RE:BMO starts coverage with headline Excellent! Always nice to have a big bank initiate coverage. Now they're obligated to keep covering it.
I'm very surprised Royal Bank hasn't jumped on the bandwagon yet. They'll probably come along a year or so from now when Xebec is in the teens.
I wouldn't be too disappointed with their target though. Don't forget, when TD issued their first report on October 1st 2020, the stock was at $4.18, and their one-year target was $6.50. Then, 2 months later, the stock was at $9, and they issued a new report dated December 31st and raised their target to $12.50. Then, on January 14th, the stock was trading at $11.00, and they issued an update and raised their target to $17.50.
In 3 1/2 months, TD's target went from $6.50 to $17.50. Analysts shoot arrows and paint bullseyes' where they land.
I've always said analyst's targets shouldn't be taken as gospel. They move around too much, and most often reactively, not proactively.
Nevertheless, this is undoubtedly a positive development. Now BMO's brokers can recommend Xebec with their firm's research to back them up.
I remember in 1980, when I first got in the business Merill Lynch offered me a job. I was very excited. Then they told me that rookies weren't allowed to recommend that their clients sell any stocks that were on Merrill's buy list. I just looked at the guy and said "Are you kidding me?" No thanks.
Futures look like sh*t again, but who cares?
Pretty amazing how Plug seems to be shrugging off last night's news in the pre-market. 'Only goes to show that lots of very very bad news is already baked in.