OTCPK:GCGMF - Post by User
Post by
malx1on Nov 09, 2020 11:04am
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Post# 31862772
+14% today
+14% today No news relating to GC. Looks like company was oversold.
Wonder where all the shorts went...
Globe & Mail:
2020-11-06 08:16 ET - In the News
The Globe and Mail reports in its Friday edition that Canaccord Genuity analyst Derek Dley is keeping his "buy" call on Great Canadian Gaming. The Globe's David Leeder writes that Mr. Dley, however, trimmed his share target to $27 from $32. Analysts on average target the share at $31.25. Mr. Dley says COVID-19-related casino closures continue to weigh on Great Canadian's earnings. Mr. Dley says in a note: "GC's asset base across Canada remained closed for virtually all of Q3/20, with the exception of the company's 11 Ontario properties that reopened on Sept. 28. Accordingly, we expect the only revenue recognized by GC in Q3/20 will be the service provider fees paid to the company from the OLG, which amounts to $36-million per quarter. ... Despite near-term COVID-19 headwinds, we believe Great Canadian can drive incremental EBITDA out of the Ontario bundles through its robust development plans and historically attractive return on capital. Meanwhile, the company boasts a collection of well-positioned, highly profitable casino properties, which are likely to demonstrate stable revenue and EBITDA growth that can be accelerated through renovation and expansion initiatives over the course of our forecast period."