Aecon Group Price Target Raised to C$49 with Record $10.9B Backlog
RBC Capital maintained its Sector Perform rating on Aecon Group and lifted the price target to C$49.00 from C$44.00. The Canadian infrastructure contractor reported a record $10.9 billion backlog and delivered $1.26 billion in Q1 revenue, up 18% year-over-year.
1. Rating and Price Target Adjustment
RBC Capital maintained its Sector Perform rating on Aecon Group and raised the price target to C$49.00 from C$44.00, reinforcing a hold recommendation based on peer-level performance expectations.
2. Financial Performance Surge
Aecon reported a record $10.9 billion backlog and delivered $1.26 billion in first-quarter revenue, marking an 18% increase year-over-year driven by strong infrastructure contracts across Canada.
3. Outlook and Key Projects
Management forecasts 2026 revenue to exceed 2025 levels, supported by key sectors like power generation, transit, water, and defence, and partnerships such as the 14-kilometer Hamilton LRT project.