Mogo - Globe and Mail Globe says Mogo Finance Tech kept at "speculative buy"
The Globe and Mail reports in its Thursday edition that after Mogo Finance Technology announced an investment in NFT Trader on Tuesday, Canaccord Genuity analyst Doug Taylor lowered his share target to $10 from $11, while maintaining his "speculative buy." The Globe's David Leeder writes that analysts on average target the shares at $13.17. Mr. Taylor says in a note: "Mogo's initial investment through a convertible note will represent a 25-per-cent interest in NFT Trader if converted, with an option to acquire an additional 25-per-cent interest through a secondary purchase of common shares in six months. There were few financial details provided, but we believe the investment by Mogo likely numbers in the single-digit millions. Mogo gains option value should the trading of NFTs become more mainstream, at which point this asset could represent a toehold to integrate NFT technology into the Mogo platform. We have not changed our model based on this transaction but take the opportunity to update our forecasts for the recently completed equity raise which leads to some target dilution." The Globe reported on Aug. 13 that Mr. Taylor continued to rate Mogo "speculative buy." The shares were then worth $8.03.