Canaccord Genuity Reaffirms Their Hold Rating on UrtheCast

Today, an analyst has provided a rating update for the Materials sector company, UrtheCast (TSX: UR). Analyst Doug Taylor from Canaccord Genuity rated UrtheCast (TSX: UR) a Hold, setting a C$0.35 price target.

Taylor noted:

“After a transition period in the CEO seat for UrtheCast that began in early March, the company today announced the appointment of industry veteran the role. Mr. Osborne brings experience from a long career at MDA (nka Maxar) and other businesses. The announcement hopefully signals the beginning of improved stability in the management suite for UrtheCast as it focuses on building the transformational UrtheDaily constellation. We maintain a HOLD rating and C$0.35 target based on our DCF valuation for that UrtheDaily program alone. While a successful build and sales ramp of this program could yield significant upside for shareholders, we continue to recommend significant caution until there is firm evidence of meaningful progress. In addition, we are looking for the company to right-size existing operations and/or surface value from the SAR IP as other potential catalysts.”

According to TipRanks.com, Taylor is ranked #1469 out of 4829 analysts.

UrtheCast has an analyst consensus of Moderate Buy, with a price target consensus of C$0.68.

Based on UrtheCast’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of C$11.06 million. In comparison, last year the company had a GAAP net loss of C$5.08 million.

UrtheCast Corp. provides high-definition videos of planet earth. The company operates four Earth observation sensors in space, including two cameras aboard the International Space Station and two satellites, Deimos-1 and Deimos-2. It is also developing and anticipates launching fully-integrated constellation of multispectral optical and SAR satellites.

The company’s shares closed on Monday at C$0.26, close to its 52-week low of C$0.24.