Canaccord Very inexpensive stock
Globe says Taylor reaffirms Blackline Safety at "buy"
2022-05-27 08:37 ET - In the News
The Globe and Mail reports in its Friday edition that Canaccord Genuity analyst Doug Taylor has reaffirmed his "buy" recommendation for Blackline Safety. The Globe's David Leeder writes in the Eye On Equities column that Mr. Taylor cut his share target back by 50 cents to $7. Analysts on average target the shares at $9.50. Ahead of its second quarter results, Mr. Taylor says he is "taking a more conservative view" on Blackline Safety. He says in a note: "The company's January Q1 results reflected lower margins as higher opex and supply chain challenges impacted the hardware segment. Since then, the macro environment has continued to weigh heavily on the global supply chain as the impacts of geo-political issues, COVID lockdowns in China, rising inflation, and interest rate hikes have proven unavoidable for most industries. Given these factors extended into Blackline's Q2 and beyond, we have assumed additional margin pressure and a slower profitability ramp, particularly as the company continues to prepare to launch several products in its roadmap." The Globe reported on March 18 that Echelon Capital analyst Amr Ezzat had reiterated his "buy" recommendation for Blackline Safety when it could be had for $5.95.