By Staff Filed under: All posts, Analysts Stock: bzam cjt doc Beat the market with these three Canadian stocks
Picking winners is never easy, but the help of a few expert opinions can make the task all that much smoother. Here, Cantech presents three stocks with either “Buy” or “Speculative Buy” ratings from analysts.
First up is digital healthcare name CloudMD (CloudMD Stock Quote, Charts, News, Analysts, Financials TSXV:DOC), which has a network of medical clinics, an electronic medical records (EMR) business and medical practice management software.
Echelon Capital Markets analyst Rob Goff recently reiterated a “Speculative Buy” rating on the company after reviewing its first quarter 2023 financials. Goff is expecting more focused and efficient operations from CloudMD this year with free cash flow expected to turn positive in 2024.
“We are encouraged to see Q422 and now Q123 results support baseline organic revenue growth of ~ten per cent with expanding gross margins, as annually recurring revenues (ARR) take on a larger share of the mix and where efficiency measures support our forecast of modest positive EBITDA in Q423,” Goff wrote in a May 30 report.
Goff is forecasting full 2023 revenue and adjusted EBITDA of $111.7 million and negative $3.1 million, respectively, and 2024 revenue and EBITDA of $126.6 million and positive $2.6 million, respectively.
With his “Speculative Buy,” Goff also maintained a target price of $0.40 per share, which at the time of his report’s publication represented a one-year projected return of 122 per cent.