ( BIRDF ) to Outperform, and raised its price target to $28 (from $26), after the company said Wednesday that it was acquiring Fraser River Pile & Dredge (FRPD) for $82.3 million.

Analyst Maxim Sytchev said he has been searching for a catalyst to upgrade the stock on the back of disappointing second-quarter results.

"We like FRPD's exposure (port, marine, and dredging are generally aligned with dual-use infrastructure for civilian / military applications), attractive pre-synergies multiple, EPS accretion, and more balance vertical split."

Price: 25.70, Change: +2.72, Percent Change: +11.84