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New Flyer shares burst past 52-week high
New Flyer has weathered the slowdown in U.S. orders and the backlog and new orders are picking up. (SUPPLIED PHOTO)
New Flyer Industries shares burst past their 52-week high in brisk trading this morning after last night’s news that Brazilian bus maker Marcopolo will invest $116 million for a 20 per cent stake in the Winnipeg bus maker.
National Bank analyst Trevor Johnson said New Flyer has weathered the slowdown in U.S. orders and the backlog and new orders are picking up. He said the capital injection and partnership with Marcopolo, the recent joint venture with U.K. bus maker Alexander Daniels, and organic investments in the parts business are initiatives that could boost New Flyer’s prospects.
"We argue the worst has passed and that investors could possibly benefit from a production increase in 2013," he said in an early report after the Marcopolo announcement.
New Flyer shares are up 50 cents this morning to $9.90.
History
Updated on Thursday, January 24, 2013 at 12:26 PM CST: adds photo
12:47 PM: Marcopolo will invest $116 million for a 20 per cent stake.
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