The Globe and Mail reports in its Wednesday, July 8, edition that ATB Cormark Financial Markets analyst Nicholas Boychuk continues to rate Kraken Robotics "underperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Boychuk slashed his share target by $1.50 to $5. Analysts on average target the shares at $11.67. Mr. Boychuk says in a note: "Recent M&A activity in subsea defence tech and robotics has further highlighted the strategic importance of these assets and their growth potential over the coming years. The price discovery from these deals, however, also exposes a disconnect with Kraken's prevailing valuation. This disconnect wasn't a factor in our initial downgrade thesis, which focused on the geopolitical and technical headwinds facing Kraken, but now can't be ignored. When we combine these data points with the headwinds we think the business faces (which have likely strengthened post this consolidation), we arrive at our updated $5 [share target]. The strength of the platforms being assembled by peers and their recent execution make it hard to justify a relative premium valuation for Kraken. We believe there is more near-term compression in [its] share price as a result."