new target price $10 Globe and mail CIBC’s Scott Fletcher increased his Stingray Group Inc. (
) target to $10 from $8, keeping an “outperformer” rating, while Desjardins Securities’ Jerome Dubreuil moved his target to $10 from $9 with a “buy” rating. The average is $9.25.
“This quarter felt like the inflection point in digital advertising, especially after management confirmed on the call that it now expects high-teens organic growth in the BCM segment (all but radio),” said Mr. Dubreuil. “This should result in consolidated organic growth of 10 per cent next year, which, coupled with the strong FCF profile, long growth runway, presence of potential catalysts and leverage under control make the stock quite attractive at 6.9 times NTM [next 12-month] EBITDA.”