In a report released today, Greg Gibas from Northland Securities maintained a Buy rating on AYR Strategies Inc (AYRSF), with a price target of $18. The company’s shares closed last Monday at $11.00.
Gibas commented:
“We therefore maintain our OP rating & $18 PT. Ayr’s reported Q2:19 numbers only included ~5 weeks (37 days) of results, we’ve used the reported numbers to calculate pro forma (run- rate) quarterly performance. The company reported Q2 revenues and adjusted EBITDA of $26.3M and $7.3M, compared to our $28.7M and $7.9M estimates. While these were below our forecasts, Q1 adjusted EBITDA of $9.1M was well ahead of our $7.1M, making our full year 2019 adjusted EBITDA estimate of $34.2M still very achievable. Gross margins of ~54.5% were ahead of our ~50% estimate with higher than expected operating expenses driven by one-time transaction related expenses. Ayr provided some additional operational metrics beyond its Q2 results, which included notable improvements in average daily transactions and average ticket size in the month of July.”
According to TipRanks.com, Gibas is ranked #4807 out of 5228 analysts.
AYR Strategies Inc has an analyst consensus of Moderate Buy, with a price target consensus of $18.
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The company has a one-year high of $19.70 and a one-year low of $7.46. Currently, AYR Strategies Inc has an average volume of 22.79K.
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