09:24 AM EDT, 08/30/2021 (MT Newswires) -- EnWave Corp. (ENW.V) was upgraded to Outperform from Market Perform at Raymond James on Monday, after the company's third quarter results released on Friday caused the stock to rise more than 5%.
Analyst Steve Hansen increased his price target to $1.65 from $1.45 on the Vancouver-based technology company, as its adjusted EBITDA moved back into positive territory and demonstrated that a turnaround is accelerating in both of its divisions.
"ENW reported F3Q21 revenues of $7.4 Million (+22.6% y/y), handily ahead of both the Street and RJ estimates o f$6.1 Million and $6.9 Million, respectively, with bulk of upside versus our estimate due to higher-than-expected EnWave Canada machine sales," Hansen said in a note to clients.
EnWave shares rose $0.05, or 5.5%, to $0.96 in TSX Venture Exchange trading on Friday.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 0.9600, Change: +0.0500, Percent Change: