Analyst roundup (Thursday G&M)"Raymond James’ Steven Li cut his Evertz Technologies Ltd. (ET-T -14.67% decrease) target to $16 from $17.50 with an “outperform” rating, while BMO’s Thanos Moschopoulos lowered his target to $15 from $17 with an “outperform” rating. The average is $15.42.
“Similar to 4Q, 1Q came in below expectations (on project timing) even as backlog continues to expand sequentially (up 3.4 per cent quarter-over-quarter),” said Mr. Li. “We are lowering our model and target as a result. Evertz Software & Services segment continues to grow (up 26 per cent year-over-yeare) although we do expect some ebb and flow in any given quarter depending on project milestones being met. Software & Services, on a TTM [trailing 12-month] basis, represented 40 per cent of total revenue.”