Evertz Technologies (TSE:ET) Rating Lowered to "Hold" at Canaccord Genuity Group

Key Points

• Canaccord Genuity downgraded Evertz Technologies from “buy” to “hold” and reduced its price target from C$18.00 to C$15.00, implying approximately 14.68% upside from the prior close.
• Other analysts also lowered their targets, with RBC at C$16.00, BMO at C$17.00, and Raymond James at C$16.50. The stock retains a “Moderate Buy” consensus rating with an average target of C$16.12.
• Evertz shares fell 11.9% to C$13.08, near their 52-week low, after the company reported quarterly EPS of C$0.10 and revenue of C$118.26 million.

Evertz Technologies (TSE:ET - Get Free Report) was downgraded by equities researchers at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, BayStreet reports. They presently have a C$15.00 price objective on the stock, down from their prior price objective of C$18.00. Canaccord Genuity Group's price target suggests a potential upside of 14.68% from the stock's previous close.

A number of other equities analysts have also recently issued reports on ET. Royal Bank Of Canada cut their target price on Evertz Technologies from C$17.00 to C$16.00 and set a "sector perform" rating on the stock in a report on Tuesday. BMO Capital Markets lowered their price objective on shares of Evertz Technologies from C$18.00 to C$17.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, Raymond James Financial dropped their price objective on shares of Evertz Technologies from C$18.00 to C$16.50 and set an "outperform" rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of C$16.12.

Evertz Technologies Stock Down 11.9%

TSE:ET traded down C$1.77 on Tuesday, hitting C$13.08. The stock had a trading volume of 227,441 shares, compared to its average volume of 31,710. The business's fifty day moving average is C$16.25 and its 200 day moving average is C$16.35. The company has a market cap of C$987.92 million, a PE ratio of 15.76, a P/E/G ratio of 0.79 and a beta of 0.70. The company has a quick ratio of 0.68, a current ratio of 1.63 and a debt-to-equity ratio of 6.93. Evertz Technologies has a 52 week low of C$12.00 and a 52 week high of C$21.50.

Evertz Technologies (TSE:ET - Get Free Report) last released its quarterly earnings data on Monday, September 14th. The company reported C$0.10 EPS for the quarter. The firm had revenue of C$118.26 million during the quarter. Evertz Technologies had a return on equity of 27.67% and a net margin of 12.40%. On average, equities research analysts expect that Evertz Technologies will post 0.8010974 EPS for the current fiscal year.

About Evertz Technologies

Evertz Technologies Limited TSX: ET designs, manufactures and markets video and audio infrastructure solutions for the production, post-production and transmission of video content. The Company's solutions are purchased by the television broadcast, telecommunications, professional audio-visual, content creator, advanced education, government, military, enterprise, and new media sectors to support increasingly complex multi-channel digital and high-definition, Ultra HD, and high dynamic range formats and next generation high bandwidth low latency IP network environments.

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