The Globe and Mail reports in its Wednesday, June 29, edition that Canaccord Genuity analyst Tania Armstrong-Whitworth has lowered her recommendation for Burcon NutraScience to "speculative buy" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Ms. Armstrong-Whitworth gave her share target a 50-cent haircut to $3. Analysts on average target the shares at $3.25. She issued her downgrade after the company posted "another set of disappointing results." After the bell on Monday, the Vancouver-based producer of plant-based proteins and ingredients for use in the global food and beverage industries reported royalty revenue for its fourth quarter of $77,000, below the analyst's $84,000 estimate. Operating expenses grew 50 per cent year-over-year to $3.2-million, above the $2.8-million forecast. Ms. Armstrong-Whitworth says in a note: "Given yet another Merit sales miss and management's revised commentary that the facility will only reach full Phase 1 capacity in calendar 2023, we are pushing out our sales forecast and facility expansion plan by one year. We now forecast Merit will generate $14.9-million in protein sales in F2023 (down from $31.1-million previously)."
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