TD Securities lowered its price target on North American Construction Group Ltd. (NOA.TO) to $19 from $21 on Friday.

Analyst Aaron MacNeil maintained a Hold rating on shares of the Canadian construction engineering company.

NOA announced the acquisition of Iron Mine Contracting, disclosed asset transactions, and introduced 2026 guidance

"We view 2026 guidance as a negative surprise, presumably driven by the Canadian asset rationalization and pro forma Canadian outlook (although not directly addressed in release), in what should have been a positive M&A event," MacNeil said in a note to clients.

"...We expect the stock to underperform near-term."

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