The Globe and Mail reports in its Friday, Jan. 15, edition that Echelon Capital Markets added High Tide (26.5 cents) to its "Top Picks Portfolio" for the first quarter of 2021. The Globe's David Leeder writes in the Eye On Equities column that Echelon analysts continue to rate High Tide "speculative buy," with a 60-cent share target.
Echelon analyst Andrew Semple says in a note: "High Tide generated pro forma annualized sales of $148-million in its most recent quarter (incl. Meta Growth). We forecast that the Company will grow sales/EBITDA to more than $203-million/$27-million in 2021, which is well above consensus on revenue, with the only other coverage broker calling for 2021 sales/EBITDA of $152-million/$27-million. We expect High Tide will deliver on our above-consensus growth trajectory, with additional upside potential if the Company opens new stores at a quicker pace than modelled." The Globe reported on Oct. 30 that ATB Capital Markets analyst David Kideckel rated High Tide "speculative buy" in new coverage. He said he liked the company's "healthy growth outlook, keen focus on profitability, and attractive valuation." High Tide shares could then be had for 16 cents.
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