EnWave Corp (NWVCF)

[Dromers]

ENW Globe says Linsdell reiterates his "buy" for EnWave - Canada Stockwatch

23-Dec-2020 02:45:26
The Globe and Mail reports in its Wednesday, Dec. 23, edition that Industrial Alliance Securities analyst Neil Linsdell has reiterated his "buy" call on EnWave. The Globe's David Leeder writes in the Eye On Equities column that Mr. Linsdell boosted his share target by a nickel to $1.80. Analysts on average target the shares at $1.56. Mr. Linsdell notes that EnWave posted
better-than-anticipated fourth quarter results. He lauds the company for navigating "a difficult fiscal 2020." The technology company, known for its Radiant Energy Vacuum for the dehydration of organic materials, posted revenue of $10.8-million, down 33 per cent year-over-year but topping the analyst's $9.9-million estimate. Mr. Linsdell says in a note: "The decline was expected in part due to a different promotional program (buy one, get one) with Costco versus last year's coupon program. ... Despite some setbacks/delays in machine sales, and a slow progression with Canadian cannabis partners, we are
expecting an accelerated roll-out of Moon Cheese across multiple retail channels and partners to drive growth in 2021. We also expect the company to use its current $18-million cash balance and NCIB to support the share price if it weakens."

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