Canaccord Genuity Group Has Lowered Expectations for Kits Eyecare (TSE:KITS) Stock Price

Key Points

• Canaccord Genuity cut its price target on Kits Eyecare from C$23.00 to C$22.00 but kept a "buy" rating, with the new target implying a 92.48% upside from the stock's previous close.
• Several other firms also trimmed targets (ATB Cormark, Stifel, Desjardins), yet the stock retains a consensus Buy rating with an average target of C$20.69.
• KITS shares traded down to C$11.43 on high volume (306,356 shares), while the company has a market cap of C$388.51M, a P/E of 127, and recently reported C$0.06 EPS on C$57.47M in quarterly revenue.

Kits Eyecare (TSE:KITS - Get Free Report) had its price target lowered by equities researchers at Canaccord Genuity Group from C$23.00 to C$22.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 92.48% from the stock's previous close.

Several other analysts have also recently weighed in on the company. ATB Cormark Capital Markets lowered their price target on Kits Eyecare from C$20.00 to C$16.75 and set a "speculative buy" rating on the stock in a report on Thursday. Stifel Nicolaus decreased their price objective on shares of Kits Eyecare from C$24.00 to C$21.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Desjardins lowered their target price on shares of Kits Eyecare from C$25.00 to C$23.00 and set a "buy" rating on the stock in a research note on Thursday. Four research analysts have rated the stock with a Buy rating, According to MarketBeat, Kits Eyecare has a consensus rating of "Buy" and an average target price of C$20.69.

Kits Eyecare Price Performance

Shares of KITS traded down C$0.95 during mid-day trading on Thursday, reaching C$11.43. 306,356 shares of the stock traded hands, compared to its average volume of 115,911. The firm has a market capitalization of C$388.51 million, a P/E ratio of 127.00 and a beta of 0.46. Kits Eyecare has a 1 year low of C$11.12 and a 1 year high of C$22.56.

Kits Eyecare (TSE:KITS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported C$0.06 earnings per share (EPS) for the quarter. The business had revenue of C$57.47 million during the quarter.

About Kits Eyecare

KITS TSX: KITS is one of the world's fastest growing eyecare providers, offering high-quality, affordable prescription glasses and contact lenses through its vertically integrated digital platform. With advanced in-house lens manufacturing, an industry-leading digital fit experience powered by OpticianAI, and thousands of 5-star customer reviews, KITS is redefining how Canadians experience eyecare. Designed in Canada. Delivered worldwide.

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