InvestmentPitch : AutoCanada (TSX:ACQ) Subject of New Buy Recommendation from
Canaccord Genuity - Research Report Discussed in Video on Investmentpitch.com
Vancouver, British Columbia, January 18, 2013 - Investment firm Canaccord
Genuity, issued a new report for AutoCanada Inc. (TSX:ACQ). Analyst Derek Dley
reiterated his buy rating, increasing his target price to $19.50 from $16.50.
This video, discussing the research report, is now available for viewing. If
this link is not enabled, please visit www.investmentpitch.com and enter
"AutoCanada" in the search box.
AutoCanada is one of Canada's largest multi-location automobile dealership
groups, and the only publically traded dealership group in Canada. The company
operates 27 franchised dealerships throughout British Columbia, Alberta,
Manitoba, Ontario, New Brunswick, and Nova Scotia, with heavy exposure to
Alberta and British Columbia. The company sells numerous different brands,
with Chrysler Group sales accounting for the bulk of revenue.
Canaccord believes "AutoCanada is well positioned to capitalize on a healthy
new car sales market, and should remain one of the industry's primary
consolidators as the market for public ownership opens up. In the meantime,
investors should be rewarded with a healthy current dividend yield of 3.9%,
and the likelihood of increasing dividends, as the company has increased its
dividend for the last seven years."
The company recently completed the purchase of the assets of a Volkswagen
dealership known as People's Automotive Ltd, located in Grande Prairie,
Alberta, to be continued under the name of Grande Prairie Volkswagen.
Pat Priestner, CEO of AutoCanada commented, "The Volkswagen brand has been
gaining significant momentum in Canada over the past few years. We are very
proud to strengthen our partnership with Volkswagen Canada and share in the
continued growth and success of the brand."
2012 was an exceptional year for new car sales in Canada, with over 1.67
million units sold, up 5.7% from 2011 levels, and just shy of the all-time
record of 1.7 million units in 2002. According to industry insiders, 2013 is
anticipated to be another strong year, as there remains pent-up demand in
Canada for new cars, following the unwillingness of consumers to make large
discretionary purchases during 2009-2011.
AutoCanada currently trades at $17.70, and with approximately 20 million
shares outstanding, is capitalized at $354 million.
For more information about AutoCanada, please visit the company's website
www.autocan.ca, or contact Jeff Christie, the company's Vice-President of
Finance at 780-732-7164 or email email@example.com.
For a copy of Canaccord Genuity's research, contact your nearest Canaccord
Genuity office. Their branches are listed on their website at
InvestmentPitch.com specializes in producing short three minute videos based
on research reports and significant news releases, as well as a producing a
library of educational video modules that can be filmed by financial advisors
for use as introductory and lead generation tools. The company also produces
corporate video interviews and captures live presentations at investment
conferences and other special venues.
Barry Morgan, CFO
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.