The Globe and Mail reports in its Friday, June 23, edition that Stifel analyst Justin Keywood has upgraded Medexus Pharmaceuticals to "speculative buy" from "hold." The Globe's David Leeder writes that Mr. Keywood continues to target the shares at $1.80. Analysts on average target the shares at $3.30. Mr. Keywood says Medexus's stock has "retraced with improved fundamentals." Mr. Keywood says in a note: "Medexus reported in-line FQ4 results. ... Q4 sales were $28.6-million (U.S.), up 41 per cent year-over-year, matching estimates. Adj. EBITDA was $4.8-million (U.S.) (17-per-cent margin), up 30 per cent year-over-year, vs. estimates at $4.5-million (U.S.). Medexus finished Q4 with $13.1-million (U.S.) in cash and expects to have $20-million (U.S.) in September, ahead of $40-million (U.S.) in convertible debentures that is due in October. The debentures could be settled in cash or shares and have an interest rate of 6 per cent. Medexus also highlighted a $20-million (U.S.) uncommitted accordion feature of its term facility that may be used to satisfy the liability. This still highlights balance sheet risk, but we see the risk as manageable with an improving business that can be used as a liquidity source."