National Bank Reviews 2023 Results, Trims Target to $2.752023-01-13 03:01:23 PM ET (MT Newswires)
03:01 PM EST, 01/13/2023 (MT Newswires) -- National Bank analyst Adam Shine has cut his one year price target on Corus Entertainment to $2.75 (from $3) after the company reported a weak Q1 as forecast. There was also no NCIB renewal and the March dividend declaration was deferred.
Ad sales were down 11.4% due to changing consumer behaviour amid recessionary concerns & ongoing supply change issues affecting automotive, with declines also seen in direct-to-consumer (DTC), food & beverages, retail, toys, and health & beauty, Shine notes.
Reiterate Sector Perform.