Scotia Increased target price to $14.00 Recommendation
■ Increase target price to $14.00 (was $12.50) but downgrade to Sector Outperform (was Focus Stock).
We maintain our positive outlook for Element, but following a strong run that has seen the stock more than double over the past 9 months, we are downgrading to Sector Outperform
■ We see Element as one of the rare investment opportunities where strong growth opportunities are well aligned with availability of capital coupled with a strong and experienced management team.