Avante Logixx: Up as Canaccord Genuity raises PT after a strong quarter

Avante

27/11/2020 16:50

** Canadian home and corporate security products and
services provider's shares  XX.V  rise as much as 10.4% to nine
month high of C$1.27
    ** Stock set to gain for third straight session
    ** Canaccord Genuity raises PT to C$2.5, from C$1.5,
reaffirms "buy" rating, after Avante Logixx's Q2 sales on
Wednesday more than doubled to C$23.6 mln, while adj. EBITDA
more than tripled to C$2.2 mln  urn:newsml:reuters.com:*:nGNXc62k8
    ** Canaccord Genuity analyst Doug Taylor says co's profit
level is sustainable as over 80% of co's revenue comes from
recurring, contractual agreements with high predictability
    ** We believe that Avante shares are very inexpensive, now
trading at 5.7 times our revised estimate for next twelve months
EBITDA - Taylor
    ** Two brokerages covering the stock rate its "buy" or
higher; median PT $2.55 - Refinitiv Eikon
    ** YTD, the stock has fallen about 16%

 (Reporting by Ankit Ajmera in Bengaluru)
 ((Ankit.Ajmera@thomsonreuters.com))