Analysts seem to be optimistic about Kinaxis Inc (TSX: KXS) lately, as after Scotiabank and RBC Capital rated the stock a Buy this past month, there is another positive note, this time from Canaccord Genuity. Canaccord Genuity’s analyst Robert Young reiterates their Buy rating on the shares, with a C$100 price target.
Young noted:
“Kinaxis beat revenue and adj. EBITDA estimates while raising guidance on continued expansion into Europe and international markets – another example of a well-oiled engine adding familiar names to an already impressive suite of customers. Kinaxis featured customer wins including Ipsen and Volvo, highlighting the company’s focus in 1) Europe, and 2) its key Automotive verticals. Much of the beat was due to a strong pro services quarter, but subscription-based performance also topped our estimates.”
Young has an average return of 27.0% when recommending Kinaxis Inc.
According to TipRanks.com, Young is ranked #440 out of 4853 analysts.
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Currently, the analyst consensus on Kinaxis Inc is a Strong Buy with an average price target of C$97.80, implying a 9.6% upside from current levels. In a report issued on July 25, Scotiabank also reiterated a Buy rating on the stock with a C$100 price target.
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Based on Kinaxis Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$5.76 million. In comparison, last year the company had a net profit of C$7.58 million.
Kinaxis, Inc. engages in the provision of cloud-based subscription software. Its product is RapidResponse, which provides supply chain planning and analytics capabilities that create the foundation for managing multiple, interconnected supply chain management processes, including demand planning, supply planning, inventory management, order fulfillment and capacity planning. The company was founded by Duncan Klett in 1984 and is headquartered in Ottawa, Canada.
The company’s shares closed on Thursday at C$89.22.
