More Upgrades After its virtual Investor Day event on Thursday, CIBC’s Nik Priebe raised his target for ECN Capital Corp. to $9 from $8.25 with an “outperformer” rating, while BMO Nesbitt Burns’ Tom MacKinnon raised his target to $8.50 from $7 with an “outperform” rating. Raymond James’ Stephen Boland raised his target to $9.50 from $8.25 with an “outperform” recommendation. The average is $8.10.
“After an uncertain beginning in 2020 with the pandemic, each of the three subsidiaries have thrived into the latter part of the year. Each company gave presentations regarding their growth strategies driven by gaining higher market share and new product introductions. Preliminary guidance of $0.55 to $0.64 of operating EPS for 2022 was introduced. This is ~22% from the mid-point of 2021 guidance. ECN has one of the highest growth rates of any company in our coverage universe. We believe the market is undervaluing each of these assets compared to recent valuations being attributed to other lenders,” said Mr. Boland.