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Distinct Infrastructure (TSXV: DUG), the Utilities sector company, has received a rating update from a Wall Street analyst today. The company received a Sell rating from Canaccord Genuity’s analyst Yuri Lynk, with a C$1 price target.
Lynk wrote:
“We are downgrading DIG to SELL from HOLD and cutting our target price to C$1.00 from C$1.50. DIG shares have been halted since May 4 because its Q4/2017 results were not filed on time due to issues transitioning to IFRS 15. the company finally filed its 2017 and Q1/2018 results; it was not worth the wait. The move to IFRS 15 resulted in DIG restating Q3/2017 results. The auditors reclassified C$4.5 million of revenue and EBITDA in 2016 and C$5.7 million of revenue and EBITDA in 2017 from AR to WIP. Recall, under IFRS 15, changes in scope must meet a higher hurdle before being recognized as revenue. So after these restatements, DIG earned C$3.7 million in EBITDA in 2016, not the C$8.2 million originally reported while last year’s EBITDA was only C$500k, not C$10 million.”
According to TipRanks.com, Lynk is ranked #541 out of 4819 analysts.
Distinct Infrastructure has an analyst consensus of Moderate Sell, with a price target consensus of C$1.
The company has a one-year high of C$1.69 and a one-year low of C$1.14. Currently, Distinct Infrastructure has an average volume of 40.5K.
Distinct Infrastructure Group, Inc. offers solutions to telecommunication and cable companies, electrical providers and government operated utilities. Its services include aerial construction, underground construction, technical services and third party material management. The company was founded on September 19, 2012 and is headquartered in Toronto, Canada.
