RE:More National Bank From cantechletter.com
https://www.cantechletter.com/2022/01/22-canadian-technology-sector-stock-ratings-from-national-bank/
Magnet Forensics (Magnet Forensics Stock Quote, Charts, News, Analysts, Financials TSX:MAGT)
- National Bank Rating: Outperform (Unchanged)
Target Price: $50/share (previously $55.00)
Projected one-year return: 87.3 per cent
Shao isn’t shying away from projecting a strong fourth quarter for Magnet Forensics, calling it one of the best-performing tech IPOs of 2021 as the Waterloo-based digital investigation software company derives its combination of growth and profitability from advantages like its extensive artifact library, a complete digital forensic suite, and a highly efficient sales model.
“We believe Magnet Forensics is an early leader in this market with a suite of competitive offerings to target both the public and enterprise clients,” Shao said. “The quality of its business model is further underscored by its financial performance with strong growth and profitability profiles. That said, we’d also note its valuation is not only driven by the Company’s performance but also by the broad market sentiment.”
Shao expects Q4 revenue at US$19 million and EPS at US$0.03 per share.