10:33 AM EDT, 03/21/2024 (MT Newswires) -- National Bank said Wednesday that it has revised its estimates accounting for the latest industry data, management

remarks and changes in FX rates following the fourth-quarter results by Boyd Group Services Inc. ( BYDGF ) .

The bank said it has lowered the current first-quarter and second-quarter forecasts to more accurately reflect the pace of sales quarter-to-date and the mild winter.

For 2024, the bank revised its estimates for adjusted EPS to $4.71 from $6.38; sales to $3.32 billion from $3.37 billion; and adjusted EBITDA to $420.8 million from $459.4 million.

For 2025, the bank revised the estimates for adjusted EPS to $8.26 from $8.59; sales to $3.78 billion from $3.85 billion; and adjusted EBITDA to $549 million from $545.5 million.

National Bank reiterated its sector perform rating and a price target of C$310.

"On lower revenue but higher margin forecasts, our Cdn$310 target remains intact based on an unchanged 12x 2025e EV/EBITDA. Management remains focused on incremental growth through M&A/greenfields/brownfields, driving S&C internalization, and securing incremental labour rate hikes to drive operating leverage," the analysts said.

Price: 290.41, Change: +2.38, Percent Change: +0.83