what the anaylst said after the CC I only heard three analyst on the call yesterday.
* Cormark Securities’ Gavin Fairweather downgraded Quarterhill Inc. (QTRH-T -3.31%decrease) to “market perform” from “buy” and cut his target to $1.75 from $2.20, while Canaccord Genuity’s Doug Taylor lowered his target to $1.50 from $1.75 with a “hold” recommendation. The average is $2.29.
“We are maintaining our HOLD rating on Quarterhill and lowering our target price ... following Q4 results that again reflected ongoing top-line and margin pressures. ITS continues to see delays, despite a healthy backlog, as the anticipated ramp from implementation to operation on seven tolling contracts are expected late in 2023 and into mid-2024,” said Mr. Taylor. “The company’s strategic review remains ongoing (began in December 2021), and the asset remains difficult to project in the interim. Management speaks to a stronger year ahead and positive adjusted EBITDA from the ITS segment (including overhead). That said, we continue to view Quarterhill as a ‘show me’ story, particularly as the search for a new CEO adds to the uncertainty.”