Correction: National Bank Trims Target to $0.20 from $0.25Correction: National Bank Trims Forecasts For good natured Products As Industrial Segment Pressure Likely Continues
GDNP.V
06/29/2023 4:38 PM EST
(MT Newswires) -- (In a story published on June 23, 2023, it was incorrectly stated that National Bank had cut its price target on the company to C$0.05. It was cut by C$0.05 to C$0.20. A corrected version of the story follows.)
National Bank said Thursday that it has lowered its forecasts for good natured Products Inc. (GDNP.V) as reduced demand levels at the Industrial business group continue to weigh on results.
The company's shares rose 8% on last look on Friday.
"As such, GDNP's previously noted outlook commentary around expected revenue declines through the next several quarters may hold a little longer than we anticipated," an analyst noted.
For the second quarter, National Bank is now expecting revenue of $19.2 million instead of the previously expected revenue of $20.4 million and adjusted EBITDA of $0.4 million instead of the previously expected $0.7 million.
The bank said it has trimmed its forecasts to be better aligned and now expects 2023 total revenue to be down 17.6%. National Bank previously expected revenue to be down 12.1% for 2023.
National Bank maintained its sector perform rating while cutting the price target to C$0.20 from $0.25.
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