Still looking for nearly 50% appreciation. GLTA
Mr. Ezzat (Echelon Capital) reduced his target for Sylogist Ltd. (SYZ-T) to $17 from $19, below the $16.81 average. He kept a “buy” rating.
“Sylogist Ltd.’s FQ122 results showcased weaker than expected top-line growth, hampered by a negative FX impact, purposeful pricing discounts offered to long-standing customers to gain their longer-term commitments toward modernization with the Company’s products, and Omicron related headwinds,” he said. “Importantly, we see these as temporary issues and remain optimistic on the story. Namely, recent acquisitions and contract wins are a clear signal that Sylogist is well underway in its transition to a company seeking to capitalize on growth in a more aggressive fashion. We’ve seen comparable storylines in the past with subsequent valuation reratings, and we believe SYZ will be no exception.”