Inside the Market’s roundup of some of today’s key analyst actions
), emphasizing he “strongly” believes in its current management team and “its ability to further improve margins and create shareholder value.”
Seeing few potential risks to the deal, he cut his target to $48 from $54. The average target is $50.08. “Demand expected to remain strong: Management revised its outlook higher last quarter, highlighting strength across most categories and no meaningful trade-down,” said Mr. Shreedhar. “Our review of peer commentary indicates that consumer spending on pets remains resilient despite the weakening economic backdrop, reflecting increasing pet humanization trends, amongst other factors.
“Expectations for 2023 will be an important driver, though management’s track record suggests that it may offer a conservative outlook,” he said. “Our 2023 forecasts reflect sssg of 6.9 per cent, revenue of $1.029-billion , EBITDA of $237-million and EPS of $1.75 .” “We believe Rupert’s management team’s fiscally disciplined approach to advancing the Ikkari discovery, further discoveries, resource growth and project de-risking are a proven recipe for success,” he said. “The Ikkari project has 4.2 million ounces Au [gold] of indicated and inferred resources in situ, at an average grade of 1.9 grams per ton Au.
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