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Canaccord Genuity Keeps a Buy Rating on Roots Corporation (ROOT)


Roots Corporation (TSX: ROOT), the NA sector company, was revisited by a Wall Street analyst today. Analyst Camilo Lyon from Canaccord Genuity remains bullish on the stock and has a C$12 price target.

According to TipRanks.com, Lyon is a 3-star analyst with an average return of 2.1% and a 48.7% success rate. Lyon covers the Consumer Goods sector, focusing on stocks such as Canada Goose Holdings Inc, Columbia Sportswear, and Deckers Outdoor.

Currently, the analyst consensus on Roots Corporation is a Strong Buy with an average price target of C$12.63, which is a 78.9% upside from current levels. In a report issued on September 10, National Bank also maintained a Buy rating on the stock with a C$13.50 price target.

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Based on Roots Corporation’s latest earnings release for the quarter ending April 30, the company reported a quarterly GAAP net loss of C$5.59 million. In comparison, last year the company had a GAAP net loss of C$3.23 million.

Roots Corp. engages in the provision of leather goods, apparel, and accessories. It operates through the Direct-to-consumer ( DTC); and Partners and Other segments. The Direct-to-consumer segment comprises of sales through its corporate retail stores, and e-commerce.

The company’s shares closed on Thursday at C$7.06.