Globe & Mail 11:12 AM EST, 02/04/2021 (MT Newswires) -- Beacon Securities raised its price target on H2O Innovation (TSXV: HEO) this week from $3 per share to $4, according to a Cantech Letter report on Thursday.
Analyst Gabriel Leung said on Feb 2 that the water system technology company's new tuck-in acquisition was looking good, Cantech reported. H2O had agreed to purchase the remaining 76% of Madrid, Spain-based Genesys Membrane Products that it did not already own one day prior to Leung's update.
H2O CEO Frederic Dugre said acquiring the whole of GMP is the next logical step for the company in becoming "the world's largest membrane specialty chemicals and associated services supplier" sold through a large distribution network, Cantech reported. Genesys is expected add more than 10% to the company's EBITDA on a pro-forma basis.
Beacon Securities now holds the highest of seven analyst ratings on the stock, with the average of all ratings being $3.49 per share. As of just before 11amET on Thursday, the company's TSX Venture-listed shares were down $0.08 or 2.58% to $3.02 per share.
Price: 3.02, Change: -0.08, Percent Change: -2.58